Reports

A number of First Economics' reports are available for download. Please select from the topics below.

Privatisation

Private vs public ownership of water and sewerage companies, 2018

Current UK regulatory practice

First Economics' 10th birthday essay, 2014

Alternative forms of regulation

Direct procurement of water industry projects, 2017 (a report for Anglian Water, Severn Trent Water and Tideway)
Recent regulatory innovations in the UK
, 2016 (a report for the CAA)
The future role of customer and stakeholder engagement in the water industry, 2015 (a report for UKWIR)
Setting the allowed margin for retail controls, 2013 (a report for Water UK)
Price monitoring as an alternative to RAB-based regulation of UK airports, 2012 (a report for the CAA)
Customer involvement in price setting, 2011 (a report for UKWIR)
Alternative approaches to efficiency assessment and economic incentives, 2011 (a report for UKWIR)

Inflation

Alternatives to RPI indexation, 2015 (a report for Severn Trent Water) 
Indexation of the cost of debt and inflation, 2012 (a report for the GB electricity DNOs)
Alternative measures of inflation in the regulatory framework, 2011 (a report for UKWIR)

 

Cost of capital

Cost of capital conference, May 2017: follow-up note
An estimate of NIE's RP6 cost of capital
, 2017 (a report for the Utility Regulator)
Comparing Ireland and UK WACCs
, 2014
Interpreting the Competition Commission's cost of capital for NIE, 2014 (a report for UK Power Networks)
The riskiness of the electricity DNOs relative to other regulated industries, 2012 (a report for the GB electricity DNOs)
Indexation of the cost of debt: implications for the cost of equity, 2012 (a report for the GB electricity DNOs)
Indexation of the cost of debt and inflation, 2012 (a report for the GB electricity DNOs)
The cost of capital for NIE, 2011 (a report for the Utility Regulator)
An estimate of NATS' asset beta, 2009 (a report for the CAA)
The riskiness of Network Rail relative to other regulated industries, 2008 (a report for ORR)
Indexation of the cost of debt: a critique, 2007

Financeability

An equity financeability test, 2013 (a report for Water UK)

Why companies sometimes fail a regulator's financeability test: an update, 2010
Why companies sometimes fail a regulator's financeability test, 2005

Frontier shift, input price inflation, productivity growth

Real price effects for an electricity distribution business, 2014 (a report for SP Energy Networks and SSE Power Distribution)
Real price effects for an electricity distribution business, 2013 (a report for the Western Power Distribution) 
Real price effects for an electricity network business, 2012 (a report for the Utility Regulator) 
The scope for future productivity growth for a gas distribution network, 2012 (a report for Scotia Gas Networks)
Real price effects for electricity transmission networks, 2011 (a report for the GB transmission networks)

Assessing potential changes in retail costs, 2013 (a report for Water UK) 
The rate of frontier shift in the water industry, 2012 (a report for the Utility Regulator)
The rate of frontier shift in the water industry, 2008 (a report for Water UK)

Why companies should not automatically be expected to reduce costs relative to RPI: an update, 2010
Why companies should not automatically be expected to reduce costs relative to RPI
, 2005

Railway policy

The future role for private capital in the GB railway, 2011 (written for the McNulty value for money study) 
Network Rail's governance, 2011 (written for the McNulty value for money study)
Privatisation as an alternative to franchising, 2010
Submission to the Department for Transport rail review
, 2004