New Perspectives on Investment in Infrastructures

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1 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

2 CONTENTS About the authors n Preface 13 1 Stuck on the Tracks? Empirical Study for Investments in the Dutch Railway Infrastructure 15 RudiBekkers 1.1 Introduction Research focus and methodology Structure of this paper The public interest in Railways The quality of rail service The safety of rail service Governance of the Dutch Railways Regulation and regime changes in the Dutch railway sector Assessing the current functioning of the Dutch Railway Infrastructure sector Investments in railway infrastructure Performance of the railway sector Innovation in the railway sector Current issues and suggestions for improvements Conclusions and recommendations 32 Annex 35 2 Regulering en investeringen in infrastructuur 43 Theon van Dijk 2.1 Inleiding Focus van de studie Aanleiding voor de studie Organisatie Reguleringstheorie Privatisering Liberalisering Tariefregulering Opportunistisch gedrag van toezichthouders (Regulatory opportunism) Conclusie Financieringstheorie Startpunt: het 'irrelevantie theorema' Afruiltheorie Principaal-agenttheorie Pikordetheorie Marketing timing-theorie 57

3 NEW PERSPECTIVES ON INVESTMENT IN INFRASTRUCTURES Productmarktconcurrentie en vermogensstructuur Conclusie Investeringen in gereguleerde infrastructuur Specifieke eigenschappen van investeringen in infrastructuur Privatisering en investeringen Liberalisering, verticale ontvlechting en investeringen Tariefregulering en investeringsprikkels Regulering en timing van investeringen Interactie gereguleerde onderneming, vermogensstructuur en toezichthouder Conclusie ' Twee infrastructuren in Nederland nader bekeken Inleiding Achtergrond: ervaringen in het Verenigd Koninkrijk Hoogspanningsnetten van Tennet VastenetKPN Investeringen in infrastructuur en het borgen van publieke belangen Marktfalen Mogelijke readies op marktfalen 86 3 Planning van weginfrastructuur: Enkele aanknopingspunten voor verbetering 95 A.A. van Duijn 3.1 Inleiding en probleemstelling Inleiding Probleemstelling Werkwijze De publieke belangen van weginfrastructuur Het publieke belang Het publieke belang op lokaal niveau Aanknopingspunten voor verbetering van het planningsproces bij aanleg en onderhoud van weginfrastructuur Inleiding Lange termijn planning Het omgaan met informatie Fragmentatie in de besluitvorming Het gebruik van maatschappelijke kosten-batenanalyse (MKBA) Indirecte effecten Interdepartementale Commissie voor de Ruimtelijke Economie (ICRE) Interdepartementaal beleidsonderzoek (IBO) De sociale kant van infrastructuur Tot slot 120

4 4 European Regulators in the Network Sectors: Revolution or Evolution? 125 Saskia Lavrijssen-Heijmans and Leigh Handier 4.1 Introduction Structure of the article Characterisation of different networks EU independent agencies Independent European networks of national regulators The legal effects of the networks' activities Advisory activities European policy rules The commission as first among equals of the networks Accountability gaps Political accountability Transparency Legal accountability The role of the national courts The future Towards'European networks plus' Does Meroni pose an obstacle to 'European agencies as network plus'? Solution or new accountability problems? Conclusion Investments in Infrastructures: Strategic Behaviour 159 Ernst ten Heuvelhof 5.1 Introduction and problem definition Introduction Problem definition Structure of the essay Strategic behaviour Introduction Characteristics of strategic behaviour Establishing strategic behaviour Strategic behaviour positioned Strategic Behaviour: Sources and Manifestations Introduction From classic paradigm to new paradigm Source 1: Fewness Source 2: Information asymmetry Source 3: Position Summary and conclusions regarding strategic behaviour Summary of strategic behaviour investments in infrastructures Changes in strategic behaviour by institutional changes Potential solutions Regulation 193

5 NEW PERSPECTIVES ON INVESTMENT IN INFRASTRUCTURES Financial arrangements Societally optimal investments in infrastructures The Impact of Technical Characteristics of Network Industries upon the Governance of Infrastructure Adequacy 201 Hamilcar Knops 6.1 Introduction The importance of infrastructure adequacy The impact of the recent regime change The relevance of technical constraints and characteristics Technical characteristics play a role at two levels Effect upon the overall governance mode Relevance for the organisation of infrastructure adequacy Designing the legal organisation of infrastructure adequacy Design approach The FULDA method Example: Transport adequacy in the electricity industry Regime change has necessitated a new organisation of transport adequacy Step I: Analysis of the function of transport adequacy Step II: The context of transport adequacy Step III: Decisions how to organise the function of transport adequacy The impact of technical constraints and characteristics Effects upon unbundling and the economic regime Impact on the governance of infrastructure adequacy Co-ordination Conclusion Europe and Investment In Infrastructure With Emphasis on Electronic Communications 241 Pierre Larouche 7.1 The influence of EC law state intervention concerning investments in infrastructure The role of primary law Positive harmonisation and secondary law The case of electronic communications What makes electronic communications especially relevant What makes electronic communications different Major issues currently raised in electronic communications Structural solutions - functional separation Behavioural solutions, including the regulatory holiday The need for co-ordination across the EU Conclusions 263

6 8 Private Equity Funds and Public Utilities: Where Incentive Structures Collide ' 271 William Melody 8.1 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 Telecom reform and EU information society objectives Financial stability in the telecom sector in Europe Eircom in Ireland TDC in Denmark Bulgarian Telecommunications Company Conclusions from the case studies Public utility governance Publieke belangen, overheidsbeleid en investeringen in infrastructuur 287 Jan de Pree 9.1 Inleiding Achtergrond, introductie en verspreiding: nutssectoren Infrastructuur-gebonden sectoren Heroverweging van presterende overheidstaken en hun uitvoering De introductie van'publiek belang' Het borgen van publiek belang Borging van publieke belangen, het kabinetsstandpunt inzake het borgen van publiek belang Liberalisering en privatisering van netwerksectoren; publieke belangen en marktordening Privatisering nader bezien; deelnemingenbeleid rijksoverheid Transportdiensten Infrastructuur De vaststelling van het publieke belang Korte nabeschouwing Infrastructure Investments on the Edge of Public and Private Domains 319 Geert Teisman 10.1 Introduction Arguments against hybridism Realities in favour of hybridism From public to private-the rise of privatization Combining the best of both worlds 322

7 NEW PERSPECTIVES ON INVESTMENT IN INFRASTRUCTURES 10.2 Partnership in the Netherlands: in between action and rhetoric Why public and private partnerships fail; the views of Jane Jacobs In search of successful partnerships; falsifying Jacob's thesis The West Coast Main Line: In search of an upgrade A short overview of the case Lessons on hybrid strategies in the field of infrastructure investments Creating network organisations: the theories of Goldsmith and Eggers Conclusions and recommendations Concessiestelsel en overheidsaandeelhouderschap 347 Kirsten Wilkeshuis 11.1 Inleiding Te hoge tarieven Achtergrond Aanpak en probleemstelling Leeswijzer Concessies Inleiding Concessies in Nederland Concessies in Frankrijk Be'invloedingsmogelijkheden concessie Overheidsaandeelhouderschap Inleiding Beschrijvingaandeelhoudersbevoegdheden Be'invloedingsmogelijkheden van de overheidsaandeelhouder Be'invloedingsmogelijkheden op de overheidsaandeelhouder Slotsom Bevindingen 364