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<https://discovery.ucl.ac.uk/id/eprint/10049007> <http://purl.org/dc/terms/title> "UK Electricity Market Reform and the Energy Transition: Emerging Lessons"^^<http://www.w3.org/2001/XMLSchema#string> .
<https://discovery.ucl.ac.uk/id/eprint/10049007> <http://purl.org/ontology/bibo/abstract> "Until 1990, the UK - like many other countries - had an electricity system that was centralised,\r\nstate-owned, and dominated almost entirely by coal and nuclear power generation. The\r\nprivatisation of the system that year and its creation of a competitive electricity market attracted\r\nglobal interest, helping to set a path which many have followed.\r\nTwo decades later, however, the UK government embarked on a radical reform which some critics\r\ndescribed as a return to central planning. The UK's Electricity Market Reform (EMR), enacted in\r\n2013, has correspondingly been a topic of intense debate and global interest in the motivations,\r\ncomponents, and consequences.\r\nThis report summarises the evolution of UK electricity policy since 1990 and explains the EMR in\r\ncontext: its origins, rationales, characteristics, and results to date. We explain why the EMR is a\r\nconsequence of fundamental and growing problems with the form of liberalisation adopted,\r\nparticularly after 2000, combined with the growing imperative to maintain system security and\r\ncut CO2 emissions, whilst delivering affordable electricity prices.\r\nThe fifteen years after privatisation, coinciding with the era of low fossil fuel prices, had seen\r\nmostly falling electricity bills; from about 2004 they started to rise sharply, for multiple reasons\r\nincluding increasing fossil fuel prices, the need for new investment in both generation and\r\ntransmission, and inefficient renewables policies.\r\nThe four instruments of the EMR have indeed combined to revolutionise the sector; they have\r\nalso both drawn on, and helped to spur, a period of unprecedented technological and structural\r\nchange. Competitive auctions for both firm capacity and renewable energy have seen prices far\r\nlower than predicted, with the fixed-price auctions for renewable sources estimated to save over\r\n£2bn/yr in the cost of financing the projected renewables investments, compared to the previous\r\nsupport system. A minimum carbon price level has brought cleaner gas to the fore, displacing\r\ncoal. Electricity prices may have peaked from 2015, with energy efficiency helping to lower overall\r\nconsumer bills.\r\nNew forms of generation have expanded rapidly at all scales of the system. Renewable electricity\r\nin particular has grown from under 5% of generation in 2010, to almost 25% by 2016, and is\r\nprojected to reach over 30% by 2020 despite a political de-facto ban on the cheapest bulk\r\nrenewable, of onshore wind energy. The environmental consequences overall have been\r\ndramatic: coal generation has shrunk from about 2/3rd of generation in 1990, to 35% in 2000, to\r\n10% in 2016, halving CO2 emissions from power generation over the quarter century.\r\nNeither the technological nor regulatory transitions are complete, and the results to date highlight\r\nother challenges. The Capacity Mechanism has proved ill-suited to encouraging demand-side\r\nresponse, and in combination with the growing share of renewables, has underlined problems in\r\ntransmission pricing. As the share of variable renewables grows further, the associated contracts\r\nwill require reform to improve siting efficiency and avoid adverse impacts on the wholesale\r\nmarket. The results to date show that EMR is a step forwards, not backwards; but it is not the end\r\nof the story."^^<http://www.w3.org/2001/XMLSchema#string> .
<https://discovery.ucl.ac.uk/id/eprint/10049007> <http://purl.org/dc/terms/date> "2018-03-01" .
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