The National Infrastructure Commission (NIC) has called for “rapid progress” on the government’s review of utilities regulation as the latter announced that the exercise is now “under way”, a year on from its launch and three years after it was first promised.
The Department for Business, Energy & Industrial Strategy (BEIS) announced that its review of economic regulation, announced in January 2022, had finally begun. The review covers energy, water and telecoms regulation.
As set out in a policy paper, published at the same time, the review will look into regulators’ duties, how these watchdogs can enhance competition and innovation as well as how respective regulatory appeals processes work.
In addition, it will also consider how to encourage greater investment and enhance consumers’ experience.
BEIS said there will be an open consultation on the proposals in Spring 2023 to seek further views.
The 2022 paper was itself a response to a NIC report, published in late 2019, which had been commissioned by Phillip Hammond when he was chancellor of the exchequer in Theresa May’s government.
A spokesperson for the NIC told Utility Week: “It’s encouraging to see government reaffirm its commitment to reviewing regulator duties and exploring increased competition in strategic investments, as the Commission has recommended.
“But it is now over three years since we first made those recommendations, and a year since government said it would embark on the review.
“We hope 2023 will see rapid progress to ensure our regulatory system is delivering for customers.”