OIES Podcast – Review of Electricity Markets
In this extended podcast, Rob Gross, Director of the UK Energy Research Centre and Malcolm Keay of the Oxford Institute for Energy Studies discuss the possible reform of UK electricity markets following the UK Government’s ‘Review of Electricity Market Arrangements’. The discussion draws on Professor Gross’s article ‘Arguing over the fundamentals of market reform is undermining investment and impeding the energy transition’ in the Institute’s May 2023 Oxford Energy Forum, and the 2017 OIES paper ‘The Decarbonised Electricity System of the Future: The ‘Two Market’ Approach’. The central issue for discussion is whether incremental improvements to the existing model would be sufficient or whether fundamental changes in market design are necessary to achieve an efficient and sustainable long term electricity system. It complements two earlier podcasts, which focused on so-called ‘split market’ approaches.