{"id":8936,"date":"2014-12-08T11:18:53","date_gmt":"2014-12-08T17:18:53","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=8936"},"modified":"2014-12-18T16:44:32","modified_gmt":"2014-12-18T22:44:32","slug":"utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2014\/12\/08\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\/","title":{"rendered":"Utility 2.0: New York Draws Lessons on Utility Regulation from Across the Pond"},"content":{"rendered":"<p><em>By: <a href=\"http:\/\/www.edf.org\/people\/gavin-purchas\">Gavin Purchas<\/a>, Acting Director, Idea Bank,\u00a0and <a href=\"http:\/\/www.edf.org\/people\/elizabeth-brooke-stein\">Elizabeth B. Stein<\/a>, Attorney<\/em><\/p>\n<p><a href=\"https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/12\/parliament-544751_1280.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-8938\" src=\"https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/12\/parliament-544751_1280-1024x684.jpg\" alt=\"parliament-544751_1280\" width=\"400\" height=\"268\" srcset=\"https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/12\/parliament-544751_1280-1024x684.jpg 1024w, https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/12\/parliament-544751_1280-300x200.jpg 300w, https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/12\/parliament-544751_1280.jpg 1280w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a>When the New York Public Service Commission (Commission) <a href=\"https:\/\/blogs.edf.org\/energyexchange\/2014\/04\/24\/new-york-among-the-first-states-to-re-evaluate-its-utility-business-model\/?_ga=1.133209613.283566642.1383599778\">opened<\/a> its historic \u201cReforming the Energy Vision\u201d (REV) <a href=\"https:\/\/blogs.edf.org\/energyexchange\/2014\/04\/24\/new-york-among-the-first-states-to-re-evaluate-its-utility-business-model\/?_ga=1.172587168.283566642.1383599778\">proceeding<\/a> earlier this year, it recognized that the way utility companies have been regulated is out of sync with innovations in technology, business realities, and evolving customer needs, \u00a0including the need to reduce harmful pollution. In order for utility companies to become part of the solution, the Commission has made it clear that everything is up for grabs \u2013 even the basic regulatory paradigm governing how utility companies do business in New York.<\/p>\n<p>Luckily, the Commission won\u2019t have to completely reinvent the wheel since a new regulatory paradigm from the United Kingdom could serve as a potential model. This regulatory approach is known as <a href=\"https:\/\/www.ofgem.gov.uk\/ofgem-publications\/64003\/pricecontrolexplainedmarch13web.pdf\">RIIO<\/a> and is based on the following formulation: Revenues = Incentives + Innovation + Outputs<em>.<\/em> RIIO was developed by the UK regulatory body, Office of Gas and Electricity Markets, after the country recognized that its previous framework \u2013 while extremely effective at achieving cost reductions \u2013 stymied innovation. RIIO includes several elements that may be useful in the New York setting, including:<!--more--><\/p>\n<ul>\n<li>a longer period of time between rate cases that would ideally increase the utilities\u2019 interest in long-term results;<\/li>\n<li>the opportunity for utilities to achieve returns on total expenditures rather than only on capital expenditures, which is aimed at increasing spending on strategies that do not enlarge or reinforce the utility\u2019s own system, such as customer-sited energy efficiency;<\/li>\n<li>funding set aside for innovation; and<\/li>\n<li>incentives tying each utility\u2019s compensation to its system\u2019s environmental performance and other specified outcomes.<\/li>\n<\/ul>\n<p>In the UK, gas utilities have been regulated under RIIO for several years, while regulation of electric <em>transmission<\/em> utilities under the new regime began last year; the new regulatory construct will kick in for electric <em>distribution<\/em> utilities next year. Against the backdrop of the prior UK approach to utility regulation, RIIO is an evolutionary step, not a revolution. For those unaccustomed to the fundamentals of UK-style regulation, obtaining a full and nuanced understanding of how RIIO works \u2013 and what it does and doesn\u2019t accomplish \u2013 is not straightforward.<\/p>\n<p>To develop a better understanding of RIIO, New York University\u2019s (NYU) Guarini Center last week <a href=\"http:\/\/guarinicenter.org\/breaking-energy-regulatory-breakthrough-new-york-ponders-uk-approach-to-rev\/\">hosted<\/a> a roundtable discussion, inviting interested parties to spend the day learning from those with firsthand RIIO experience. Participants included Department of Public Service staff and environmental advocates, as well as academics and utility company employees from both sides of the Atlantic. To lay the groundwork in advance of the session, the Guarini Center first circulated this <a href=\"http:\/\/guarinicenter.org\/wp-content\/uploads\/2014\/12\/RIIO-Issue-Brief.pdf\">excellent primer on RIIO<\/a>, developed by Guarini Center fellow, Ben Mandel. This primer puts RIIO in its UK context and is a great starting point for New Yorkers and other American stakeholders looking to understand the basic mechanics of this alternative approach to regulating utility companies.[Tweet &#8220;NY could learn a thing or two from UK\u2019s utility regulatory approach: Revenues = Incentives + Innovation + Outputs http:\/\/ow.ly\/FDvn7 &#8220;]<\/p>\n<p>The REV proceeding is so ambitious and complex that it has been divided into two tracks. The <a href=\"https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/07\/EDF-Track-1-REV-Comments.pdf?_ga=1.75190801.283566642.1383599778\">first track<\/a> is focused on designing a future retail electric marketplace in which greenhouse gas reductions and other policy goals are achievable in a cost-effective manner. The <a href=\"https:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/07\/EDF-Track-2-REV-Comments.pdf?_ga=1.75190801.283566642.1383599778\">second track<\/a>, which will begin formally early next year, is expected to focus on the regulatory and ratemaking innovations needed to make that marketplace function well. With Track 2 on the horizon, the Guarini Center\u2019s RIIO primer has the potential to be extremely helpful to REV parties and observers in the coming months.<\/p>\n<p>Economist Alfred E. Kahn, who chaired the New York Public Service Commission during the 1970s, famously observed, \u201cAll regulation is incentive regulation.\u201d This statement captures the idea that regulation is not a neutral set of rules, which can be accompanied by incentives; rather, regulation, by its very nature, gives companies a reason to behave in certain ways and not in others, thus achieving certain results and not others. Kahn\u2019s insight about regulation has stood the test of time, and New York regulators&#8217; interest in the RIIO regulatory approach springs from this enduring insight.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By: Gavin Purchas, Acting Director, Idea Bank,\u00a0and Elizabeth B. Stein, Attorney When the New York Public Service Commission (Commission) opened its historic \u201cReforming the Energy Vision\u201d (REV) proceeding earlier this year, it recognized that the way utility companies have been regulated is out of sync with innovations in technology, business realities, and evolving customer needs, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42996,38678,9,27600],"tags":[],"coauthors":[],"class_list":["post-8936","post","type-post","status-publish","format-standard","hentry","category-smart-power","category-demand-response","category-new-york","category-utilities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Utility 2.0: New York Draws Lessons on Utility Regulation from Across the Pond - Energy Exchange<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/energyexchange\/2014\/12\/08\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utility 2.0: New York Draws Lessons on Utility Regulation from Across the Pond - Energy Exchange\" \/>\n<meta property=\"og:description\" content=\"By: Gavin Purchas, Acting Director, Idea Bank,\u00a0and Elizabeth B. Stein, Attorney When the New York Public Service Commission (Commission) opened its historic \u201cReforming the Energy Vision\u201d (REV) proceeding earlier this year, it recognized that the way utility companies have been regulated is out of sync with innovations in technology, business realities, and evolving customer needs, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogs.edf.org\/energyexchange\/2014\/12\/08\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Exchange\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-08T17:18:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-12-18T22:44:32+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2014\/12\/parliament-544751_1280-1024x684.jpg\" \/>\n<meta name=\"author\" content=\"EDF Blogs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"EDF Blogs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/\"},\"author\":{\"name\":\"EDF Blogs\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/#\\\/schema\\\/person\\\/aae063915aaf10301a322185853c51d3\"},\"headline\":\"Utility 2.0: New York Draws Lessons on Utility Regulation from Across the Pond\",\"datePublished\":\"2014-12-08T17:18:53+00:00\",\"dateModified\":\"2014-12-18T22:44:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/\"},\"wordCount\":701,\"commentCount\":3,\"image\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/wp-content\\\/blogs.dir\\\/38\\\/files\\\/2014\\\/12\\\/parliament-544751_1280-1024x684.jpg\",\"articleSection\":[\"Clean Energy\",\"Demand Response\",\"New York\",\"Utility Business Models\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/\",\"url\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2014\\\/12\\\/08\\\/utility-2-0-new-york-draws-lessons-on-utility-regulation-from-across-the-pond\\\/\",\"name\":\"Utility 2.0: New York Draws Lessons on Utility Regulation from Across the Pond - 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