UK Energy Policy and the End of Market Fundamentalism

The UK has been at the forefront of the liberalisation of energy industries, privatising and then, over more than two decades, progressively ceding energy policy to market forces. Drawing a parallel between the effect of liberalisation on energy markets with the effect of liberalisation on financial markets, this book provides timely critical analyses of the impact of liberalisation on the UK's energy industries, both upstream and downstream. Divided into 16 chapters, it exposes why market fundamentalism has been controversial for the UK's oil, gas, coal, and electricity industries, each of which is addressed in specific chapters by authors with lengthy specialist experience. In the upstream, there are critical evaluations of the UK's petroleum fiscal regime, of the demise of the coal industry, of gas storage and wholesale markets, and of the electricity wholesale market. In the downstream, there are chapters on company strategies and power over consumers, fuel poverty, and the burden of regulation on companies. Together these two sections reveal why liberalisation has been costly and has resulted in higher prices for domestic consumers. The final section looks to the future. Are the UK's liberalised energy industries and markets equipped to deal with current and future challenges? How far does the market bring security of supply considerations into conflict with the environmental agenda? Can liberalised markets deliver more nuclear power, renewables, and CHP? How might EU policy change agendas in the UK? Whether we will need market redesign or more state control, is the question addressed by each author. Contributors to this volume - Brenda Boardman, Emeritus Fellow, Environmental Change Institute, University of Oxford, UK David Buchan OBE, Senior Research Fellow, Oxford Institute for Energy Studies, UK Juan Carlos Boue, Senior Research Advisor, Oxford Institute for Energy Studies, UK Robert Gross, Senior Lecturer, Imperial College, London, UK Philip Heptonstall, Research Associate, Imperial College, London, UK Malcolm Keay, Senior Research Fellow, Oxford Institute for Energy Studies, UK Dominic Maclaine, Editor, New Power, UK Peter Odell, Emeritus Professor, Erasmus University, The Netherlands Adrian Pitts, Professor of Sustainable Architecture, Sheffield Hallam University, UK Ian Rutledge, Director, SERIS and Honorary Senior Research Fellow, University of Sheffield, UK Matthew Simons, Project Engineer, Cambridge Design & Commissioning Engineers, UK Jonathan Stern, Director of Gas Research, Oxford Institute for Energy Studies, UK Steve Thomas, Professor of Energy Policy, University of Greenwich, UK Jonathan Winterton, Professor of Employment and Director of Research, Toulouse Business School, France Philip Wright, Senior Research Advisor, Oxford Institute for Energy Studies, and University of Sheffield, UK Gareth Young, Managing Director, Cambridge Design & Commissioning Engineers, UK