Energy Policies of IEA Countries 2012 Review The United Kingdom

ENERGY POLICIES OF IEA COUNTRIES - THE UNITED KINGDOM 2012 REVIEW ......Page 1 TABLE OF CONTENTS......Page 5 EXECUTIVE SUMMARY......Page 11 KEY RECOMMENDATIONS......Page 16 PART I - POLICY ANALYSIS......Page 19 COUNTRY OVERVIEW......Page 21 SUPPLY AND DEMAND......Page 22 INSTITUTIONS......Page 25 KEY POLICIES......Page 26 INFRASTRUCTURE PLANNING......Page 27 CRITIQUE......Page 30 RECOMMENDATIONS......Page 31 OVERVIEW......Page 33 ENERGY-RELATED CO2 EMISSIONS......Page 34 POLICIES AND MEASURES......Page 36 CRITIQUE......Page 39 RECOMMENDATIONS......Page 40 INSTITUTIONS......Page 41 POLICIES AND MEASURES......Page 43 CRITIQUE......Page 49 RECOMMENDATIONS......Page 52 PART II - SECTOR ANALYSIS......Page 53 OVERVIEW......Page 55 PRODUCTION LICENSING......Page 57 UPSTREAM TAX REGIME......Page 58 OIL SUPPLY AND DEMAND......Page 59 OIL MARKET AND INFRASTRUCTURE......Page 61 OIL PRICES AND TAXES......Page 63 SECURITY OF OIL SUPPLY......Page 65 NATURAL GAS OVERVIEW......Page 69 NATURAL GAS SUPPLY AND DEMAND......Page 70 NATURAL GAS INFRASTRUCTURE......Page 74 NATURAL GAS MARKET STRUCTURE AND REGULATION......Page 76 SECURITY OF NATURAL GAS SUPPLY......Page 77 NATURAL GAS PRICES......Page 79 CRITIQUE......Page 82 RECOMMENDATIONS......Page 86 SUPPLY, DEMAND, TRADE AND OUTLOOK......Page 87 COAL INDUSTRY POLICY......Page 93 RECOMMENDATIONS......Page 95 POLICY, FUNDING AND REGULATORY FRAMEWORK......Page 97 INTERNATIONAL ENGAGEMENT......Page 98 PROJECTS AND RESEARCH......Page 99 CRITIQUE......Page 101 RECOMMENDATIONS......Page 103 SUPPLY AND DEMAND......Page 105 POLICIES AND MEASURES......Page 108 FINANCING AND PROJECT DEVELOPMENT......Page 116 CRITIQUE......Page 117 RECOMMENDATIONS......Page 119 OVERVIEW......Page 121 INSTITUTIONS......Page 122 NEW NUCLEAR CONSTRUCTION AND ELECTRICITY MARKET REFORM......Page 125 HUMAN CAPITAL......Page 127 CRITIQUE......Page 128 RECOMMENDATIONS......Page 129 SUPPLY AND DEMAND......Page 131 MARKET DESIGN AND STRUCTURE......Page 134 TRANSMISSION AND DISTRIBUTION......Page 141 PRICES......Page 145 CRITIQUE......Page 147 RECOMMENDATIONS......Page 151 PART III - ENERGY TECHNOLOGY......Page 153 RD&D INSTITUTIONS......Page 155 RD&D FUNDING......Page 157 CRITIQUE......Page 161 RECOMMENDATIONS......Page 163 PART IV - ANNEXES......Page 165 ANNEX A: ORGANISATION OF THE REVIEW......Page 167 ANNEX B: ENERGY BALANCES AND KEY STATISTICAL DATA......Page 171 ANNEX C: INTERNATIONAL ENERGY AGENCY “SHARED GOALS”......Page 177 ANNEX D: GLOSSARY AND LIST OF ABBREVIATIONS......Page 179 The United Kingdom is preparing for a deep decarbonisation of its energy system. The country has decided to halve its greenhouse gas emissions from 1990 to 2027 and to cut them by a total of 80% by 2050. For this to happen, significant private-sector investment in new energy infrastructure is needed. As it seeks concrete solutions to the low-carbon investment challenge, the United Kingdom is leading by example. The UK's proposed Electricity Market Reform is a pioneering effort that will be closely observed by other countries. Ideally, this complex and ambitious reform would in the long run lea