Background: The electricity distribution industry in South Africa is faced with numerous challenges that include distribution capacity shortages and backlog in investments. Aim: This study was carried out to investigate the role of regulation in enabling investment in distribution capital expenditure. Setting: The study focusses on the licensed electricity distributors and the energy regulation institution in South Africa. Methods: Primary data for the study was collected through interviews with 16 Energy Regulator officials responsible for analysing and approving electricity distributor tariff applications. Secondary data was collected and analysed through a sample of 112 electricity distributors in South Africa. Results: It is established that the National Energy Regulator of South Africa has put a number of processes and methods in place to ensure that electricity distributors (EDs) are efficient in their operations and that the tariffs they charge customers are not excessive and are aligned to specific benchmarks as approved by the regulator. However, a majority of EDs are not performing according to the benchmarks. For instance, they are operating at a negative surplus, which does not allow them to make sufficient investment in infrastructure refurbishment and acquire new infrastructure. The study also discovered that EDs are spending the minimum 6% required by regulation on repairs and maintenance. Conclusion: The conclusion of the study is that in the absence of a regulatory methodology that allows EDs to earn a required return on assets, benchmarks play a big role in ensuring that they are performing at the level required and that through the surpluses they generate, they can invest in the acquisition of new infrastructure for capital gain. However, regulation alone is not sufficient to ensure that capital investment is adequate; government intervention through infrastructure grants is also necessary and a private sector capital injection.

中文翻译：

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南非配电资本基础设施投资：监管的作用

背景：南非的配电行业面临着众多挑战，包括配电能力短缺和投资积压。目的：本研究旨在调查监管在促进配电资本支出投资方面的作用。设置：该研究的重点是南非的许可电力分销商和能源监管机构。方法：本研究的主要数据是通过采访 16 名负责分析和批准电力分销商关税申请的能源监管机构官员来收集的。通过对南非 112 家电力分销商的抽样收集和分析二手数据。结果：已确定南非国家能源监管机构已制定了许多流程和方法，以确保电力分销商 (ED) 的运营效率高，并且他们向客户收取的关税不会过高并符合特定的基准经监管机构批准。但是，大多数 ED 并未按照基准执行。例如，它们以负盈余运营，这使它们无法在基础设施翻新和购买新的基础设施方面进行足够的投资。该研究还发现，急诊科在维修和维护方面的支出至少达到法规要求的 6%。结论：该研究的结论是，在缺乏允许 ED 获得所需资产回报的监管方法的情况下，基准在确保它们达到要求的水平以及通过它们产生的盈余投资购买新的基础设施以获得资本收益方面发挥着重要作用。然而，仅靠监管不足以确保资本投资充足；政府通过基础设施赠款和私营部门注资进行干预也是必要的。