Report Title: Retail and Wholesale Electricity Markets under stress - Lessons learned for the future of market design in Europe

Reported by: Professor Michael Pollitt (Cambridge University Judge Business School)

Time: May 17, 2023 (Wednesday) at 4pm

Zoom: 579 983 2348

Content Introduction:

Since the middle of 2021, natural gas and Electricity pricing prices in Europe have risen significantly. This puts the single natural gas and electricity markets under severe stress testing. This also raises concerns about the rational design of the electricity market in achieving net zero emissions. This lecture will explore how the electricity market (wholesale and retail) should operate, and what lessons have been learned in how to better design the electricity market to provide efficient, safe, and clean energy.

Introduction to the speaker:

Michael Pollitt, Professor of Judge Business School at the University of Cambridge, Deputy Director of Cambridge Energy Policy Research Group, Editorial Board Member of The Energy Journal, Review of Industrial Organization, Competition and Regulation in Network Industries, Energy and Climate Change, Economics of Energy and Environmental Policy and Utilities Policy, and other journals. Vice Chairman of International Association for Energy Economics (IAEE) Publishing (2020-2023), Academic Co Director of CERRE European Regulatory Center, and Researcher at the Energy and Environmental Policy Research Center (CEEPR) at the Massachusetts Institute of Technology. Professor Michael Pollitt provides consulting advice to multiple international organizations and institutions, including the World Bank, the European Commission, the UK Competition Commission, and the New Zealand Business Council.

(Undertaken by: Energy and Environmental Policy Research Center, Research and Academic Center)