Privatisation and the Efficiency of Decentralised Electricity Generation: Some Evidence from Inter-war Britain

Christopher Hammond

Economic Journal, 1992, vol. 102, issue 412, 538-53

Abstract: The privatization of the electricity supply industry in England and Wales has established a decentralized system of supply. This paper considers the efficiency of the decentralized interwar electricity supply industry. A generalized stochastic frontier cost function is specificed, enabling the estimation of returns to scale and inefficiency at plant level. These estimates are used in turn to examine the efficiency of stations selected by the Central Electricity Board to supply the national grid. The results imply that a decentralized system was not only feasible but that the selection procedure was sensitive to efficiency differences at plant level. Copyright 1992 by Royal Economic Society.

Date: 1992
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