INSTITUTE OF THE AMERICAS | REPORT

Assessing the Independence of Energy

Regulators in Chile, Peru and Mexico

O
Regulatory Risks and Independence

Why Independence?

Assessing the Independence of Regulators | INSTITUTE OF THE AMERICAS

Independence and Delegation

The Gilardi Index

The Principal-Agent Theory

Assessing the Independence of Regulators | INSTITUTE OF THE AMERICAS

Status of the Board Members

Status of the Agency Head

Relationship with Government and

Legislatures

Assessing the Independence of Regulators | INSTITUTE OF THE AMERICAS

Results

Financial and Organizational

Autonomy

Chile

Regulatory Competencies

Decreto Ley 2224 que crea el Ministerio de Energa y la Comisin

Nacional de Energa

Assessing the Independence of Regulators | INSTITUTE OF THE AMERICAS

dependencia
Average (Formal independence index)

0.401

Peru
Organismo
Supervisor de las Inversiones en Energa y Minas

Average (Formal independence index)

Average (Formal independence index)

0.875

0.868

Mexico
Agencia Nacional de Seguridad Industrial y Proteccin
Ambiental del sector hidrocarburos
Comisin
Nacional de Hidrocarburos
Comisin
Reguladora de Energa

An Alternative Hypothesis

Ley 26734 Ley del Organismo Supervisor de Inversin en Energa

OSINERG.

Ley de los
rganos Reguladores Coordinados en Materia Energtica.

Ley del Servicio Pblico de Energa Elctrica

Assessing the Independence of Regulators | INSTITUTE OF THE AMERICAS

Overall ranking

Comparing Economic Freedom

Respect to property rights

Assessing the Independence of Regulators | INSTITUTE OF THE AMERICAS

Investment freedom

Monetary freedom

Conclusions

The Institute of the Americas recognizes and greatly appreciates the

contributions by Non-Resident Fellow, Francisco Salazar, in preparing
this report.
The Institute of the Americas Energy Program works to foster a
deeper understanding of the most critical energy issues facing the Western
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@IOA_Energy or visit: www.iamericas.org/energy