Reports
A number of First Economics' reports are available for download. Please select from the topics below.
Privatisation
Water industry economics and economic regulation, 2024
Private vs public ownership of water and sewerage companies, 2018
Private vs public financing of water companies: a comparative assessment, 2019
Current UK regulatory practice
Regulatory assets and liabilities, 2024 (a report for the UK Endorsement Board)
The H7 price control appeal, 2023
UK price review out- and under-performance, 2021
Information asymmetry and the calibration of price controls, 2020
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
The AER's inflation review, 2020 (a report for Ausgrid)
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
PR24 and RIIO-3 allowed returns, 2024
The risk-free rate, 2022
Allowed vs expected return, 2019
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
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
Frontier productivity growth, 2019 (a report for the GB gas distribution networks)
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
