In Chapter 16 of the Handbook on Electricity Regulation, Daniel Duma and colleagues examine how energy regulation can evolve to address the uncertainties and challenges of the transition to net zero.
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With 22 chapters written by leading international experts, Handbook on Electricity Regulation represents a detailed and comprehensive resource on electricity regulation. It covers best-practice regulation in the US, UK, EU and Australia, addressing electricity transmission, distribution and retail markets.
In their chapter, “Uncertainty, regulation and the pathways to net zero”, Daniel Duma and co-authors focus on suggestions on how energy regulation needs to change in the light of the likely ongoing and possibly increasing uncertainty which the path to net zero involves. They consider the role of regulation within the national governance system for the energy sector. They then outline how best practice regulation should evolve in the light of both theory and experience.
Theories of regulation suggest key roles for both learning and for trade-offs in regulation. The authors advocate for the development of a “learning regulator”, which simultaneously learns from the past (dynamic regulation), in the present (responsive regulation) and anticipates future learning points (adaptive regulation). While current best practice regulation involves the first two types of learning, the third remains a work in progress. Finally, they introduce some possible regulatory lessons from other sectors, namely water, autonomous vehicles and airports.
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