Tag Archives: D. Newbery

EP 64

David Newbery Electricity Liberalisation in Britain: the quest for a satisfactory wholesale market design EP 64  | Non-Technical Summary | PDF Abstract: Britain was the exemplar of electricity market reform, demonstrating the importance of ownership unbundling and workable competition in generation and supply. Privatisation created de facto duopolies that supported increasing price-cost margins and induced… Continue Reading

EP 58

Fabien Roques, David Newbery, William Nuttall Generation Adequacy and Investment Incentives in Britain: from the Pool to NETA EP 58  | Non-Technical Summary | PDF Abstract: Three years after the controversial change of the British market design from compulsory Pool with capacity payments to decentralised energy-only New Electricity Trading Arrangements (NETA) market framework, we compare… Continue Reading

EP 48

Karsten Neuhoff, David Newbery Integrating Energy Markets: Does Sequencing Matter? EP 48 | Non-Technical Summary | PDF Abstract: This paper addresses three questions that are relevant to integrating different regional transmission areas. Market integrating normally increases the number of competitors and should therefore reduce prices but the first section shows that prices could rise when… Continue Reading

Filed Under: Uncategorised

EP 47

Torraj Jamasb, Raffaella Mota, David Newbery, Michael Pollitt Electricity Sector Reform in Developing Countries: A Survey of Empirical Evidence on Determinants and Performance EP 47  | Non-Technical Summary | PDF Abstract: This paper reviews the empirical evidence on electricity reform in developing countries. We find that country institutions andsector governance play an important role in… Continue Reading

Filed Under: Uncategorised

EP 46

Torraj Jamasb, David Newbery, Michael Pollitt Core Indicators for Determinants and Performance of Electricity Sector in Developing Countries EP 46 | Non-Technical Summary | PDF Abstract: Since the early 1990s, substantial resources and effort have been spent on implementing market-oriented electricity reform in developing countries. Important sectoral, economic, and social dimensions are involved in electricity… Continue Reading

Filed Under: Uncategorised

EPRG 0510

David Newbery Climate Change Policy and its Effect on Market Power in the Gas Market EPRG 0510  | Non-Technical Summary | PDF Abstract: The European Emissions Trading Scheme (ETS) limits CO2 emissions from covered sectors, especially electricity until December 2007, after which a new set of Allowances will be issued. The paper demonstrates that the… Continue Reading

EPRG 0509

Fabien Roques, William Nuttall, David Newbery, Richard De Neufville Nuclear Power: A Hedge against Uncertain Gas and Carbon Prices? EPRG 0509  | Non-Technical Summary | PDF Abstract: High fossil fuel prices have rekindled interest in nuclear power. This paper identifies specific nuclear characteristics making it unattractive to merchant generators in liberalised electricity markets, and argues… Continue Reading

EPRG 0507

Tooraj Jamasb, Karsten Neuhoff, David Newbery, Michael Pollitt Long-term Framework for Electricity Distribution Access Charges EPRG 0507  | Non-Technical Summary | PDF Abstract: In order to achieve overall economic efficiency, incentive regulation of electricity distribution utilities must address two important and inter-related issues. First, the utilities’ allowed revenues need to be set at correct levels.… Continue Reading

EPRG 0503

Gert Brunekreeft, David Newbery Should Merchant Transmission Investment be Subject to a Must-offer Provision? EPRG 0503  | Non-Technical Summary | PDF Abstract: Merchant electricity transmission investment is a practically relevant example of an unregulated investment with monopoly properties. However, while leaving the investment decision to the market, the regulator may decide to prohibit capacity withholding… Continue Reading

EPRG 0628

Richard Gilbert, David Newbery Electricity Merger Policy in the Shadow of Regulation EPRG 0628 Non-Technical Summary | PDF Also published in: “Antitrust and Regulation in the EU and US: Legal and Economic Perspectives”, ed. P. Leveque and H Shelanski, Edward Elgar 2010 Abstract: Electricity mergers pose distinctive challenges for competition policy – in market definition… Continue Reading

EPRG 0626

Fabien Roques, David Newbery, William Nuttall Fuel mix diversification incentives in liberalised electricity markets: a Mean-Variance Portfolio Theory Approach EPRG 0626 Non-Technical Summary | PDF Also published in: Energy Economics 30 (4) 2008, 1831-1849. Available at: ScienceDirect Abstract: The risks and returns associated with different choices of electricity generation technology cannot properly be considered in… Continue Reading

EPRG 0624

David Newbery Power Reform, Private Investment and Regional Co-operation EPRG 0624 Non-Technical Summary | PDF Also published in: Newbery, D.M. (2007) ‘Power sector reform, private investment and regional co-operation’ chapter 6 in South Asia – Regional Integration and Growth, Washington, D.C.: World Bank Report 37858-SAS, pp 107-28, McMillan Press, India Abstract: Modern infrastructure, particularly electricity,… Continue Reading

EPRG 0619

Fabien Roques, William Nuttall, David Newbery Using Probabilistic Analysis to Value Power Generation Investments Under Uncertainty EPRG 0619 Non-Technical Summary | PDF Abstract: This paper reviews the limits of the traditional ‘levelised cost’ approach to properly take into account risks and uncertainties when valuing different power generation technologies. We introduce a probabilistic valuation model of… Continue Reading

EPRG 0611

David Newbery The Relationship Between Regulation and Competition Policy for Network Utilities EPRG 0611 Non-Technical Summary | PDF Abstract: One of the central questions facing the regulatory and competition authorities is whether to delegate the regulation of the potentially competitive elements of the utility to specialised regulatory agencies, or whether they should be solely subject… Continue Reading

EPRG 0722

Michael Grubb, David Newbery Pricing Carbon for Electricity Generation: National and International Dimensions EPRG 0722 Non-Technical Summary | PDF Abstract: In this paper, which forms a chapter in the forthcoming Book “Delivering a Low Carbon Electricity System: Technologies, Economics and Policy”2, Grubb and Newbery examine how carbon for electricity generation should be priced. They begin… Continue Reading

EPRG 0720

Chris Hope, David Newbery Calculating the Social Cost of Carbon EPRG 0720 Non-Technical Summary | PDF Abstract: The paper1 discusses the determination of the social cost of carbon (SCC) using the PAGE2002 model used in the Stern Review. The SCC depends sensitively on assumptions about future economic development, the range and likelihood of economic and… Continue Reading

EPRG 0829

Pär Holmberg, David Newbery and Daniel Ralph Supply Function Equilibria: Step functions and continuous representations EPRG 0829 Non-Technical Summary | PDF Also published in: Holmberg, P,Newbery D & Ralph, D, “Supply Function Equilibria: Step functions and continuous representations”, Journal of Economic Theory, Volume 148, pp 1509-1551 | Text Abstract: In most wholesale electricity markets generators… Continue Reading