Last month, the independent regulator imposed a cap on Telkom price rises.

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Moreover, it is the only federal bank regulator that has a funding cap, again, making it more constrained than any other federal banking agency.

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It is a hard question to answer in Britain, where the new Labour government is poised to levy a windfall tax on privatised utilities, where the electricity regulator will impose a tighter cap on electricity distribution charges in 2000, and where competition in the supply of electricity to domestic consumers is due to start next year.

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