In addition, detailed aspects of the price elements incorporated into the price index may be more important to the actual operation of a price cap regulatory regime than either the X-factor or the inflation adjustment. How rate elements are incorporated and removed from price caps is particularly important in industries with rapidly changing service offerings. Price-cap regulation is no longer a uniquely British form of regulation. Particularly in the telecommunications industry, many Asian countries are implementing some form of price cap on their newly privatised operators. In addition, many US local exchange carriers are now regulated by price-cap rather than rate-of-return regulation: in 2003, of the 73 companies reporting to the ARMIS database, 22 were regulated according to an RPI-X price cap (and a further 35 were subject to other retail price controls). In Australia, the preferred form of price regulation for utilities is the CPI-X regime. Notably, in 2018, the UK Government introduced a form of price cap regulation through a new cap for gas and electricity customers on standard variable tariffs. In August 2022, the energy price cap was raised to £3,549 which would push 8.2 million people in to fuel poverty in October that year. See also Civil Aviation Authority (United Kingdom) Ofcom Ofgem Office of Rail and Road Ofwat Economic regulation Regulatory agency References External links Features of Price Cap and Revenue Cap Regulation from the Body of Knowledge on Infrastructure Regulation Data concerning U.S. interstate telephone service price caps Ian Alexander and Timothy Irwin (1996), "Price Caps, Rate-of-Return Regulation, and the Cost of Capital" Market failure Monopoly (economics) Economics of regulation