Costo del capitale e regolamentazione incentivante nel settore delle public utilities: una rassegna della letteratura

The cost of capital is a crucial parameter in the regulatory systems to be applied in the segments of industry that show the specific features of the monopolistic structure. In fact, return prospects not aligned with the risk would have the consequence of under-remunerating the capital, causing difficulties in finding the financial resources necessary for the functionality of the services to be provided. The aim of the present study is twofold. First, it provides a description of the role of the cost of capital in the regulation of public utilities, especially in the framework of incentive regulation schemes. Secondly, it provides a survey on the addressed topic aimed at highlighting the critical elements present in the estimate of the expected rate of return.