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dc.contributor.authorGrubb, M.
dc.contributor.authorNewbery, D.
dc.date.accessioned2018-06-22T11:12:40Z
dc.date.available2018-06-22T11:12:40Z
dc.date.issued2018-06-19
dc.identifier.otherCWPE1834
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/277387
dc.description.abstractThe 2013 Electricity Market Reform (EMR) was a response to problems of delivering reliability with a growing share of renewables in its energy only market. Four EMR instruments combined to revolutionise the sector; stimulating unprecedented technological and structural change. Competitive auctions for both firm capacity and renewable energy have seen prices far lower than predicted and the entry of unexpected new technologies. A carbon price floor displaced coal, whose share fell from 46% in 1995 to 7% in 2017, halving CO2. Renewables grew from under 4% in 2008 to 22% by 2017, projected at 30+% by 2020 despite a political ban on onshore wind. Neither the technological nor regulatory transitions are complete, and the results to date highlight other challenges, notably to transmission pricing and locational signals. EMR is a step forwards, not backwards; but it is not the end of the story.
dc.publisherFaculty of Economics
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.subjectElectricity market design
dc.subjectcapacity auctions
dc.subjectrenewables support
dc.titleUK Electricity Market Reform and the Energy Transition: Emerging Lessons
dc.typeWorking Paper
dc.identifier.doi10.17863/CAM.24680


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