The UK Regulators Network and the Long-Term Infrastructure Investors Association (LTIIA) jointly held a third conference on UK infrastructure regulation on 6 June 2018.
The half-day event, hosted by Pinsent Masons, brought together executives representing UK regulators, institutional investors in UK infrastructure, fund managers, multilateral institutions, advisers and industry bodies.
Dermot Nolan, Ofgem CEO and UKRN Chair, delivered a keynote address on “Developments in the regulatory space: the journey of building alignment”. He reflected on the challenges of affordability, changing and growing expectations of customers in regulated sectors, and the legitimacy of those sectors. He also addressed how regulation was responding to those challenges, and provided an update on the URKN’s cross-regulatory work.
“Our objectives and the interests of customers who pay the bills mean we have to keep the sectors attractive and stable. We can do this best by working together, pooling our resources, sharing our analysis and joining up our thinking.”
Three panel sessions followed Dermot’s speech, which examined investment in regulated assets, the socioeconomic value of private investment and the evolution of governance, and how to align investors and regulators in their expectations of data and transparency. It was argued that “collaboration between regulators about the same issues” was fundamental to facilitating a cohesive policy environment that is conducive to investment. The panels featured executives from the UKRN’s member regulators, including Ofwat, the Financial Reporting Council, the Office of Rail and Road, and UKRN Expert Panel member James Wardlaw.
Adam Cooper, Policy and Engagement Director at the National Infrastructure Commission, delivered a keynote speech, which addressed the UK’s long-term infrastructure needs, including strategy, how to harness data and improve regulatory frameworks. He also set out how the Commission’s forward work programme is designed to help foster investment in infrastructure, including its work to assess national infrastructure needs over the next 30 years, making recommendations to government and monitoring the government’s progress towards delivering infrastructure projects.
The UKRN would like to thank the LTIIA, the speakers, Pinsent Masons and all attendees for making the event a success.