One of the world's leading experts on regulation in the electricity industry will open the Australian Competition and Consumer Commission's Regulation and Competition Conference in Sydney tomorrow (25 July).
Professor Frank Wolak, of Stanford University, will join ACCC Chairman, Professor Allan Fels, in presenting the opening session, The Paradox of Competition and Regulation.
Professor Wolak has advised governments all over the world and in recent years has been heavily involved in issues surrounding the Californian power crisis.
He will draw on his vast experience to discuss the regulatory mechanisms that capture the greatest possible efficiencies while at the same time protecting consumers from non-competitive prices.
Professor Fels will present a paper focussing on the underlying natural monopoly characteristics of the utility industries and present the ACCC's view on whether the current regulatory framework has achieved the right balance between the competing interests of business and consumers.
Professor Fels said he was delighted the ACCC had attracted speakers of the calibre of Professor Wolak to speak at the conference.
"Professor Wolak is one of five international speakers who will present", he said. "Each has a broad range of experience in the regulation of utility industries and will update delegates on issues and trends in regulatory practice from around the world".
The ACCC Regulation and Competition Conference will be held at the Manly Pacific Parkroyal, Sydney, tomorrow and on Friday. Professor Wolak will speak from 9.00-10.30am.