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abstract

Price cap regulation (PCR) was first implemented for privatized utilities in the UK in the 1980s. It has since been adopted by numerous countries as a regulatory regime in several sectors. This paper focuses on the development of different forms of price regulation of airports of which PCR is one variant. In countries where airport privatization is still in the early stages, the spectrum of airports and varied nature of regulatory regimes can be confusing and the lack of a general framework can itself become an obstacle to privatization. This paper proposes a general framework comprising decisions to be made for seven variables which is able to accommodate the diversity of airports and varied approaches that may be required as well as transitions between approaches. These approaches include light-handed regulation, price or revenue yield caps, rate of return regulation, earnings sharing, as well as choice of till.

5. Conclusion

Many countries have a system of airports comprising airports of different sizes, airline and passenger characteristics, investment needs and market power. Given the diversity of airports, the regulatory approaches required for each are necessarily different. This paper proposes a general framework comprising decisions to be made for seven variables which is able to accommodate varied approaches. These approaches include light-handed regulation, price or revenue yield caps, rate of return regulation, earnings sharing, as well as choice of till. With privatization and deregulation, the airline and airport sectors have undergone tremendous growth and structural changes in the past few decades. As airline and airport markets evolve rapidly in emerging countries, this will require flexibility in choice of regulatory arrangements. An inappropriate regulatory regime that is not suited to local airport conditions can result in inefficiencies, distortions and present obstacles to investment. The general framework as proposed in this paper can also help facilitate transitions to different regulatory regimes as circumstances change.