The Energy Policy Group recently attended a hearing on the CMA Energy Market Investigation. We started the hearing with a prepared opening statement:
….Thank you for inviting us to this hearing. We are not economists. Our research focuses on innovation and a more ‘whole system’ approach to how energy systems might change from their current configurations to something which is more sustainable while also ensuring affordability and security. It is very important that climate change is addressed. The required reductions in emissions of carbon dioxide will not be achieved overnight, and it is generally accepted that the change in energy systems will be cheaper and more secure if it is carried out strategically and in a managed manner over a period of time rather than doing very little in the short and medium and then rushing to meet our commitments in 2050 towards the end of the period…….You can download our full opening statement here.
The CMA have also published a summary of the hearing with EPG:
…..The Competition and Markets Authority (CMA) theories of harm were to be welcomed, but were considered too limited. For example, the Great Britain (GB) capacity mechanism was a retrenchment of an old system which maintained the current means of operating and regulating the system to the benefit of the incumbent generator-suppliers. EPG argued that to address the causes of harm in the energy market the CMA needed to consider its overarching governance, system design and institutional arrangements……
The full summary is available from the CMA website or can be downloaded here.
Posted by: rhoggett
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