The Post-Election Energy Markets New Consensus or Continuing Paradox? 20 June 2017 Amba Hotel, Charing Cross, London www.cornwall-insight.com
Introducing Cornwall The Post-Election Energy Markets “On 8 June, the UK headed to the polls in the second general election in two years. In an election that had been expected to be dominated by Brexit, themes of security and fairness emerged as key battle grounds. Energy was one of the theatres in which the debates around social equity and fairness took place with the leading parties setting out difgerent priorities and means of achieving those outcomes. But in a signifjcant change even from 2015, it is telling that both Labour and the Conservatives agreed during campaigning that intervention in the energy sector would be necessary. At our customer briefjng, we will provide insight into the implications in the retail and wholesale markets of a Conservative minority government for the energy sector as the long-standing political consensus around policy support for liberalised energy markets continues to fracture. We will explore what fairness in the retail energy markets really means, whether the objectives of intervention in retail markets are adequately defjned, and assess the options available to government to achieve their goals. We will then consider how it might be possible to deliver sustained investment in secure, low carbon and fmexible energy system against the backdrop of cost being the key concern of policy makers in this new world. We hope that you enjoy the event and fjnd the discussions useful and thought-provoking.” – Gareth Miller, CEO, Cornwall
Who are Cornwall? Established in 2005, Cornwall has developed a unique position in the UK energy market providing expert research, insight and intelligence to existing and potential market participants and their advisors. We are widely regarded as the market-leader in the sector. Our services are valued by a broad range of businesses and our original research is regularly cited in the national press and frequently referenced by front bench politicians. www.cornwall-insight.com
Agenda of the Day 09.15 Registration and refreshments 09.15 Introduction and Welcome Session 1 –The impact of intervention in the retail energy markets 09.45 Keynote address—balancing fairness and competition in the retail energy markets Government policy objectives and choices and launch of Cornwall insight paper 10.30 The impact of non-wholesale costs on future energy bills 11.00 Can the market still innovate? 11.30 Break 11.50 Debate: regulation, engagement and the new political agenda Chaired by Professor Stephen Littlechild. Experts including: • Steve Harris, Director of Trading, Ovo Energy • Richard Howard, Director of Development & Head of Environment & Energy, Policy Exchange • Greg Jackson, CEO and Founder, Octopus Energy • Richard Hall, Chief Energy Economist, Citizens Advice)
12.30 Lunch Session 2 – Striking the balance in low carbon, capacity and fmexibility 13.30 Keynote address—unravelling the paradox How does capacity, low carbon and fmexibility policies interact and why a policy shift is necessary 14.00 Charting the least cost pathway to 2030 14.30 Assessing the capacity market’s contribution 15.00 Balancing services fjt for the future 15.30 Break 15.50 What is a credible policy framework for long term investors in the sector? 16.15 Debate: where next for the low carbon agenda Chaired by Cornwall’s Ben Hall. Experts including: • Jim Watson, UKERC • Tom Lafgord, UK Policy Advisor, E3G 16.55 Close & Drinks reception www.cornwall-insight.com
Meet the Speakers Introduction and Welcome Keynote address | Unravelling the paradox Assessing the Capacity Market’s contribution Gareth Miller, CEO, Cornwall Gareth has worked in the energy sector in a variety of client, transaction, investment and project roles, fjrst as head of energy project fjnance for a major bank and latterly as a policy advisor to DECC focusing on designing policy to enhance investment into the UK energy sector. He has deep knowledge of the commercial landscape and investment aspects of the energy industry. His experience includes commercial due diligence and lead negotiation, investment appraisal, and energy policy development and evaluation. As well as extensive work in the United Kingdom, he has international experience in the Irish, Italian and South African energy markets. Gareth leads our bespoke consultancy work for generators. Keynote address—balancing fairness and competition in the retail energy markets Robert Buckley, Research Director, Cornwall Robert Buckley has over 20 years experience of consulting and advising participants in deregulated energy markets. An expert in supply markets, Robert leads Cornwall’s supply market work, including the supply market share surveys which provide quarterly updates to leading market participants on competitive positions in both business and household markets in GB. Robert also has an understanding of network, contracting and pricing issues from a supply and ofgtake perspective. Recent projects on supply issues address proposition development, margin and competitor intelligence aspects.
The impact of non-wholesale costs on future energy bills Jonathan Davison, Wholesale Team Leader, Cornwall Jonathan is a Senior Analyst at Cornwall, specialising in the wholesale market and third-party charges on bills. He leads on our quarterly forecast of third-party charges in electricity and gas as well as our quarterly forecast of the Contracts for Difgerence Supplier Obligation. He reviews a number of Market Intelligence Reports, including daily, weekly, and monthly pricing, and the daily Balancing Mechanism report. Jonathan is actively involved in consultancy and his project experience includes bespoke delivered cost of power assessments, a report on GB security of supply, imbalance price analysis, and a due-diligence review of a wind farm business. He also presents on our Project Finance for Energy, Getting Betta, and GB Generation training courses. Can the market still innovate Anna Moss, Domestic Team Leader, Cornwall Anna manages and develops research in the domestic retail market, supporting the analytical team in their day to day activities. She works with a number of market participants, including new entrants, to provide support in identifying trends and ensuring smooth delivery of services. Anna is also involved in bespoke training and consultancy work in the domestic retail market, and have worked on studies covering topics such as collective switching, market intervention and new market entry. She joined Cornwall in June 2013 after graduating from the University of East Anglia with a BSc in Environmental Sciences with a Year in Industry. www.cornwall-insight.com
Meet the Speakers Charting the least cost pathway to 2030 Tom Edwards, Senior Consultant, Cornwall Tom is a senior consultant focusing on generator issues, ancillary services, the Capacity Market, wholesale pricing and the Balancing and Settlement Code. Tom has sat on a wide range of industry meeting groups including P305 which oversaw the changes to bring through the Electricity Balancing Signifjcant Code Review. Tom has been a member of the Imbalance Settlement Group since 2012 and was elected onto the BSC panel in 2016. Tom leads on projects which require complex modelling and is familiar with building business models, as well as more in depth resources using Monte Carlo methods or agent based simulation. Tom is also involved in delivering public and in house courses on the commercial, regulatory and governance areas of the electricity market. Balancing services fit for the future Tom Palmer, Senior Consultant, Cornwall Tom has over 10 years’ experience within the energy sector, covering electricity, gas and oil. He has worked at EDF, OFGEM, Origami Storage, Consulting (AEA, Palantir, URS). His experience included conducting investment appraisal and project fjnance with signifjcant modelling experience in excel and bespoke optimisation / Monte Carlo modelling. In his previous roles at EDF, he was responsible for managing commercial arrangements during commission and operation of coal and gas power plants, including optimisation and hedging. His consultancy experience includes working with DECC / CCC on energy systems modelling (MARKAL) for setting 2020 and 2050 emissions targets. Tom has a strong academic background. Tom completed his MA in Development Economics at the University of East Anglia. He also has a degree in BA (Hons) in Economics.
What is a credible policy framework dor long- term investors in the sector Peter Atherton, Associate, Cornwall Cornwall associate Peter Atherton is a well-known equity analyst having headed utility research at several eminent City institutions, most recently Jefgeries, and is a respected energy commentator. Meet the Panellists Steve Harris Richard Hall Jim Watson Ben Hall Director of Trading Chief Energy Economist Director Associate Director Ovo Energy Citizen’s Advice UK ERC Cornwall Richard Howard Greg Jackson Tom Lafgord Professor Stephen Head of Environment & CEO & Founder UK Policy Advisor Littlechild Energy Octopus Energy E3G Former Energy Policy Exchange Regulator www.cornwall-insight.com
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