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New Perspectives on Investment in Infrastructures

New Perspectives on Investment in Infrastructures

G. Arts
W. Dicke
L. Hancher
Wetenschappelijke Raad voor het Regeringsbeleid
SCIENTIFIC COUNCIL FOR GOVERNMENT POLICY
Series: WRR Rapporten
Copyright Date: 2008
Pages: 384
https://www.jstor.org/stable/j.ctt45kcx6
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  • Book Info
    New Perspectives on Investment in Infrastructures
    Book Description:

    Over the last two decades most infrastructures were subject to significant regime change. Once a state monopoly, infrastructures have now been liberalised or even fully privatised, thereby introducing new actors and new levels of decision making. Regime change has led to an increased emphasis on service delivery, lower prices and enhanced consumer choice, together with a greater concern for efficiency. What are the effects of regime change and the resultant short-term focus for the long-term investment in physical infrastructures? The essays in this bundle analyse the effects on long-term investment in different infrastructures and from different perspectives and disciplines. These findings form the basis for the accompanying WRR Report entitled "http://www.aup.nl/do.php?a=show_visitor_book&isbn=9789053566053">Infrastructures: Time to invest, in which strategic policy orientations are developed that serve short-term values such as efficiency and service provision, as well as long-term values such as security of supply, innovation and sustainability. This title is available in the OAPEN Library - http://www.oapen.org.

    eISBN: 978-90-485-0132-8
    Subjects: Political Science, Sociology

Table of Contents

  1. Front Matter
    (pp. 1-4)
  2. Table of Contents
    (pp. 5-10)
  3. ABOUT THE AUTHORS
    (pp. 11-12)
  4. PREFACE
    (pp. 13-14)
    Wim van de Donk
  5. 1 STUCK ON THE TRACKS? EMPIRICAL STUDY FOR INVESTMENTS IN THE DUTCH RAILWAY INFRASTRUCTURE
    (pp. 15-42)
    Rudi Bekkers

    In recent years, concerns have been expressed in the Netherlands about investments in ‘public’ infrastructures such as energy, public transport, the water supply and telecommunications. In order to satisfy the public’s ever-changing concerns about demand, environmental goals, etc. some of these infrastructures may require large-scale investment. Over the past decades, many of these infrastructure sectors have been confronted with new regulatory models, liberalisation and privatisation. Although these developments possibly helped to improve cost-effectiveness, they could now be hindering the ability of infrastructure managers to meet the demand for investments. The (shareholder’s) demand for profitability might not match the public desire...

  6. 2 REGULERING EN INVESTERINGEN IN INFRASTRUCTUUR
    (pp. 43-94)
    Theon van Dijk

    Deze verkenningsstudie is geschreven in het kader van het project ‘Governance van vitale infrastructuren’ van de Wetenschappelijke Raad voor het Regeringsbeleid. Het doel van deze studie is om meer inzicht te krijgen in de invloed van regulering, en daarmee samenhangend: privatisering en liberalisering, op investeringen in infrastructuur in diverse netwerksectoren in Nederland.

    Het gaat in deze studie om sectoren die een vast netwerk vereisen om diensten over te leveren. De netwerkonderdelen in deze sectoren hebben vaak het karakter van een ‘natuurlijk monopolie’, hetgeen betekent dat één onderneming de markt tegen lagere kosten kan bedienen dan twee of meer ondernemingen. Een...

  7. 3 PLANNING VAN WEGINFRASTRUCTUUR: ENKELE AANKNOPINGSPUNTEN VOOR VERBETERING
    (pp. 95-124)
    A.A. van Duijn

    De Stroperige Staatis de titel van een boekje van Marc Chavannes met als ondertitelKanttekeningen bij de liefste democratie op aarde(Chavannes 1994). Chavannes vertelt inDe Stroperige Staateen aantal verhalen over besluitvorming met betrekking tot infrastructuur en laat zien hoe ingewikkeld, langdurig en ontoegankelijk die processen zijn. Een van deze verhalen speelt zich af in een rokerig zaaltje in Opijnen waar burgers inspreken op de dijkverzwaringsplannen van het rijk. Zij verzetten zich onder andere tegen gedwongen verhuizing en afbraak van woningen. Volgens dit verhaal heeft de minister van Verkeer en Waterstaat een alleraardigste ingenieur naar het roerige...

  8. 4 EUROPEAN REGULATORS IN THE NETWORK SECTORS: REVOLUTION OR EVOLLUTION?
    (pp. 125-158)
    Saskia Lavrijssen-Heijmans and Leigh Hancher

    The coming into force of the electronic communications directives, the energy directives and Regulation 1/2003 has given the European Commission a new set of instruments to safeguard the uniform application of European law by the 27 independent national regulatory authorities founded by the member states in implementation of European legislation.³ On the one hand, the Commission has itself acquired wide-ranging powers to monitor and regulate the national authorities both directly and ex ante. It has the power to formulate ex ante rules, including binding comitology guidelines⁴ and European policy rules⁵ which, on the grounds of Article 10 ec and specific...

  9. 5 INVESTMENTS IN INFRASTRUCTURES: STRATEGIC BEHAVIOUR
    (pp. 159-200)
    Ernst ten Heuvelhof

    Case 1:The Betuwe route is a 160-kilometre railway line, exclusively meant for the transport of goods from the port of Rotterdam to the European hinterland. The route was controversial right from the beginning; there were many passionate opponents and many equally committed proponents. The history of the cost estimates for this line is remarkable. The first estimates were approximately € 3.7 billion, with an expected operating profit, but now the costs are expected to be just under € 5 billion, with an operating loss.

    What is the matter here? Is this a one-off project of both type and magnitude,...

  10. 6 THE IMPACT OF TECHNICAL CHARACTERISTICS OF NETWORK INDUSTRIES UPON THE GOVERNANCE OF INFRASTRUCTURE ADEQUACY
    (pp. 201-240)
    Hamilcar Knops

    Most network industries play a vital role for society. Therefore, society and government may also be concerned about whether the network industries are capable of delivering the desired performance in the long run. A prerequisite for this is that theinfrastructureremains adequate in the long term.

    For the supply of electricity, new power plants are needed to meet the growth in demand and to replace old units, but these investments would be useless if the capacity of the network were insufficient to transport the electricity to the electricity consumers. The projected thousands of megawatts of capacity of offshore wind...

  11. 7 EUROPE AND INVESTMENT IN INFRASTRUCTURE WITH EMPHASIS ON ELECTRONIC COMMUNICATIONS
    (pp. 241-270)
    Pierre Larouche

    This essay looks more closely at the influence of European law and policy on infrastructure investment decisions, in light of telecommunications (or electronic communications as they are now called) in particular. It is structured as follows. The first part surveys how ec law generally affects regulatory decisions concerning investment in infrastructure and highlights two more specific issues arising out of the liberalisation experience, namely the mission paradox following from the separation of regulatory and operational functions and the creation of regulatory externalities (1). Then, in order to situate the sector better, the next section explains why electronic communications provides an...

  12. 8 PRIVATE EQUITY FUNDS AND PUBLIC UTILITIES: WHERE INCENTIVE STRUCTURES COLLIDE
    (pp. 271-286)
    William H. Melody

    As private equity funds (Funds) are now investing in firms of varying size in an increasing variety of industries, it is difficult to develop a general analysis about their impact upon industry development and the efficient allocation of resources in the economy. There is a general concern about the implications for investors in this new financial market where individuals, pension funds and others invest in the funds. This raises traditional financial market governance issues in a new setting, including the nature of the principal-agent relation between investors and Fund managers, market transparency on Fund activities and performance, investor understanding of...

  13. 9 PUBLIEKE BELANGEN, OVERHEIDSBELEID EN INVESTERINGEN IN INFRASTRUCTUUR
    (pp. 287-318)
    Jan de Pree

    Rond het jaar 2000 begonnen de begrippenpubliek belangenpublieke belangenbijzondere aandacht te krijgen. In eerste instantie stond de vraag voorop hoe aangelegenheden waarvoor de overheid de eindverantwoordelijkheid draagt het beste behartigd zouden kunnen worden. Publiek belang fungeerde als startpunt voor een vergelijkend onderzoek van verschillende uitvoeringsmodaliteiten van traditionele overheidstaken, met als uiteindelijk doel te komen tot beantwoording van, wat vereenvoudigd, de vraag ‘behartiging door de overheid of door de particuliere sector’. De beantwoording van deze vraag vereist verschillende afwegingen, en tenzij het publiek belang verabsoluteerd wordt, is het onvermijdelijk dat de kosten om een publieke doelstelling beter...

  14. 10 INFRASTRUCTURE INVESTMENTS ON THE EDGE OF PUBLIC AND PRIVATE DOMAINS
    (pp. 319-346)
    Geert R. Teisman

    Infrastructure investments are for a large part sponsored by public organisations. A significant part, however, is money from private companies. Due to the large amount of capital needed for infrastructure investments, a lot of attention has been paid to the economic aspects of these investments. Cost-benefit analyses have become a regular feature in the decision-making and realisation processes of such investments. But, despite the application of a variety of these analyses, infrastructure investments still face cost overrun, delays and debates regarding the expected return on the investments. I feel that these structural problems with infrastructure investments cannot be solved by...

  15. 11 CONCESSIESTELSEL EN OVERHEIDSAANDEELHOUDERSCHAP
    (pp. 347-368)
    Kirsten Wilkeshuis

    In mei 2007 oordeelde de Nederlandse Mededingingsautoriteit (nma) dat de consument in 2004 en 2005 jaarlijks € 31,- meer had betaald voor energietransport dan de toezichthouder redelijk achtte (website nma). De vier grote energiebedrijven hadden € 400 miljoen aan overwinst behaald. In een reactie op dit bericht zei minister van Economische Zaken, Van der Hoeven, dat zij hieraan niks kan doen. Per 1 januari 2008 gaat een nieuwe reguleringsperiode in waarin de nma de tarieven strenger zal reguleren. Desgevraagd geeft de minister aan dat zij geen bevoegdheden heeft om deze situatie voor de jaren 2006 en 2007 te corrigeren (Tweede...

  16. LITERATUUR
    (pp. 369-370)
  17. Back Matter
    (pp. 371-375)