Professor David Newbery, Cambridge University

As well as comparing the 2003 and 2007 Energy White Papers, progress since 2003 is set out. For different sectors, an overview of energy prices and CO2 emissions is given; and policies to increase low carbon investment are discussed (ETS, Climate Change Bill, RO and improved planning). Key themes and their implications for energy prices are discussed, including: carbon pricing; security of supply; electricity investment; large scale low carbon generation; and the renewable transport fuel obligation. In summarising the White Paper, it is highlighted that: energy taxes and subsidies still not mentioned; there are no reassurances of floor price to CO2; ROCs are retained, but are a costly solution; otherwise the EWP has some good intentions, such as policy developments around nuclear consultation, planning, and better information.

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