Three essays on the connection between the rule of law and regulatory governance in electricity market

The main aim of this dissertation is to investigate the role of institutions in the electricity market. We employ the new institutional economic approach of regulation to achieve this aim. First, we present the theoretical review of regulations for a better understanding of the new institutional approach. We examine the role of regulatory governance and the rule of law which come to the forefront in the infrastructure reform and regulation processes. The second essay investigates the relationship between tariff structure, electricity losses, and the rule of law for the Turkish electricity market. We also put some characteristics of the rule of law in regulated industries. The third essay of the dissertation examines electricity theft from an institutional perspective specific to the rule of law and regulatory quality. We test the causal linkages between the rule of law, regulatory quality, and transmission and distribution losses representing illegal electricity usage between 1996 and 2014 for 64 countries.