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From time to time there is a need for the development of a predictable regulatory framework that takes into account the considerations of both investors and users of services in the context of price regulation of asset-intensive utility services. In our analysis, we review a small part of this highly complex topic, the theoretical and practical issues of the accepted value of the regulated assets by the regulator, which is one of the most important elements in determining the investor's allowed return.
We present the most important theoretical models, the development of regulatory theory and practice in Hungary, and then we illustrate the impact of the regulatory environment on companies' investment decisions by analysing time series data of the Hungarian gas distribution sector.

Available at the publisher's website (in Hungarian)