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Energy Policy in Europe, the UK and Eire

Energy Policy in Europe, the UK and Eire. Dieter Helm, Professor of Energy Policy University of Oxford Dublin Economics Workshop 16 th June 2011 Trinity College. Agenda. Myths and illusions in energy policy The renewables directive Decarbonisation of electricity by 2030

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Energy Policy in Europe, the UK and Eire

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  1. Energy Policy in Europe, the UK and Eire Dieter Helm, Professor of Energy Policy University of Oxford Dublin Economics Workshop 16th June 2011 Trinity College

  2. Agenda • Myths and illusions in energy policy • The renewables directive • Decarbonisation of electricity by 2030 • The context – all islands and the EU • Energy market reform • Unbundling, privatisation and competition • Towards a comprehensive, sustainable energy policy

  3. Myths and illusions in energy policy

  4. The renewables directive • 2020 is 9 years away • Renewables in Europe (wind) make little difference to global warming • Offshore wind is incredibly expensive • Wind may  marginal system energy price = 0 • The UK (and others) will fail • Much cheaper strategy = gas-for-coal

  5. Decarbonisation of electricity by 2030 • Shale gas • Smart meters • Smart grids • Electric cars • Storage and batteries + • Potential for breakthrough technologies

  6. The context North European Markets All Islands Norway All Ireland Netherlands Eire France

  7. Energy market reform ENGLAND WALES SCOTLAND FiTs + Capacity + Floor price + EPS NORTHERN IRELAND Capacity + Pool FRANCE administered nuclear markets Eire (4GW) Break-up Non-EUETS Carbon Tax Netherlands / German markets

  8. Unbundling, privatisation and competition in Eire • 4 GW is very small (= Drax) • Legal vs. ownership unbundling • Structure of market and market design • Impact of foreign takeover  Some questions: • How will Eire ensure supply? • What happens if no investment? • What impact will intervention have? • What will the price be with lots of wind? • Etc etcetc.....

  9. Towards a comprehensive, sustainable energy policy • Coal  gas for CO2 transition • Flexible renewables (wider definition, onshore wind etc) • LNG + interconnectors • Integrated all islands market • Capacity contracts (long term) And • Look after Eire’s interests in a bigger market

  10. www.dieterhelm.co.uk Helm, D. R. (2011),"Green growth: opportunities, challenges and costs", in: Tsoukalis, L and Emmanouilidis, J. eds. (2010), “The Delphic Oracle on Europe: Leaders and Coalitions, New European Contract and Europe's Global Role”, Oxford University Press Helm, D. R. (2011), "Look to gas for the future", Prospect Magazine, March 24th. Helm, D. R. (2011), “What next for EU energy policy?”, Centre for European Reform, forthcoming. Helm, D. R. (2011),"Peak Oil and Energy Policy – a critique", Forthcoming in Oxford Review of Economic Policy, Vol 26, Issue 4. Helm, D. R. (2010),“Infrastructure and infrastructure finance: The role of the government and the private sector in the current world", EIB Papers ,vol. 15 (2) on Infrastructure and infrastructure finance, 2010. Helm, D. R. (2010),“The Case for a Carbon Tax” in Greener, Cheaper edited by Simon Less, Policy Exchange, July 27th 2010. Helm, D. R. (2009), “Nuclear Power, Climate Change and Energy Policy”, in The Economics and Politics of Climate Change, edited by Helm and Hepburn, OUP.

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