And the grid is too expensive because the regulator allowed an effectively risk-free rate of return on investment that was too good to pass up. In telecoms who

And the grid is too expensive because the regulator allowed an effectively risk-free rate of return on investment that was too good to pass up. In telecoms wholesale pricing in Australia, there would frequently be adjustments to the claimed capital costs to remove this gold plating incentive, but the energy side seemed to be much more accepting of whatever the distributors claimed.