The Regulator's Challenge: Providing Stability While Leading Change

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Executive Summary

It is a paradox of our time that utility regulators are confronted with two seemingly conflicting challenges. On the one hand, regulators have their traditional and central responsibility of providing a stable regulatory environment, or perhaps more appropriately, a predictable environment, in which investors, operators, and customers can make long-term decisions with confidence that short-term political goals will not trump to any significant degree the long-term goals for efficient and sufficient utility services. On the other hand, the regulator must adapt the regulatory system to economic, social, and technological realities that are changing rapidly in directions that are at present unknown.

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