The Restructuring and Privatization of Britain's CEGB--Was It Worth It?
David M Newbery () and
Michael Pollitt ()
Journal of Industrial Economics, 1997, vol. 45, issue 3, 269-303
The authors report a social cost-benefit analysis of the privatization and restructuring of the Central Electricity Generating Board which generated and transmitted all public electricity in England and Wales until 1990. The main benefits came from generator efficiency gains, switching from nuclear power, and lower emissions. The main costs came from higher prices for imported French electricity, the cost of restructuring, and premature investment in new gas-fired generating plants. The authors' central estimate is a permanent cost reduction of 5 percent per year, equivalent to an extra 40 percent return on assets. Consumers and government lose, and producers gain more than the cost reduction. Copyright 1997 by Blackwell Publishing Ltd
References: Add references at CitEc
Citations: View citations in EconPapers (116) Track citations by RSS feed
Downloads: (external link)
http://www.blackwell-synergy.com/servlet/useragent ... &year=1997&part=null link to full text (text/html)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bla:jindec:v:45:y:1997:i:3:p:269-303
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0022-1821
Access Statistics for this article
Journal of Industrial Economics is currently edited by Pierre Regibeau, Yeon-Koo Che, Kenneth Corts, Thomas Hubbard, Patrick Legros and Frank Verboven
More articles in Journal of Industrial Economics from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().