Hancock's blog

Greg, who's a kiwi but lives in Australia, on how we look from over there

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

We've looked at several issues over the last couple of months that were topical then and still are today - from market manipulation and market power to the policy problems caused by unforeseen events when prices are regulated. Last week he considered whether recent Australian experience has anything to teach us about how to solve those problems. In this, the final interview in the series, Greg reflects on NZ's approach to economic regulation and market design and how it compares internationally.If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

New topic next week – will be just as topical but new!

Australia may not have earthquakes but has its response to other natural disasters got anything to teach us?

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he asked how we should cope with unforeseen events when prices are regulated. This week he considers whether recent Australian experience has anything to teach us about how to solve those problems. The first time I wrote about Moral Hazard on the blog was in 2009 where I quoted Pulitzer Prize winner and Wall St Journal columnist Daniel Henninger's marvellous:

Moral Hazard. It sounds like the name of a failed town in a Clint Eastwood western. We all live there now.

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Next week's the last in this series: how we look from the other side of the ditch.

The problems of regulating for unforeseen events

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he looked at how you actually go about defining a market for generation. This week he looks at the policy problems around what was, post-Christchurch earthquakes, another topical issue in NZ (and still is, really) - how you cope with unforeseen events when prices are regulated.

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Moral hazard next week. It's not the first time I've had that on the blog.

How to define "energy market" when you're looking for market

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he explained the policy distinction between temporary and enduring market power. This week he looks at how you actually go about defining a market for generation - and it's not as easy as it sounds.

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Next week we jump topics. Greg looks at the problems around paying for unforeseen events in regulated industries.

A test for market power

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he linked the UTS debate to the broader question of how you'd know if a generator has market power. This week he explains the policy distinction between temporary and enduring market power and how you'd tell the difference.

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Next week Greg asks when a market isn't a market.

How you can tell if you have a problem

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he explained how the policy issues around good faith bidding by explaining relate to the NZ High Court's decision about the March 2011 UTS claim in New Zealand. This week Greg links the UTS debate to the broader question of how you'd know if a generator has market power, drawing on his some work for the Australian Energy Market Commission back then. It's so long ago the hyperlink is broken …

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Next week Greg asks how long you can exercise market power for before people care.

What the High Court's 2012 decision was all about

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he explained where rules like our undesirable trading situation ("UTS") provisions come from. This week he tiptoes through the policy issues around good faith bidding by explaining how they relate to the NZ High Court's decision about the March 2011 UTS claim in New Zealand. Well it was topical at the time …

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Next week Greg turns his lens to market power in generation – ring any bells?

Why "good faith" obligations exist in energy markets

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he discussed what happens when prices get to the sort of levels that attract a lot of attention and what can be done about it. This week he explains where rules like our undesirable trading situation ("UTS") provisions come from.

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

Next week Greg goes further by playing out how this applies in court.

When prices get to levels that attract a lot of attention …

I've just finished a 6-part series as an introduction to the University of Canterbury's new short course on Navigating Regulatory Economics with a lecture that Greg Houston gave at the University last November to launch the course.

I mentioned that I had him on the podcast 14 years ago. I enjoyed it so much I thought we should run it again. Even though he lives in Sydney, he's a kiwi - and remains active in the industry here as well as in Australia and around the world, so he's well positioned to reflect on things here.

Last week he discussed whether you need capacity payments in energy markets. This week he talks about what happens when prices get to the sort of levels that attract a lot of attention and what can be done about it.

Rings a bell, eh? Some topics never get old.

If you want to hear more from Greg, he's a featured expert in the Navigating Regulatory Economics short online course from the University of Canterbury.

To resolve this, next week Greg talks about good faith trading obligations.