By J. Gregory Sidak
This booklet addresses deregulatory rules that threaten to minimize or ruin the price of non-public estate in community industries with none accompanying check of simply reimbursement, guidelines which are termed "deregulatory takings." The authors additional examine the matter of renegotiation of the regulatory agreement, which adjustments the phrases and stipulations of operation of application businesses. They argue that constitutional protections of non-public estate from takings, in addition to effective treatments for contractual breach, give you the right origin for the aggressive transformation of the community industries.
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Additional info for Deregulatory Takings and the Regulatory Contract: The Competitive Transformation of Network Industries in the United States
Fla. Pub. Serv. Comm'n, Mar. 10, 1994). 29 That is a public policy challenge at least as large as the savings and loan cleanup. Not surprisingly, state and federal regulators are already addressing the problem of stranded cost recovery in the electric power industry. Critical questions in that policy debate include how stranded costs are defined, how they are measured, and what percentage of such costs the utility's shareholders should bear. 31 Other state PUCs have advocated shareholder recovery of a lesser percentage.
14-18 Deregulation and Network Pricing 25 sunk costs of the network industries and the income redistribution inherent in regulated rate structures—also play a crucial role in regulation and deregulation. SUNK COSTS, BARRIERS TO ENTRY, AND STRANDED COSTS High capital investment costs are another property of the technology of network industries that figures prominently in the creation and reform of regulation. To establish a network, industries such as telecommunications and electric power must make substantial nonrecoverable, marketspecific investments, known as sunk costs.
In chapter 7 we examine how a court should measure just compensation for a deregulatory taking. We argue that just compensation 37. A deregulatory taking is thus an important example of the compensable transformation of economic institutions that William Fischel describes: Just compensation is a means of smoothing out transformations in the economy, whether they be for internal improvements or for institutional change. The Takings Clause serves both as a check to excessive public enthusiasm (since money must be paid) and as a facilitator (since property must be surrendered).
Deregulatory Takings and the Regulatory Contract: The Competitive Transformation of Network Industries in the United States by J. Gregory Sidak