Chapter 1: The New Electricity Trading Arrangements in England and Wales: A Review – David Currie, Chairman’s Comments – Callum McCarthy
My aim in this chapter is to review the new electricity trading arrangements (NETA) which will come into force quite soon.1 This review cannot be that of an objective outsider, since my role has been more that of an insider. Thus, following Stephen Littlechild’s invitation, I first served as a special adviser to Offer on RETA (Review of Electricity Trading Arrangements) as it was then called; then following our chairman McCarthy’s invitation as a member of the Ofgem Management Board; and then finally before the summer helping to see the Utilities Bill through the Lords, including proposing with Gordon Borrie an amendment which the government became minded to accept to place a limit on the level of fines that the new regulatory authority can impose. I sense that my role is more that of accomplice than objective observer. And the key ringleader, Callum McCarthy, acts as discussant of my chapter. We thus provide an example of collusion that some might think mirrors, but does not attain, the excesses of the Pool arrangement that will soon be consigned to history.
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