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Downstream Energy Law and Policy
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Downstream energy law and policy is concerned with the structure and regulation of gas and electricity markets. With the advent of liberalisation, most gas and electricity markets have become semi-competitive. There are regulatory structures to control entry to the market. There are rules on how the producers / generators interact with the suppliers – either bilateral markets or pools. There are rules for producers / generators which get special treatment – frequently state-owned companies and renewable generators. There are measures to control security of supply. There are measures dealing with pass through of costs – and attempts to ensure that the consumer price does not reach unacceptable levels.
The course looks at regulatory structures – the role of government; the role of the independent regulator; the role of the market operator and the transmission system operator. The course looks at the options for structuring liberalised and semi-competitive markets. It looks at measures to reduce investment risks for additional capacity. It recognises that the position of capacity short markets is different from that of markets with capacity excess – even if in the long term, both ultimately want the same thing…cheap and reliable delivery of the commodity.