设计能够促进投资的定价框架：将中东及其他地区的政策愿景转化为可行项目

Turning policy ambitioninto viable projects in the Managementsummary T for investors. Achieving this balance is essential for delivering capital-intensive networkssuch as electricity, water and gas among other sectors – assets that underpin public For many years, tariff setting relied on ad hoc, project-specific negotiations betweenauthorities and utility operators. The result was volatility and limited transparency. Structured tariff models such as these are particularly effective in the MiddleEast, where state-led sectors and large-scale infrastructure investment is essential. When it comes to implementation, design is crucial. Transparent rules for capitalinvestment and asset entry help translate policy into bankable projects. Financial Mature sectors like electricity, water and gas benefit from standardized frameworks,while newer areas such as carbon capture and district cooling need greater flexibility Looking ahead, it is important that frameworks remain closely aligned with policy. Assectors mature, tariff models should evolve. Roland Berger's holistic approach connects Contents The tariff challenge Tariff design for utility services across the Middle East has long grappled with a coretension: keeping services affordable for consumers while ensuring they remain financiallyviable for operators and attractive to investors. Utilities deliver essential services such aselectricity, water and gas among other sectors, which shape public welfare and Historically, tariff setting often relied on simple project-by-project discounted cashflowcalculations. Without a standardized framework, each tariff became a negotiation shapedby case-specific assumptions, with limited attention to cost allocation across customer These shortcomings created a trust gap between consumers, operators andregulators. Consumers , lacking transparency on cost structures and efficiencystandards, often viewed price increases as unfair, especially when not paired with Today, the urgency for effective tariff frameworks is even greater. Across the MiddleEast, governments face accelerating infrastructure and service demands driven by rapideconomic diversification, industrial expansion and population growth. Meeting this surge But regulation never stands still – and nor do the models behind it. Over time, regulatorsevolved through three broad approaches for tariff setting. The first was cost-of-service To address this, many regulators introduced incentive-based regulation, which set aceiling on either the average price or total revenue, often adjusted by inflation minus an AMain types of tariff-setting frameworks Cost-of-service regulation Tariffs are set to recover a utility'sactual or forecast costs (opexdepreciation and capex plus a Weak incentives forefficiency and innovationRisk of over-investment •Ensures full costrecovery and financialstability for utilities•Creates low investor risk Can shift demand orcost risk to utilitiesComplex to design •Encourages costefficiency and innovation•Provides multi-year The regulator sets a ceiling on eithertotal revenue or unit prices, adjusted byinflation and an efficiency factor (X).Utilities retain part of any savings Performance- oroutput-based regulation Requires robust data andmonitoring systemsComplex to design •Aligns incentives withpolicy outcomes andconsumer value foundation for determining the allowed return on investment and capital expenditure,providing predictability and transparency on how capital costs were recovered over time. More recently, regulators have begun experimenting with performance- or output-based regulation, in which tariffs or allowed returns are linked to measurable outcomes Making rule-based tariff models work in theMiddle East The ways Middle Eastern utility sectors are organized makes structured, rules-based tariffmodels particularly effective. Most systems in the region are still state-led, with a few mainbuyers and strong alignment with government planning. In such a setting, predictability Affordability remains a central policy priority in the Middle East. It can be safeguardedmore transparently through targeted subsidies or direct support for low-incomeconsumers, rather than through cross-subsidies that blur cost signals. Even where datagaps persist, regulators can maintain predictability through structured adjustment Of course, the success of any tariff framework ultimately depends on how it isimplemented. Several recurring design choices determine whether policies translate into growth. Frameworks therefore need transparent criteria for phasing projects anddetermining when assets qualify as "used and useful." This includes how anticipatory Ensuring financeability while maintaining affordability is another core test – it's thetightrope that every regulator walks. Parameters such as the weighted average cost of Frameworks must also manage demand and scale uncertainty, especially in sectorsthat are still ramping up. Mechanisms su