The Role of Regulatory Governance : A Cross-Country Analysis
This paper presents new global evidence on the key determinants of public-private partnership investment in electricity transmission and distribution, based on a panel data analysis of 105 developing countries over a period of 16 years from 1993 to...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2012/07/16481455/role-regulatory-governance-driving-ppps-electricity-transmission-distribution-developing-countries-cross-country-analysis http://hdl.handle.net/10986/11935 |
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okr-10986-119352021-04-23T14:02:58Z The Role of Regulatory Governance : A Cross-Country Analysis Vagliasindi, Maria AFFILIATED ORGANIZATIONS APPROACH AVAILABILITY BANK POLICY BENCHMARKING CLIMATE CHANGE COAL COMPARATIVE ANALYSIS CONSUMERS DEMAND FOR ELECTRICITY DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DISTRIBUTION LOSSES DUMMY VARIABLE ECONOMETRIC ANALYSIS ELECTRIC GENERATION ELECTRICITY ELECTRICITY DISTRIBUTION ELECTRICITY GENERATION ELECTRICITY GENERATION CAPACITY ELECTRICITY SYSTEM ELECTRICITY UTILITIES EMISSIONS ENERGY SOURCES ENVIRONMENTAL FACTORS ENVIRONMENTAL SUSTAINABILITY EXPENDITURE FINANCIAL CRISES FINANCIAL CRISIS FUEL FUTURE RESEARCH GAS GDP GDP PER CAPITA GENERATION GENERATION CAPACITY GOVERNANCE INDICATOR GOVERNANCE INDICATORS INCOME INCOME LEVEL INTERNATIONAL BANK INVESTMENT INCENTIVES LEVY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC VARIABLE MARKET SIZE MONETARY POLICY NATURAL GAS POLITICAL ECONOMY POLITICAL SYSTEM POWER POWER ELECTRONICS POWER GENERATION POWER SECTOR POWER SYSTEM POWER SYSTEMS PRICE CAPS PRICE OF OIL PRIVATE FINANCE PRIVATE INVESTMENT PRIVATE INVESTOR PRIVATE INVESTORS PRIVATIZATION PRIVATIZATIONS PUBLIC-PRIVATE PARTNERSHIP RATE OF RETURN REGIONAL DUMMIES REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AGENCY REGULATORY FRAMEWORK REGULATORY GOVERNANCE REGULATORY REGIMES REGULATORY RULES REGULATORY SYSTEM RENEWABLE ENERGY RENEWABLE ENERGY MARKET SHARE OF INVESTMENT SOURCE OF ENERGY STRATEGIC INVESTORS SUSTAINABLE ENERGY TELECOMMUNICATIONS TELECOMMUNICATIONS REGULATION TRANSITION ECONOMIES TRANSMISSION SYSTEM WIND WORLD DEVELOPMENT INDICATORS This paper presents new global evidence on the key determinants of public-private partnership investment in electricity transmission and distribution, based on a panel data analysis of 105 developing countries over a period of 16 years from 1993 to 2008. It aims to identify the key factors affecting the private investor's decision to enter electricity transmission and distribution, through a probit analysis and the amount of investment sunk in this market segment, based on Heckman's sample selection analysis. One of the key results of the analysis is that sector regulatory governance affects only the entry of private investors in electricity transmission and distribution. It is not significantly linked to higher investment in transmission and distribution. The result implies that the power of the incentive has not been so strong as to affect the volume of investment. Similarly, economy-wide governance factors, including control for corruption and degree of political competition, are factored in by private investors only in the initial stage of the game when the decision to enter into the transmission and distribution market is taken. This reinforces the expectation that private investors seem to be adequately protected against risks, so that once they have entered the market, they can accommodate the governance environment. Finally, the introduction of renewables in the power system enhanced overall public-private partnership investment in transmission and distribution. Renewable-based energy also requires technical and regulatory certainty about the availability of renewable-ready transmission resources. 2012-12-07T18:27:54Z 2012-12-07T18:27:54Z 2012-07 http://documents.worldbank.org/curated/en/2012/07/16481455/role-regulatory-governance-driving-ppps-electricity-transmission-distribution-developing-countries-cross-country-analysis http://hdl.handle.net/10986/11935 English en_US Policy Research working paper;no. WPS 6121 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AFFILIATED ORGANIZATIONS APPROACH AVAILABILITY BANK POLICY BENCHMARKING CLIMATE CHANGE COAL COMPARATIVE ANALYSIS CONSUMERS DEMAND FOR ELECTRICITY DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DISTRIBUTION LOSSES DUMMY VARIABLE ECONOMETRIC ANALYSIS ELECTRIC GENERATION ELECTRICITY ELECTRICITY DISTRIBUTION ELECTRICITY GENERATION ELECTRICITY GENERATION CAPACITY ELECTRICITY SYSTEM ELECTRICITY UTILITIES EMISSIONS ENERGY SOURCES ENVIRONMENTAL FACTORS ENVIRONMENTAL SUSTAINABILITY EXPENDITURE FINANCIAL CRISES FINANCIAL CRISIS FUEL FUTURE RESEARCH GAS GDP GDP PER CAPITA GENERATION GENERATION CAPACITY GOVERNANCE INDICATOR GOVERNANCE INDICATORS INCOME INCOME LEVEL INTERNATIONAL BANK INVESTMENT INCENTIVES LEVY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC VARIABLE MARKET SIZE MONETARY POLICY NATURAL GAS POLITICAL ECONOMY POLITICAL SYSTEM POWER POWER ELECTRONICS POWER GENERATION POWER SECTOR POWER SYSTEM POWER SYSTEMS PRICE CAPS PRICE OF OIL PRIVATE FINANCE PRIVATE INVESTMENT PRIVATE INVESTOR PRIVATE INVESTORS PRIVATIZATION PRIVATIZATIONS PUBLIC-PRIVATE PARTNERSHIP RATE OF RETURN REGIONAL DUMMIES REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AGENCY REGULATORY FRAMEWORK REGULATORY GOVERNANCE REGULATORY REGIMES REGULATORY RULES REGULATORY SYSTEM RENEWABLE ENERGY RENEWABLE ENERGY MARKET SHARE OF INVESTMENT SOURCE OF ENERGY STRATEGIC INVESTORS SUSTAINABLE ENERGY TELECOMMUNICATIONS TELECOMMUNICATIONS REGULATION TRANSITION ECONOMIES TRANSMISSION SYSTEM WIND WORLD DEVELOPMENT INDICATORS |
| spellingShingle |
AFFILIATED ORGANIZATIONS APPROACH AVAILABILITY BANK POLICY BENCHMARKING CLIMATE CHANGE COAL COMPARATIVE ANALYSIS CONSUMERS DEMAND FOR ELECTRICITY DEMOCRACY DEVELOPING COUNTRIES DEVELOPMENT POLICY DISTRIBUTION LOSSES DUMMY VARIABLE ECONOMETRIC ANALYSIS ELECTRIC GENERATION ELECTRICITY ELECTRICITY DISTRIBUTION ELECTRICITY GENERATION ELECTRICITY GENERATION CAPACITY ELECTRICITY SYSTEM ELECTRICITY UTILITIES EMISSIONS ENERGY SOURCES ENVIRONMENTAL FACTORS ENVIRONMENTAL SUSTAINABILITY EXPENDITURE FINANCIAL CRISES FINANCIAL CRISIS FUEL FUTURE RESEARCH GAS GDP GDP PER CAPITA GENERATION GENERATION CAPACITY GOVERNANCE INDICATOR GOVERNANCE INDICATORS INCOME INCOME LEVEL INTERNATIONAL BANK INVESTMENT INCENTIVES LEVY MACROECONOMIC CONTROL MACROECONOMIC CONTROLS MACROECONOMIC VARIABLE MARKET SIZE MONETARY POLICY NATURAL GAS POLITICAL ECONOMY POLITICAL SYSTEM POWER POWER ELECTRONICS POWER GENERATION POWER SECTOR POWER SYSTEM POWER SYSTEMS PRICE CAPS PRICE OF OIL PRIVATE FINANCE PRIVATE INVESTMENT PRIVATE INVESTOR PRIVATE INVESTORS PRIVATIZATION PRIVATIZATIONS PUBLIC-PRIVATE PARTNERSHIP RATE OF RETURN REGIONAL DUMMIES REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AGENCY REGULATORY FRAMEWORK REGULATORY GOVERNANCE REGULATORY REGIMES REGULATORY RULES REGULATORY SYSTEM RENEWABLE ENERGY RENEWABLE ENERGY MARKET SHARE OF INVESTMENT SOURCE OF ENERGY STRATEGIC INVESTORS SUSTAINABLE ENERGY TELECOMMUNICATIONS TELECOMMUNICATIONS REGULATION TRANSITION ECONOMIES TRANSMISSION SYSTEM WIND WORLD DEVELOPMENT INDICATORS Vagliasindi, Maria The Role of Regulatory Governance : A Cross-Country Analysis |
| relation |
Policy Research working paper;no. WPS 6121 |
| description |
This paper presents new global evidence
on the key determinants of public-private partnership
investment in electricity transmission and distribution,
based on a panel data analysis of 105 developing countries
over a period of 16 years from 1993 to 2008. It aims to
identify the key factors affecting the private
investor's decision to enter electricity transmission
and distribution, through a probit analysis and the amount
of investment sunk in this market segment, based on
Heckman's sample selection analysis. One of the key
results of the analysis is that sector regulatory governance
affects only the entry of private investors in electricity
transmission and distribution. It is not significantly
linked to higher investment in transmission and
distribution. The result implies that the power of the
incentive has not been so strong as to affect the volume of
investment. Similarly, economy-wide governance factors,
including control for corruption and degree of political
competition, are factored in by private investors only in
the initial stage of the game when the decision to enter
into the transmission and distribution market is taken. This
reinforces the expectation that private investors seem to be
adequately protected against risks, so that once they have
entered the market, they can accommodate the governance
environment. Finally, the introduction of renewables in the
power system enhanced overall public-private partnership
investment in transmission and distribution. Renewable-based
energy also requires technical and regulatory certainty
about the availability of renewable-ready transmission resources. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Vagliasindi, Maria |
| author_facet |
Vagliasindi, Maria |
| author_sort |
Vagliasindi, Maria |
| title |
The Role of Regulatory Governance : A Cross-Country Analysis |
| title_short |
The Role of Regulatory Governance : A Cross-Country Analysis |
| title_full |
The Role of Regulatory Governance : A Cross-Country Analysis |
| title_fullStr |
The Role of Regulatory Governance : A Cross-Country Analysis |
| title_full_unstemmed |
The Role of Regulatory Governance : A Cross-Country Analysis |
| title_sort |
role of regulatory governance : a cross-country analysis |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2012/07/16481455/role-regulatory-governance-driving-ppps-electricity-transmission-distribution-developing-countries-cross-country-analysis http://hdl.handle.net/10986/11935 |
| _version_ |
1764418542169489408 |