Induced innovation and associated issues of path dependence and inertia are of critical importance in the transition to a carbon free economy. We develop a model that, instead of modeling these processes themselves, models the implications of these characteristics and in the process allows us to...

The UK Government has developed a carefully designed Capacity Mechanism to ensure security of supply in the GB electricity system. This paper criticises the methods used to determine the amount of capacity to procure, and argues that the amount finally proposed is likely to be excessive,...