The National Infrastructure Commission has today launched an inquiry into what future changes may be needed to ensure regulation of the energy, telecoms and water sectors supports investment and innovation while at the same time keeping costs down for consumers.
The regulation study is expected to examine:
- Future changes that may affect the regulated sectors: the National Infrastructure Assessment identified the UK’s infrastructure needs to 2050. The study will aim to set out the key drivers of change over the coming decades
- Competition and innovation: whether the current regulatory model encourages sufficient competition and innovation to support efficient delivery of infrastructure
- Regulatory consistency: how regulators work together and collaborate on cross-cutting challenges and significant infrastructure projects
- The relationship between regulators and the Government: how Government can effectively deliver its objectives in these regulated sectors, while continuing to safeguard the independence of the regulators
Launching the inquiry, Chancellor Philip Hammond said:
“Our regulators play a key role in ensuring the framework underpinning our vital telecoms, energy and water services remains agile and innovative, delivering for consumers and giving the UK a competitive edge.
“Technological change is having a transformative effect across the economy and regulators must be able to respond to keep the UK at the forefront of these advances.
“That’s why I’ve asked the National Infrastructure Commission to look at how our regulators can prepare for and adapt to this change. Their findings will be key in helping ensure we rise to these challenges and remain fit for the future.”
The call for evidence announced today by the National Infrastructure Commission which forms part of the inquiry is seeking submissions on a number of questions, including:
- Whether fundamental change to the current model is required;
- Whether consumer interests could be better represented in the future and how;
- How regulators can act in future to win and maintain consumer trust in the sectors;
- What impact competition has had on investment in the sectors;
- Whether regulation has been slow to adapt to changing market circumstances, and if so, where; and
- Whether greater levels of transparency and accountability could be achieved and how
Chairman of the National Infrastructure Commission Sir John Armitt commented:
“From turning on a TV to turning on a tap, all of us rely on our energy, telecoms and water industries for basic everyday activities.
“Regulators are therefore a vital part of ensuring we are treated fairly by these essential service providers, and that vulnerable customers get the support they need. But their work should also encourage investment and innovation which will benefit households and businesses alike for the long term.
“Whether it’s companies or regulators, consumers or investors, we want to hear how the current system of regulation is working, and what a future framework may look like to deliver both good quality services, and world-class infrastructure.”
The terms of reference for the study say it should consider inter alia:
- Evidence on the ability of regulators to promote high performance from utility companies and discourage underperformance
- Evidence on levels of competition and new entrants in different sectors
- Whether existing regulatory, legislation, licencing and governance structures effectively promote collaboration, efficiency, regulatory consistency and scrutiny
- Whether consistency has an impact on the delivery of significant infrastructure projects which involve multiple utility sectors
Deadline to submit responses is Tuesday 12 April - the National Infrastructure Commission is expected to report on the Regulation study in Autumn 2019.
Click here to download The Regulation Study call for evidence
Click here to download Terms of Reference for the Study
Click here to download the NIC’s National Infrastructure Assessment which covers a range of sectors including energy, telecoms and water
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