David Newbery: Are Low Carbon Policies Affordable? Renewable Energy Foundation, St George’s House, Windsor Castle Presented 28 October 2010 | Download PDF Continue Reading
Tag Archives: D. Newbery
UK Energy Policy
David Newbery: UK Energy Policy SWCHS A-level economics conference, Saffron Walden Presented 1 December 2010 | Download PDF Continue Reading
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 60
Gert Brunekreeft, Karsten Neuhoff, David Newbery Electricity Transmission: An Overview of the Current Debate EP 60 | Non-Technical Summary | PDF 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
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
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
EPRG 0515
David Newbery Market Design EPRG 0515 | Non-Technical Summary | PDF Continue Reading
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
EPRG 0824
David Newbery Analytic Solutions for Supply Function Equilibria: Uniqueness and Stability EPRG 0824 Non-Technical Summary | PDF Also published in: Holmberg, P., D.M. Newbery and D. Ralph (2008) ‘Supply Function Equilibria: Step functions and continuous representations’, submitted to Journal of Economic Theory Abstract: Supply Function Equilibria (SFE) offer an attractive equilibrium concept for an electricity… Continue Reading
EPRG 0821
David Newbery Predicting market power in wholesale electricity markets EPRG 0821 Non-Technical Summary | PDF Also published in: Newbery, David (2009). “Predicting Market Power in Wholesale Electricity Markets,” RSCAS Working Papers 2009/03, European University Institute Abstract: The traditional measure of market power is the HHI, which gives implausible results given the low elasticity of demand… Continue Reading
EP 72
David Newbery Why tax energy? Towards a more rational policy EP 72 | Non-Technical Summary | PDF Abstract: The same fuels are taxed at widely different rates in different countries while different fuels are taxed at widely different rates within and across countries. Coal, oil and gas are all used to generate electricity, but are… Continue Reading
EP 71
Paul Twomey, Richard Green, Karsten Neuhoff, David Newbery A Review of the Monitoring of Market Power: The Possible Roles of TSOs in Monitoring for Market Power Issues in Congested Transmission Systems EP 71 | Non-Technical Summary | PDF Abstract: The paper surveys the literature and publicly available information on market power monitoring in electricity… Continue Reading
Presentation “Network Pricing For Distributed Generation” by D. Newbery
David Newbery gave a presentation “Network pricing for distributed generation” during EPRG Spring Research Seminar, held in Cambridge on 6 May 2005 Continue Reading
Are current power markets proof checked for the 2020 challenges?
David Newbery Are current power markets proof checked for the 2020 challenges? Eurelectric: Which Market Design for the Future? Conference, Brussels Presented 12 January 2012 | Download PDF Continue Reading
EP 15
David Newbery, Tanga McDaniel Auctions and trading in energy markets – an economic analysis EP 15 | Non-Technical Summary | PDF Abstract: Auctions are playing an increasingly prominent role in the planning and operation of energy markets. Comparing the New Electricity Trading Arrangements to the former electricity Pool in England and Wales requires some analysis… Continue Reading
EP 12
David Newbery Regulatory Challenges to European Electricity Liberalistation EP 12 | Non-Technical Summary | PDF Abstract: The European Commission proposed to reform the Electricity and Gas Directives to improve access to transmission, increase cross-border capacity, and fully open the electricity and gas markets. The California electricity crisis has weakened support for liberalisation, removed the commitment… Continue Reading
EP 07
Richard Gilbert, Karsten Neuhoff, David Newbery Allocating Transmission to Mitigate Market Power in Electricity Networks EP 07 | Non-Technical Summary | PDF Abstract: We ask what conditions transmission contracts increase or mitigate market power. We show that the allocation process of transmission rights is crucial. In an efficient arbitraged uniform price auction, generators will only… Continue Reading
EP 01
David Newbery Issues and options for restructuring electricity supply industries EP01 | Non-Technical Summary | PDF Abstract: The electricity supply industry is highly capital-intensive, whose success depends critically upon the management of its investment. In most developing countries investment is poorly managed, poorly maintained, and often inadequate. Inadequate regulation or political control lead to low… Continue Reading
EPRG 0815
David Newbery Under-pricing electricity and the puzzle of regulatory accounting EPRG 0815 Non-Technical Summary | PDF Abstract: State-owned electricity companies typically set prices that are too low to finance new investment when needed, and which create additional problems where private investment is sought. The paper asks to what extent this can be attributed to historic… Continue Reading
EPRG 1023
David M Newbery Oil Shortages, Climate Change and Collective Action EPRG 1023 | Non-Technical Summary | PDF | Appendix Also published in: Philosophical Transactions of Royal Society Publishing A, 13 May 2011 vol. 369 (1942), pp1748-1761 – Text Abstract: Concerns over future oil scarcity might not be so worrying but for the high carbon content of… Continue Reading
EPRG 1011
David M. Newbery A Nuclear Future? UK Government Policy and the Role of the Market EPRG 1011 | Non-Technical Summary | PDF Also published in: Economic Affairs 30 (2) 2010, 21-27. Available at Wiley InterScience Abstract: Meeting carbon targets requires decarbonising electricity. The least cost strategy involves nuclear power. In a liberalised electricity market, the… Continue Reading
EPRG 1007
Pär Holmberg and David Newbery The supply function equilibrium and its policy implications for wholesale electricity auctions EPRG 1007 | Non-Technical Summary | PDF Also published in: Holmberg, P. and Newbery, D. M. (2010), “The Supply Function Equilibrium and its Policy Implications for Wholesale Electricity Auctions”, Utilities Policy 18(4), pp 209-226 | Text Abstract: The… Continue Reading
EPRG 1126
David Newbery Reforming Competitive Electricity Markets to Meet Environmental Targets EPRG 1126 | Non-Technical Summary | PDF Abstract: The UK and other EU countries are concerned to deliver secure, sustainable and affordable electricity, to meet challenging targets for decarbonisation and renewable energy. The UK Government has consulted and concluded that the present electricity market arrangements… Continue Reading
EPRG 1120
David Newbery Contracting for wind generation EPRG1120 | Non-Technical Summary | PDF Also published in: Economics of Energy & Environmental Policy , 1(2) EPRG 1120 Abstract: The UK Government proposes offering long-term Feed-in-Tariffs (FiTs) to low-carbon generation to reduce risk and encourage new entrants. Their preference is for a Contract-for-Difference (CfD) or a premium FiT… Continue Reading
EPRG 1213
David Newbery The Robustness of Agent-Based Models of Electricity Wholesale Markets Continue Reading
David Newbery
David Newbery, C.B.E., F.B.A. Director of EPRG, Emeritus Professor of Economics, Faculty of Economics, University of Cambridge Sc.D. (Cantab.) Ph.D. (Cantab.) M.A. (Cantab.) Email: [email protected] Tel: +44 (0)1223 335248 Address: Faculty of Economics, Sidgwick Ave, Cambridge Research Projects: TSEC 1, CESSA Research Interests: Liberalization, privatisation, competition and regulation in network industries, particularly electricity; Transmission access… Continue Reading