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In this paper we focus on risk and uncertainty caused by the (1) discretionary behavior of regulatory bodies and (2) the instruments and mechanisms implemented to regulate public services in general and the postal sector in particular. In previous articles we developed an analytical framework for the assessment of direct and indirect regulatory governance costs in regulated industries. In the present paper we aim to further develop the construct of indirect costs of regulatory governance with respect to regulatory risks and uncertainty. The topic gains increasing importance in the debate on current regulatory reforms. Regulatory risks may occur on different levels of regulatory activities. To analyze where possible indirect costs of risk and uncertainty could occur we investigate a case study in the UK postal market. In postal markets these types of costs occur mainly with regard to universal service obligations, licensing regimes, access regulation, price control, structural market entry barriers and adaptations of regulatory regimes.