Back from the Future Report

How to sustain an efficient power system in a carbon-neutral economy in Great Britain?

As the UK accelerates toward a decarbonised electricity system, most debate is focused on delivery to 2030 and 2050. But a more fundamental question is emerging: what happens once we get there?

Back from the Future explores how the electricity market could function in a fully carbon-neutral economy. Based on a multi-stakeholder workshop held under the Chatham House rule, the report steps beyond today’s policy framework to examine three potential futures: a fully market-driven energy-only model, today’s hybrid system of markets and support schemes, and a fully regulated approach.

Content of this report covers:

• Setting the scene: the present and more recent past
• Looking back a bit further
• Looking sideways
• Looking forwards: putting ourselves into the future
• Feedback from session 1: what do you need to believe, to believe? Energy-only / Hybrid / Fully regulated
• Back from the future
• Wrap-up

Disclaimer: this paper is designed to be a good-faith writeup of a multi-stakeholder workshop held under the Chatham House rule, with a degree of artistic licence for the writer to make it hopefully engaging for the reader. It does not represent the views of any individual person or organisation in attendance at the workshop. Neither does it represent the views of ENGIE or Oxera who set the scene, facilitated discussion and drafted the minutes and final paper. The “setting the scene” section at the start is designed to be a factual account of the past and present, again with some artistic licence to engage the reader. We hope you find it interesting and thought-provoking.