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The Assessment: The New Energy Paradigm

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  • Dieter Helm

Abstract

During the 1980s and 1990s, energy policy concentrated on privatization, liberalization, and competition, in response to the underlying conditions of excess supply and low fossil fuels. These conditions changed around 2000, in response to the coincidence of a structural upward shift in oil prices, the aging of the assets, network failures, and greater import dependency. The focus moved from asset sweating towards investment, and has been accompanied by a paradigm shift in the objectives of energy policy--towards security of supply and climate change. This article sets out the implications for the choice of instruments and institutions, in the context of liberalized markets. In respect of security of supply and climate change, market-based instruments are advanced--in the former, capacity markets, and in the latter, carbon taxes and permits. Finally, consideration is given to the case for a single integrated energy agency, both to enhance credibility and to ensure consistency. Copyright 2005, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 21 (2005)
Issue (Month): 1 (Spring)
Pages: 1-18

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Handle: RePEc:oup:oxford:v:21:y:2005:i:1:p:1-18

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Carole Nakhle, 2007. "Do High Oil Prices Justify an Increase in Taxation in a Mature Oil Province? The Case of the UK Continental Shelf," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 116, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.
  2. Keith Baker, 2012. "Power failures: metagoverning a revival of nuclear power in Britain," International Journal of Sustainable Development, Inderscience Enterprises Ltd, vol. 15(1/2), pages 107-124.
  3. Dieter Helm, 2005. "Economic Instruments and Environmental Policy," The Economic and Social Review, Economic and Social Studies, vol. 36(3), pages 205-228.
  4. Ulrich Oberndorfer & Dirk Ulbricht & Janina Ketterer, 2007. "Lost in Transmission? Stock Market Impacts of the 2006 European Gas Crisis," Ifo Working Paper Series Ifo Working Paper No. 41, Ifo Institute for Economic Research at the University of Munich.
  5. Spanjer, Aldo, 2006. "European gas regulation: a change of focus," MPRA Paper 21146, University Library of Munich, Germany.
  6. Nakhle, Carole, 2007. "Do high oil prices justify an increase in taxation in a mature oil province? The case of the UK continental shelf," Energy Policy, Elsevier, vol. 35(8), pages 4305-4318, August.
  7. Bhattacharyya, Subhes C., 2009. "Fossil-fuel dependence and vulnerability of electricity generation: Case of selected European countries," Energy Policy, Elsevier, vol. 37(6), pages 2411-2420, June.
  8. Spanjer, Aldo, 2007. "Russian gas price reform and the EU-Russia gas relationship: Incentives, consequences and European security of supply," Energy Policy, Elsevier, vol. 35(5), pages 2889-2898, May.
  9. FitzGerald, John & Keeney, Mary J. & McCarthy, Niamh & O'Malley, Eoin & Scott, Susan, 2005. "Aspects of Irish Energy Policy," Research Series, Economic and Social Research Institute (ESRI), number PRS57.
  10. Correlje, Aad & van der Linde, Coby, 2006. "Energy supply security and geopolitics: A European perspective," Energy Policy, Elsevier, vol. 34(5), pages 532-543, March.
  11. Scheele, Ulrich, 2007. "Privatisierung, Liberalisierung und Deregulierung in netzgebundenen Infrastruktursektoren," Forschungs- und Sitzungsberichte der ARL: Aufsätze, in: Wandel der Stromversorgung und räumliche Politik, pages 35-67 Akademie für Raumforschung und Landesplanung (ARL) - Leibniz-Forum für Raumwissenschaften.

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