Public utility

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A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and regulation ranging from local community-based groups to statewide government monopolies.

Contents

Public utilities are meant to supply goods and services that are considered essential; water, gas, electricity, telephone, waste disposal, and other communication systems represent much of the public utility market. The transmission lines used in the transportation of electricity, or natural gas pipelines, have natural monopoly characteristics. A monopoly can occur when it finds the best way to minimize its costs through economies of scale to the point where other companies cannot compete with it. [1] For example, if many companies are already offering electricity, the additional installation of a power plant will only disadvantage the consumer as prices could be increased. If the infrastructure already exists in a given area, minimal benefit is gained through competing. In other words, these industries are characterized by economies of scale in production. [2] Though it can be mentioned that these natural monopolies are handled or watched by a public utilities commission, or an institution that represents the government. [1]

There are many different types of public utilities. Some, especially large companies, offer multiple products, such as electricity and natural gas. Other companies specialize in one specific product, such as water. Modern public utilities may also be partially (or completely) sourced from clean and renewable energy in order to produce sustainable electricity. Of these, wind turbines and solar panels are those used most frequently.

Whether broadband internet access should be a public utility is a question that was being discussed with the rise of internet usage. This is a question that was being asked due to the telephone service being considered a public utility. Since arguably broadband internet access has taken over telephone service, perhaps it should be a public utility. The Federal Communications Commission (FCC) in the United States in 2015 made their stance on this issue clear. [1] Due to the telephone service having been considered a public utility, the FCC made broadband internet access a public utility in the United States. [1]

Management

Public utilities have historically been considered to be a natural monopoly. This school of thought holds that the most cost-efficient way of doing business is through a single firm because these are capital-intensive businesses with unusually large economies of scale and high fixed costs associated with building and operating the infrastructure, e.g. power plants, telephone lines and water treatment facilities. [3] However, over the past several decades, traditional public utilities' monopoly position has eroded. For instance, wholesale electricity generation markets, electric transmission networks, [4] electricity retailing and customer choice, [5] telecommunications, some types of public transit and postal services have become competitive in some countries and the trend towards liberalization, deregulation and privatization of public utilities is growing. However, the infrastructure used to distribute most utility products and services has remained largely monopolistic.[ citation needed ]

Key players in the public utility sector include: [6]

Public utilities must pursue the following objective given the social responsibility their services attribute to them:

The management of public utilities continues to be important for local and general governments. By creating, expanding, and improving upon public utilities, a governmental body may attempt to improve its image or attract investment. Traditionally, public services have been provided by public legal entities, which operate much like corporations, but differ in that profit is not necessary for a functional business. A significant factor in government ownership has been to reduce the risk that an activity, if left to private initiative, may be considered not sufficiently profitable and neglected. Many utilities are essential for human life, national defense, or commerce, and the risk of public harm with mismanagement is considerably greater than with other goods. The principle of universality of utilities maintains that these services are best owned by, and operating for, the public. The government and the society itself would like to see these services being economically accessible to all or most of the population. Furthermore, other economic reasons based the idea: public services need huge investments in infrastructures, crucial for competitiveness but with a slow return of capital; last, technical difficulties can occur in the management of plurality of networks, example in the city subsoil. [7]

Public pressure for renewable energy as a replacement for legacy fossil fuel power has steadily increased since the 1980s. As the technology needed to source the necessary amount of energy from renewable sources is still under study, public energy policy has been focused on short term alternatives such as natural gas (which still produces substantial carbon dioxide) or nuclear power. In 2021 a power and utilities industry outlook report by Deloitte identified a number of trends for the utilities industry:

Finance

Issues faced by public utilities include:

Alternative pricing methods include:[ citation needed ]

Utility stocks are considered stable investments because they typically provide regular dividends to shareholders and have more stable demand. [10] Even in periods of economic downturns characterized by low interest rates, such stocks are attractive because dividend yields are usually greater than those of other stocks, so the utility sector is often part of a long-term buy-and-hold strategy. [6]

Utilities require expensive critical infrastructure which needs regular maintenance and replacement. Consequently, the industry is capital intensive, requiring regular access to the capital markets for external financing. A utility's capital structure may have a significant debt component, which exposes the company to interest rate risk. [11] Should rates rise, the company must offer higher yields to attract bond investors, driving up the utility's interest expenses. If the company's debt load and interest expense becomes too large, its credit rating will deteriorate, further increasing the cost of capital and potentially limiting access to the capital markets. [12]

By country

Kazakhstan

Public utilities in Kazakhstan include heating, water supply, sewerage, electricity and communications systems.

Heating systems

  • They are mainly represented by centralized networks, with the exception of some rural areas.
  • Various types of fuels are used, including coal, natural gas and fuel oil.
  • Many systems need to be upgraded to increase their efficiency and reduce their environmental impact.

Water supply systems

  • They provide the population with drinking and industrial water.
  • The sources of water are rivers, lakes and groundwater.
  • The level of water quality in some regions is of concern.
  • It is necessary to increase the efficiency of water resources use and improve water quality.

Sewerage systems

  • Wastewater is diverted from residential and industrial facilities.
  • The level of wastewater treatment in some regions does not meet modern standards.
  • Sewerage systems need to be expanded and upgraded to protect the environment.

Power supply

  • It is provided by power plants running on various types of fuels, including coal, natural gas, hydropower and nuclear energy.
  • There are problems with power outages, especially in rural areas.
  • It is necessary to modernize the power grid and increase their efficiency.
  • The heating, water supply and sewerage systems of Kazakhstan, although functioning, require urgent modernization. The technical capabilities of these networks are becoming outdated, which leads to an increase in operating costs and a decrease in their reliability.

A report by the European Bank for Reconstruction and Development (EBRD) notes that additional investments are needed to improve the efficiency and reliability of these systems. [13]

The analysis conducted by the EBRD revealed a number of problems faced by heating, water supply and sewerage systems in Kazakhstan.

  • Outdated technologies: In many cases, the infrastructure has exhausted its resource and needs to be replaced.
  • Low energy efficiency: Existing systems consume a lot of energy, which leads to unjustified costs.
  • Unreliability: Worn-out networks often fail, which leads to interruptions in the supply of water and heat, as well as leaks.

The report also provides examples of cities where networks are being upgraded with the support of the EBRD. These projects demonstrate how the introduction of modern technologies can improve the efficiency, reliability and environmental friendliness of heating, water supply and sewerage systems.

Upgrading infrastructure is not just a matter of convenience. It is of vital importance for public health, environmental protection and ensuring the sustainable development of the economy of Kazakhstan.

In most cases, public utilities in Kazakhstan are state-owned, which means that their activities are directly regulated by akimats. This creates a system with an administrative nature of relations, where the authorities have the authority to issue mandatory instructions for these companies.

The influence of the state on the activity

Proponents of such a system emphasize that it allows the authorities to directly influence the commercial activities of public utilities, ensuring their compliance with state interests. This can be expressed in:

  • Tariff control: Akimats can set tariffs for housing and communal services, making them accessible to the public.
  • Ensuring the quality of services: The State can influence the standards of service by ensuring the provision of public services of appropriate quality.
  • Implementation of social programs: Public utilities can participate in social programs aimed at supporting vulnerable segments of the population.
Limitations of State control

However, such a system has its drawbacks. Excessive government intervention can lead to:

  • Reduced efficiency: Bureaucratic procedures and restrictions in decision-making can slow down the work of enterprises and hinder the introduction of innovations.
  • Unreasonable expenses: Administrative barriers and inefficient management can lead to an increase in inappropriate expenses.
  • Limiting investments: The uncertainty of government policy and the risks of interference from akimats may deter potential investors.

Resource efficiency:

Despite these limitations, utilities within the framework of this system can demonstrate high efficiency in the use of labor resources and management costs. [13]

Residents of Kazakhstan receive water, sewerage and heating from companies recognized by the state as natural monopolies. This means that there is no competition in these areas, and tariffs are set by a special state body – the Committee for Regulation of Natural Monopolies, Competition and Consumer Protection (CRNM and CP). [14] [15]

In order to ensure the smooth operation of public utilities, the state also controls the investment programs of monopolistic companies. This is handled by the Committee on Construction and Housing and Communal Services. Such a system allows you to regulate prices for utilities and direct investments to infrastructure development. [16] However, this system also has its disadvantages. For example, the lack of competition can lead to a decrease in the efficiency of monopolistic companies.

To protect the interests of consumers from unjustified overpricing and substandard service, there are special regulatory bodies whose powers are regulated by the Law "On Natural Monopolies" and other regulatory acts.

Main functions:

  • Investment promotion: Development of tariff calculation methods that are attractive to both consumers and private investors interested in investing in the modernization of public infrastructure. [17]
  • Control over the use of funds from IFIs: Determining the specifics of regulating the activities of natural monopolies that attract financing from international financial institutions (IFIs). This allows you to track the intended use of borrowed funds. [18]
  • Formation of a transparent tariff policy: Establishment of rules obliging monopolistic companies to publicly disclose information about tariffs, as well as infrastructure development plans. [19]
  • Analysis of investment programs: Evaluation of investment programs of natural monopolies, approval of development plans and control over their implementation. [20]

Interaction at different levels:

It is important to note that the powers to regulate the activities of natural monopolies are distributed between federal and local authorities.  Effective coordination of their actions is necessary to ensure coordinated work and achieve common goals.

As a result, the activities of the regulatory authorities of natural monopolies are aimed at ensuring a balance between the interests of consumers, utility companies and the state.

The EBRD

2017 was marked by a new round of cooperation between Kazakhstan and the European Bank for Reconstruction and Development (EBRD). The parties signed a three-year agreement with the aim of working together to modernize the country's infrastructure.

As part of this agreement, the EBRD will allocate funds for the implementation of a number of important projects aimed at:

  • Improving urban infrastructure: Upgrading water supply, sewerage, heating and other vital facilities will be a priority.
  • Optimization of customs procedures: Joint efforts will be made to simplify customs processes, which should lead to stimulating trade and accelerating economic growth.

In addition to these two key areas, the EBRD will continue to support other initiatives aimed at improving the well-being of citizens of Kazakhstan. [13]

Azerbaijan

Chad

Colombia

Turkey

United Kingdom and Ireland

In the United Kingdom and Ireland, the state, private firms, and charities ran the traditional public utilities. For instance, the Sanitary Districts were established in England and Wales in 1875 and in Ireland in 1878.[ citation needed ]

The term can refer to the set of services provided by various organizations that are used in everyday life by the public, such as: electricity generation, electricity retailing, electricity supplies, natural gas supplies, water supplies, sewage works, sewage systems and broadband internet services. [21] They are regulated by Ofgem, Ofwat, Ofcom, the Water Industry Commission for Scotland and the Utility Regulator in the United Kingdom, and the Commission for Regulation of Utilities and the Commission for Communications Regulation in the Republic of Ireland. Disabled community transport services may occasionally be included within the definition. They were mostly privatised in the UK during the 1980s.

United States

The first public utility in the United States was a grist mill erected on Mother Brook in Dedham, Massachusetts, in 1640. [22]

In the U.S., public utilities provide services at the consumer level, be it residential, commercial, or industrial consumer. Utilities, merchant power producers and very large consumers buy and sell bulk electricity at the wholesale level through a network of regional transmission organizations (RTO) and independent system operators (ISO) within one of three grids, the Eastern Interconnection, the Texas Interconnection, which is a single ISO, and the Western Interconnection.[ citation needed ]

U.S. utilities historically operated with a high degree of financial leverage and low interest coverage ratios compared to industrial companies. Investors accepted these credit characteristics because of the regulation of the industry and the belief that there was minimal bankruptcy risk because of the essential services they provide. In recent decades several high-profile utility company bankruptcies have challenged this perception. [23]

Monopoly vs. competition

Public utilities were historically regarded as natural monopolies because the infrastructure required to produce and deliver a product such as electricity or water is very expensive to build and maintain. Once assets such as power plants or transmission lines are in place, the cost of adding another customer is small, and duplication of facilities would be wasteful. [24] As a result, utilities were either government monopolies, or if investor-owned, regulated by a public utilities commission. [25] [26]

In the electric utility industry, the monopoly approach began to change in the 1990s. In 1996, the Federal Energy Regulatory Commission (FERC) issued its Order No. 888, which mandated that electric utilities open access to their transmission systems to enhance competition and "functionally unbundle" their transmission service from their other operations. The order also promoted the role of an independent system operator to manage power flow on the electric grid. [27] [28] Later, FERC Order No. 889 established an electronic information system called OASIS (open access same-time information system) which would give new users of transmission lines access to the same information available to the owner of the network. [29] The result of these and other regulatory rulings was the eventual restructuring of the traditional monopoly-regulated regime to one in which all bulk power sellers could compete. A further step in industry restructuring, "customer choice", followed in some 19 states, giving retail electric customers the option to be served by non-utility retail power marketers. [30] [31] [32]

Ownership structure

Public utilities can be privately owned or publicly owned. Publicly owned utilities include cooperative and municipal utilities. Municipal utilities may actually include territories outside of city limits or may not even serve the entire city. Cooperative utilities are owned by the customers they serve. They are usually found in rural areas. Publicly owned utilities are non-profit.[ citation needed ] Private utilities, also called investor-owned utilities, are owned by investors, [33] [34] [35] and operate for profit, often referred to as a rate of return.

Regulation

A public utilities commission is a governmental agency in a particular jurisdiction that regulates the commercial activities related to associated electric, natural gas, telecommunications, water, railroad, rail transit, and/or passenger transportation companies. For example, the California Public Utilities Commission (CPUC) [36] and the Public Utility Commission of Texas regulate the utility companies in California and Texas, respectively, on behalf of their citizens and ratepayers (customers). These public utility commissions (PUCs) are typically composed of commissioners, who are appointed by their respective governors, and dedicated staff that implement and enforce rules and regulations, approve or deny rate increases, and monitor/report on relevant activities. [37]

Ratemaking practice in the U.S. holds that rates paid by a utility's customers should be set at a level which assures that the utility can provide reliable service at reasonable cost. [38]

Over the years, various changes have dramatically re-shaped the mission and focus of many public utility commissions. Their focus has typically shifted from the up-front regulation of rates and services to the oversight of competitive marketplaces and enforcement of regulatory compliance.[ citation needed ]

See also

Related Research Articles

<span class="mw-page-title-main">Natural monopoly</span> Concept in economics

A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors. Specifically, an industry is a natural monopoly if the total cost of one firm, producing the total output, is lower than the total cost of two or more firms producing the entire production. In that case, it is very probable that a company (monopoly) or minimal number of companies (oligopoly) will form, providing all or most relevant products and/or services. This frequently occurs in industries where capital costs predominate, creating large economies of scale about the size of the market; examples include public utilities such as water services, electricity, telecommunications, mail, etc. Natural monopolies were recognized as potential sources of market failure as early as the 19th century; John Stuart Mill advocated government regulation to make them serve the public good.

<span class="mw-page-title-main">Electric power industry</span> Industry that provides the production and delivery of electric energy

The electric power industry covers the generation, transmission, distribution and sale of electric power to the general public and industry. The commercial distribution of electric power started in 1882 when electricity was produced for electric lighting. In the 1880s and 1890s, growing economic and safety concerns lead to the regulation of the industry. What was once an expensive novelty limited to the most densely populated areas, reliable and economical electric power has become an essential aspect for normal operation of all elements of developed economies.

The Ontario Energy Board is the provincial regulator of natural gas and electricity utilities in Ontario, Canada. This includes setting rates, and licensing all participants in the electricity sector including the Independent Electricity System Operator (IESO), generators, transmitters, distributors, wholesalers and electricity retailers, as well as natural gas marketers who sell to low volume customers.

<span class="mw-page-title-main">Municipalization</span> Process of transferring private assets to municipal ownership

Municipalization is the transfer of private entities, assets, service providers, or corporations to public ownership by a municipality, including a city, county, or public utility district ownership. The transfer may be from private ownership or from other levels of government. It is the opposite of privatization and is different from nationalization. The term municipalization largely refers to the transfer of ownership of utilities from Investor Owned Utilities (IOUs) to public ownership, and operation, by local government whether that be at the city, county or state level. While this is most often applied to electricity it can also refer to solar energy, water, sewer, trash, natural gas or other services.

Price-cap regulation is a form of incentive regulation capping the prices that firms in a natural monopoly position may charge their customers. Designed in the 1980s by UK Treasury economist Stephen Littlechild, it has been applied to all privatised British network utilities. It is contrasted with both rate-of-return regulation, with utilities being permitted a set rate of return on capital, and with revenue-cap regulation, with total revenue being the regulated variable.

<span class="mw-page-title-main">Public Utility Regulatory Policies Act</span> Part of the US federal law known as the National Energy Act

The Public Utility Regulatory Policies Act is a United States Act passed as part of the National Energy Act. It was meant to promote energy conservation and promote greater use of domestic energy and renewable energy. The law was created in response to the 1973 energy crisis, and one year in advance of a second energy crisis.

<span class="mw-page-title-main">Enmax</span> Calgary, Alberta municipal energy utility

Enmax Corporation is a vertically-integrated utility with operations across Alberta, Canada, and in Maine, US.

The Texas electricity market is deregulated, meaning that there is competition in the generation and distribution of electricity. Power generators in the Texas Interconnection, managed by the Electric Reliability Council of Texas, participate in an energy-only electricity market and are compensated only for the electricity they produce. The wholesale generation market was deregulated in 1995 and the distribution market in 1999, with Texas Senate Bill 7. This replaced the prior system in which power was generated and consumed locally by the same utility with one in which retail providers contracted with generators across the state.

Rate-of-return regulation is a system for setting the prices charged by government-regulated monopolies, such as public utilities. It attempts to set prices at efficient levels equal to the efficient costs of production, plus a government-permitted rate of return on capital.

The Florida Public Service Commission (FPSC) regulates investor-owned electric, natural gas, and water and wastewater utilities. The FPSC facilitates competitive markets in the telecommunications industry, has authority over intercarrier disputes, and oversees pay telephones, the federal Lifeline Assistance Program and Telecommunications Relay Service.

The Independent Pricing and Regulatory Tribunal of New South Wales (IPART) is an independent regulatory and pricing tribunal that oversees regulation in water, gas, electricity and transport industries in the Australian state of New South Wales. It was established in 1992 by Government of New South Wales to regulate the maximum prices for monopoly services by government utilities and other monopoly businesses, such as public transport.

Public water supply and sanitation in the United Kingdom are characterized by universal access and generally good service quality. Unlike many other developed countries, the United Kingdom features diverse institutional arrangements across its constituent parts:. In England and Wales, water services are primarily provided by privatized companies, while in Scotland and Northern Ireland, these services are managed by publicly owned entities. Each region's unique approach is explored in separate articles, while this article is devoted to some common issues across the United Kingdom.

Third party access policies require owners of natural monopoly infrastructure facilities to grant access to those facilities to parties other than their own customers, usually competitors in the provision of the relevant services, on commercial terms comparable to those that would apply in a competitive market.

<span class="mw-page-title-main">ISO New England</span> Oversees the operation of New Englands bulk electric power system

ISO New England Inc. (ISO-NE) is an independent, non-profit regional transmission organization (RTO), headquartered in Holyoke, Massachusetts, serving Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

<span class="mw-page-title-main">Alberta Electric System Operator</span>

The Alberta Electric System Operator (AESO) is the non-profit organization responsible for operating Alberta, Canada's power grid. AESO oversees the planning and operation of the Alberta Interconnected Electric System (AIES) in a "safe, reliable, and economical" manner. It is mandated by provincial legislation to act in the public interest and cannot own any transmission, distribution or generation assets.

An electric utility, or a power company, is a company in the electric power industry that engages in electricity generation and distribution of electricity for sale generally in a regulated market. The electrical utility industry is a major provider of energy in most countries.

Utility ratemaking is the formal regulatory process in the United States by which public utilities set the prices they will charge consumers. Ratemaking, typically carried out through "rate cases" before a public utilities commission, serves as one of the primary instruments of government regulation of public utilities.

Public utilities in Colombia are operated by private companies and regulated by the government.

Social media as a public utility is a theory postulating that social networking sites are essential public services that should be regulated by the government, in a manner similar to how electric and phone utilities are typically government regulated. It is based on the notion that social media platforms have monopoly power and broad social influence.

<span class="mw-page-title-main">Commission for Regulation of Utilities</span> Republic of Irelands energy and water economic utility regulator

The Commission for Regulation of Utilities, formerly known as the Commission for Energy Regulation, is Ireland's energy and water economic utility regulator.

References

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