Regulating mergers and acquisitions of U.S. electric utilities : : industry concentration and corporate complication / / Scott Hempling.
"What happens when electric utility monopolies pursue their acquisition interests--undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the num...
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Place / Publishing House: | Cheltenham, England : : Edward Elgar Publishing,, 2020. |
Year of Publication: | 2020 |
Language: | English |
Physical Description: | 1 online resource (234 pages) |
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100 | 1 | |a Hempling, Scott, |e author. | |
245 | 1 | 0 | |a Regulating mergers and acquisitions of U.S. electric utilities : |b industry concentration and corporate complication / |c Scott Hempling. |
264 | 1 | |a Cheltenham, England : |b Edward Elgar Publishing, |c 2020. | |
300 | |a 1 online resource (234 pages) | ||
336 | |a text |b txt |2 rdacontent | ||
337 | |a computer |b c |2 rdamedia | ||
338 | |a online resource |b cr |2 rdacarrier | ||
588 | |a Description based on: online resource; title from PDF information screen (Worldcat, viewed July 3, 2023). | ||
520 | |a "What happens when electric utility monopolies pursue their acquisition interests--undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.'s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics." | ||
505 | 0 | |a Part I: The transactions : sales of public franchises for private gain, undisciplined by competition, producing a concentrated, complicated industry no one intended Diverse strategies, common purpose : selling public franchises for private gain -- Missing from utility merger markets : competitive discipline -- The structural result : concentration and complication no one intended -- Part II: The harms : economic waste, misallocation of gain, competitive distortion, customer risks and costs -- Suboptimal couplings cause economic waste -- Merging parties divert franchise value from the customers who created it -- Mergers can distort competition : market power, anticompetitive conduct and unearned advantage -- Hierarchical conflict harms customers -- Part III: Regulatory lapses : visionlessness, reactivity, deference -- Regulators' unreadiness : checklists instead of visions -- Promoters' strategy : frame mergers as simple, positive, inevitable -- How do regulators respond? : by ceding leadership, underestimating negatives and accepting minor positives -- Explanations : passion gaps and mental shortcuts -- Part IV: Solutions : regulatory posture, practices and infrastructure -- Regulatory posture and practice : less instinct, more analysis; less reactivity, more preparation -- Regulatory infrastructure : strengthen regulatory resources, clarify statutory powers, assess mergers' effects -- The U.S. electric industry : a tutorial -- Appendix A.1 List of companies referenced -- Appendix A.2 Does federal bankruptcy law preempt a state commissions franchising authority? -- Appendix A.3 Ring-fencing provisions approved by the D.C. Public Service Commission. | |
650 | 0 | |a Electric utilities |x Law and legislation. | |
906 | |a BOOK | ||
ADM | |b 2023-07-08 12:10:31 Europe/Vienna |f system |c marc21 |a 2023-05-13 19:27:32 Europe/Vienna |g false | ||
AVE | |i DOAB Directory of Open Access Books |P DOAB Directory of Open Access Books |x https://eu02.alma.exlibrisgroup.com/view/uresolver/43ACC_OEAW/openurl?u.ignore_date_coverage=true&portfolio_pid=5343040600004498&Force_direct=true |Z 5343040600004498 |b Available |8 5343040600004498 |