U)RR SCIENTIFIC COUNCIL FOR GOVERNMENT POLICY
New Perspectives on Investment in Infrastructures
G. Arts, W. Dicke and L. Hancher (eds.)
Amsterdam University Press, Amsterdam 2008
CONTENTS About the authors Preface 1
1.1
1.2
1.3 1.4
1.5 1.6
2 2.1
2.2
2.3
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Stuck on the Tracks? Empirical Study for Investments in the Dutch Railway Infrastructure RudiBekkers Introduction 1.1.1 Research focus and methodology 1.1.2 Structure of this paper The public interest in Railways 1.2.1 The quality of rail service 1.2.2 The safety of rail service Governance of the Dutch Railways 1.3.1 Regulation and regime changes in the Dutch railway sector Assessing the current functioning of the Dutch Railway Infrastructure sector 1.4.1 Investments in railway infrastructure 1.4.2 Performance of the railway sector 1.4.3 Innovation in the railway sector Current issues and suggestions for improvements Conclusions and recommendations Annex Regulering en investeringen in infrastructuur Theon van Dijk Inleiding 2.1.1 Focus van de studie 2.1.2 Aanleiding voor de studie 2.1.3 Organisatie Reguleringstheorie 2.2.1 Privatisering 2.2.2 Liberalisering 2.2.3 Tariefregulering 2.2.4 Opportunistisch gedrag van toezichthouders (Regulatory opportunism) 2.2.5 Conclusie Financieringstheorie 2.3.1 Startpunt: het 'irrelevantie theorema' 2.3.2 Afruiltheorie 2.3.3 Principaal-agenttheorie 2.3.4 Pikordetheorie 2.3.5 Marketing timing-theorie
15 15 15 16 16 17 18 18 18 22 23 25 27 27 32 35 43 43 43 44 45 45 45 49 50 52 53 54 54 55 55 56 57
NEW PERSPECTIVES ON INVESTMENT IN INFRASTRUCTURES
2.4
2.5
2.6
3
3.1
3.2
3.3
2.3.6 Productmarktconcurrentie en vermogensstructuur 2.3.7 Conclusie Investeringen in gereguleerde infrastructuur 2.4.1 Specifieke eigenschappen van investeringen in infrastructuur 2.4.2 Privatisering en investeringen 2.4.3 Liberalisering, verticale ontvlechting en investeringen 2.4.4 Tariefregulering en investeringsprikkels 2.4.5 Regulering en timing van investeringen 2.4.6 Interactie gereguleerde onderneming, vermogensstructuur en toezichthouder 2.4.7 Conclusie ' Twee infrastructuren in Nederland nader bekeken 2.5.1 Inleiding 2.5.2 Achtergrond: ervaringen in het Verenigd Koninkrijk 2.5.3 Hoogspanningsnetten van Tennet 2.5.4 VastenetKPN Investeringen in infrastructuur en het borgen van publieke belangen 2.6.1 Marktfalen 2.6.2 Mogelijke readies op marktfalen Planning van weginfrastructuur: Enkele aanknopingspunten voor verbetering A.A. van Duijn Inleiding en probleemstelling 3.1.1 Inleiding 3.1.2 Probleemstelling. 3.1.3 Werkwijze De publieke belangen van weginfrastructuur 3.2.1 Het publieke belang 3.2.2 Het publieke belang op lokaal niveau Aanknopingspunten voor verbetering van het planningsproces bij aanleg en onderhoud van weginfrastructuur 3.3.1 Inleiding 3.3.2 Lange termijn planning 3.3.3 Het omgaan met informatie 3.3.4 Fragmentatie in de besluitvorming 3.3.5 Het gebruik van maatschappelijke kosten-batenanalyse (MKBA) 3.3.6 Indirecte effecten 3.3.7 Interdepartementale Commissie voor de Ruimtelijke Economie (ICRE)
3.4
3.3.8 Interdepartementaal beleidsonderzoek (IBO) 3.3.9 De sociale kant van infrastructuur Tot slot
57 58 58 59 62 63 64 66 66 68 69 69 70 71 80 85 85 86
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4
4.1 4.2
4.3
4.4 4.5
4.6
4.7 5 5.1
5.2
5.3
5.4
5.5
European Regulators in the Network Sectors: Revolution or Evolution? Saskia Lavrijssen-Heijmans and Leigh Handier Introduction 4.1.1 Structure of the article
125 125 126
Characterisation of different networks 4.2.1 EU independent agencies 4.2.2 Independent European networks of national regulators The legal effects of the networks' activities 4.3.1 Advisory activities .. 4.3.2 European policy rules The commission as first among equals of the networks Accountability gaps 4.5.1 Political accountability 4.5.2 Transparency 4.5.3 Legal accountability 4.5.4 The role of the national courts The future 4.6.1 Towards'European networks plus' 4.6.2 Does Meroni pose an obstacle to 'European agencies as network plus'? 4.6.3 Solution or new accountability problems? Conclusion
126 126 127 130 130 131 132 133 134 135 136 137 138 138
Investments in Infrastructures: Strategic Behaviour Ernst ten Heuvelhof Introduction and problem definition 5.1.1 Introduction 5.1.2 Problem definition 5.1.3 Structure of the essay Strategic behaviour 5.2.1 Introduction 5.2.2 Characteristics of strategic behaviour 5.2.3 Establishing strategic behaviour 5.2.4 Strategic behaviour positioned Strategic Behaviour: Sources and Manifestations • 5.3.1 Introduction 5.3.2 From classic paradigm to n e w paradigm 5.3.3 Source 1: Fewness 5.3.4 Source 2: Information asymmetry 5.3.5 Source 3: Position Summary and conclusions regarding strategic behaviour 5.4.1 Summary of strategic behaviour investments in infrastructures 5.4.2 Changes in strategic behaviour by institutional changes Potential solutions 5.5.1 Regulation
159
141 143 145
159 159 160 160 161 161 162 166 169 170 170 171 171 177 182 187 187 187 192 193
NEW PERSPECTIVES ON INVESTMENT IN INFRASTRUCTURES
5.5.2 5.5.3 6
6.1
6.2
6.3
T h e Impact o f Technical Characteristics o f N e t w o r k Industries u p o n t h e G o v e r n a n c e of Infrastructure A d e q u a c y Hamilcar Knops Introduction 6.1.1 The importance of infrastructure adequacy 6.1.2 The impact of the recent regime change 6.1.3 T h e relevance of technical constraints and characteristics Technical characteristics play a role at t w o levels 6.2.1 Effect u p o n the overall governance m o d e 6.2.2 Relevance for the organisation of infrastructure adequacy Designing the legal organisation of infrastructure adequacy 6.3.1 Design approach 6.3.2
6.4
6.5
6.6 7
7.1
7.2
7.3
7.4
Financial arrangements Societally optimal investments in infrastructures
The F U L D A method
Example: Transport adequacy in the electricity industry 6.4.1 Regime change has necessitated a new organisation of transport adequacy 6.4.2 Step I: Analysis of the function of transport adequacy 6.4.3 Step II: The context of transport adequacy 6.4.4 Step III: Decisions how to organise the function of transport adequacy The impact of technical constraints and characteristics 6.5.1 Effects upon unbundling and the economic regime 6.5.2 Impact on the governance of infrastructure adequacy 6.5.3 Co-ordination Conclusion Europe and I n v e s t m e n t In Infrastructure W i t h E m p h a s i s o n Electronic C o m m u n i c a t i o n s Pierre Larouche T h e influence of EC law state intervention concerning investments in infrastructure 7.1.1 The role of primary law 7.1.2 Positive harmonisation and secondary law T h e case of electronic communications 7.2.1 W h a t makes electronic communications especially relevant 7.2.2 W h a t makes electronic communications different Major issues currently raised in electronic communications 7.3.1 Structural solutions - functional separation 7.3.2 Behavioural solutions, including t h e regulatory holiday 7.3.3 T h e need for co-ordination across t h e EU Conclusions
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8
8.1 8.2 8.3 8.4 8.5 8.6
8.7 9
9.1 9.2
9.3 9.4 9.5 9.6 10
10.1
Private Equity Funds and Public Utilities: W h e r e Incentive Structures Collide ' William Melody Introduction Distinctive characteristics of public utilities The funds'attraction to public utilities' Conflict between long-term and short-term investor value Broader economic and social implications Public utility case study: telecommunications 8.6.1 Telecom reform and EU information society objectives 8.6.2 Financial stability in the telecom sector in Europe 8.6.3 Eircom in Ireland 8.6.4 TDC in Denmark 8.6.5 Bulgarian Telecommunications Company 8.6.6 Conclusions from the case studies Public utility governance
271
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Publieke belangen, overheidsbeleid e n investeringen in infrastructuur Jan de Pree Inleiding Achtergrond, introductie en verspreiding: nutssectoren 9.2.1 Infrastructuur-gebonden sectoren 9.2.2 Heroverweging van presterende overheidstaken en h u n uitvoering 9.2.3 De introductie van'publiek belang' 9.2.4 Het borgen van publiek belang 9.2.5 Borging van publieke belangen, het kabinetsstandpunt inzake het borgen van publiek belang 9.2.6 Liberalisering en privatisering van netwerksectoren; publieke belangen en marktordening 9.2.7 Privatisering nader bezien; deelnemingenbeleid rijksoverheid Transportdiensten Infrastructuur De vaststelling van het publieke belang Korte nabeschouwing Infrastructure Investments o n the Edge of Public and Private Domains Geert Teisman Introduction 10.1.1 Arguments against hybridism 10.1.2 Realities in favour of hybridism 10.1.3 From public to p r i v a t e - t h e rise of privatization 10.1.4 Combining the best of both worlds
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287 287 288 288 288 289 290 292 293 297 301 307 312 315
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NEW PERSPECTIVES ON INVESTMENT IN INFRASTRUCTURES
10.2
322 326 327 328 329 336
10.5
Partnership in the Netherlands: in between action and rhetoric 10.2.1 W h y public and private partnerships fail; the views of Jane Jacobs 10.2.2 In search of successful partnerships; falsifying Jacob's thesis The West Coast Main Line: In search of an upgrade 10.3.1 A short overview of the case Lessons on hybrid strategies in the field of infrastructure investments 10.4.1 Creating network organisations: the theories of Goldsmith and Eggers Conclusions and recommendations
11
Concessiestelsel en overheidsaandeelhouderschap
347
Kirsten Wilkeshuis Inleiding 11.1.1 Te hoge tarieven 11.1.2 Achtergrond 11.1.3 Aanpak en probleemstelling 11.1.4 Leeswijzer Concessies 11.2.1 Inleiding 11.2.2 Concessies in Nederland 11.2.3 Concessies in Frankrijk 11.2.4 Be'invloedingsmogelijkheden concessie Overheidsaandeelhouderschap 11.3.1 Inleiding 11.3.2 Beschrijvingaandeelhoudersbevoegdheden 11.3.3 Be'invloedingsmogelijkheden van de overheidsaandeelhouder 11.3.4 Be'invloedingsmogelijkheden op de overheidsaandeelhouder 11.3.5 Slotsom Bevindingen
347 347 347 350 351 352 352 352 356 358 359 359 361 362 364 364 364
10.3 10.4
11.1
11.2
11.3
11.4
338 341
