Ex-post Effectiveness Evaluation of Incentive Regulation in the Electricity Distribution: A Semi-parametric Panel Data StoNED Approach
提出一种半参数面板数据StoNED框架，用于评估收入上限监管对配电公司成本效率的影响，并以丹麦配电公司为例，发现该激励方案部分促进了成本降低。
In numerous countries, electricity Distribution System Operators (DSOs) function as local monopolies. To counter potential abuse of monopoly power, regulators, especially in Europe, often employ mechanisms like DSO-specific revenue caps to encourage cost reductions among regulated DSOs. Despite its widespread use, literature concerning ex-post evaluation of the effectiveness of revenue cap regulation, particularly divided into its individual components, is lacking. This paper offers two contributions: First, it shows the advantages of utilizing a semi-parametric panel data StoNED framework methodology as a tool for assessing the impact of revenue caps by evaluating the cost efficiency of regulated DSOs in its individual components. Second, the effectiveness of revenue cap regulation is assessed using the Danish DSOs as a case study. The empirical analysis finds evidence that part of the revenue cap incentive scheme appears to promote cost reductions among regulated Danish DSOs.