British utility regulation: Consolidation, existential angst, or fiasco?

More than thirty years since the 'Littlechild Report' put forward an agenda for incentive-based and competition-driven regulation, the time has come to reconsider its legacy. This article places the debates surrounding utility regulation in context. First, it suggests that at least three dominant interpretations exist regarding the legacy of the Littlechild Report. Second, this article explores the original theoretical arguments that underpinned the proposals underpinning the Report. Third, this article considers the contemporary challenges for utility regulation in the UK and elsewhere. Despite considerable concern about the state of utilities, and of utility regulation, the legacy of market-oriented regulation has been consolidated, especially in telecommunications.