UK Energy Policy and the End of Market Fundamentalism: Critical Analyses

Hardcover | February 25, 2011

EditorIan Rutledge, Philip Wright

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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 onfinancial 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. Inthe 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 thefuture. 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.

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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 onfinancial markets, this book provides timely cr...

Ian Rutledge is an economist and historian with a special interest in energy. He is a partner in SERIS (Sheffield Energy and Resources Information Services) and an Honorary Senior Research Fellow in the University of Sheffield's Management School. After a period working in the coal industry, his subsequent research has embraced the co...

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Format:HardcoverDimensions:304 pages, 9.21 × 6.14 × 0.01 inPublished:February 25, 2011Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199593000

ISBN - 13:9780199593002

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Table of Contents

Ian Rutledge: Introduction: UK Energy Policy and Market FundamentalismPart One: Upstream1. Philip Wright and Juan Carlos Boue: Market Fundamentalism in the UK Upstream: Is It Being Reversed?2. Bernard Mommer and Juan Carlos Boue: The Liberalisation of the UK Petroleum Fiscal Regime and its Implications3. Peter Odell: Managing the UK's remaining Oil and Gas Resources: a Future Role for the State?4. Dave Feickert: The Premature Demise of the UK Coal IndustryPart Two: Midstream and Downstream5. Jonathan Stern: Gas Storage: A Case of Market Failure6. Philip Wright: Wholesale Gas: Markets and Insecurity of Supply7. Dominic MacLaine: Electricity Generation and Wholesale Markets8. Ian Rutledge: Energy Markets, Industry Structure and Portfolio Power over Consumers9. Brenda Boardman: Liberalisation and Fuel Poverty10. John Costa and Sebastian Eyre: Regulating for Competition and Competition inside Regulation: the Costs of Compliance from an Industry PerspectivePart Three: Changing the Liberalisation Paradigm for Future Challenges11. Malcolm Keay: Can the Market Deliver both Security of Supply and Challenging Environmental Objectives for Electricity Generation?12. Steve Thomas: What Future for Nuclear Power in a Liberalised Energy Market?13. Robert Gross: Liberalised Energy Markets: an Obstacle to Renewables?14. Gareth Young and Matthew Simmons: Energy Markets and CHP: Missed Opportunities and Future Possibilities15. David Buchan: Liberalisation in Europe: A Battle of Agendas16. Conclusion: Market Redesign or More State Control?