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The Assessment: The New Energy Paradigm

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  • Dieter Helm

Abstract

During the 1980s and 1990s, energy policy concentrated on privatization, liberalization, and competition, in response to the underlying conditions of excess supply and low fossil fuels. These conditions changed around 2000, in response to the coincidence of a structural upward shift in oil prices, the aging of the assets, network failures, and greater import dependency. The focus moved from asset sweating towards investment, and has been accompanied by a paradigm shift in the objectives of energy policy--towards security of supply and climate change. This article sets out the implications for the choice of instruments and institutions, in the context of liberalized markets. In respect of security of supply and climate change, market-based instruments are advanced--in the former, capacity markets, and in the latter, carbon taxes and permits. Finally, consideration is given to the case for a single integrated energy agency, both to enhance credibility and to ensure consistency. Copyright 2005, Oxford University Press.

Suggested Citation

  • Dieter Helm, 2005. "The Assessment: The New Energy Paradigm," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 21(1), pages 1-18, Spring.
    • Handle: RePEc:oup:oxford:v:21:y:2005:i:1:p:1-18
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    Cited by:

    1. Lana Ollier & Florence Metz & Alejandro Nuñez-Jimenez & Leonhard Späth & Johan Lilliestam, 2022. "The European 2030 climate and energy package: do domestic strategy adaptations precede EU policy change?," Policy Sciences, Springer;Society of Policy Sciences, vol. 55(1), pages 161-184, March.
    2. Bhattacharyya, Subhes C., 2009. "Fossil-fuel dependence and vulnerability of electricity generation: Case of selected European countries," Energy Policy, Elsevier, vol. 37(6), pages 2411-2420, June.
    3. Nathalie Spittler & Ganna Gladkykh & Arnaud Diemer & Brynhildur Davidsdottir, 2019. "Understanding the Current Energy Paradigm and Energy System Models for More Sustainable Energy System Development," Post-Print hal-02127724, HAL.
    4. Alessandro Rubino, 2016. "Euro-Mediterranean Gas Cooperation: Roles and Perceptions of Domestic Stakeholders and the European Commission," RSCAS Working Papers 2016/53, European University Institute.
    5. Matthew Lockwood & Caroline Kuzemko & Catherine Mitchell & Richard Hoggett, 2017. "Historical institutionalism and the politics of sustainable energy transitions: A research agenda," Environment and Planning C, , vol. 35(2), pages 312-333, March.
    6. Nakhle, Carole, 2007. "Do high oil prices justify an increase in taxation in a mature oil province? The case of the UK continental shelf," Energy Policy, Elsevier, vol. 35(8), pages 4305-4318, August.
    7. Ana Bobirca & Paul-Gabriel Miclaus & Stefan Ungureanu, 2007. "Energy Security: A Critical Issue in the European Energy Policy," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 10(25bis), pages 79-105, November.
    8. Correlje, Aad & van der Linde, Coby, 2006. "Energy supply security and geopolitics: A European perspective," Energy Policy, Elsevier, vol. 34(5), pages 532-543, March.
    9. Dieter Helm, 2005. "Economic Instruments and Environmental Policy," The Economic and Social Review, Economic and Social Studies, vol. 36(3), pages 205-228.
    10. Carole Nakhle, 2007. "Do High Oil Prices Justify an Increase in Taxation in a Mature Oil Province? The Case of the UK Continental Shelf," Surrey Energy Economics Centre (SEEC), School of Economics Discussion Papers (SEEDS) 116, Surrey Energy Economics Centre (SEEC), School of Economics, University of Surrey.
    11. Oberndorfer, Ulrich & Ulbricht, Dirk, 2007. "Lost in Transmission? Stock Market Impacts of the 2006 European Gas Crisis," ZEW Discussion Papers 07-030, ZEW - Leibniz Centre for European Economic Research.
    12. Pointvogl, Andreas, 2009. "Perceptions, realities, concession--What is driving the integration of European energy policies?," Energy Policy, Elsevier, vol. 37(12), pages 5704-5716, December.
    13. Spanjer, Aldo, 2006. "European gas regulation: a change of focus," MPRA Paper 21146, University Library of Munich, Germany.
    14. Grossman, Peter Z., 2015. "Energy shocks, crises and the policy process: A review of theory and application," Energy Policy, Elsevier, vol. 77(C), pages 56-69.
    15. Keith Baker, 2012. "Power failures: metagoverning a revival of nuclear power in Britain," International Journal of Sustainable Development, Inderscience Enterprises Ltd, vol. 15(1/2), pages 107-124.
    16. Scheele, Ulrich, 2007. "Privatisierung, Liberalisierung und Deregulierung in netzgebundenen Infrastruktursektoren," Forschungs- und Sitzungsberichte der ARL: Aufsätze, in: Gust, Dieter (ed.), Wandel der Stromversorgung und räumliche Politik, volume 127, pages 35-67, ARL – Akademie für Raumentwicklung in der Leibniz-Gemeinschaft.
    17. Nathalie Spittler & Ganna Gladkykh & Arnaud Diemer & Brynhildur Davidsdottir, 2019. "Understanding the Current Energy Paradigm and Energy System Models for More Sustainable Energy System Development," Energies, MDPI, vol. 12(8), pages 1-22, April.
    18. Spanjer, Aldo, 2007. "Russian gas price reform and the EU-Russia gas relationship: Incentives, consequences and European security of supply," Energy Policy, Elsevier, vol. 35(5), pages 2889-2898, May.
    19. Rubino, Alessandro, 2021. "The political economy of Euro - Mediterranean cooperation in the gas market: The role of domestic stakeholders and the European Commission," Resources Policy, Elsevier, vol. 70(C).
    20. FitzGerald, John & Keeney, Mary J. & McCarthy, Niamh & O'Malley, Eoin & Scott, Susan, 2005. "Aspects of Irish Energy Policy," Research Series, Economic and Social Research Institute (ESRI), number PRS57.
    21. Mitchell, Catherine & Woodman, Bridget, 2010. "Towards trust in regulation--moving to a public value regulation," Energy Policy, Elsevier, vol. 38(6), pages 2644-2651, June.

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