Within Part 1 of our ‘Modernising Energy Governance’ thought leadership series, we highlighted the need to break free from the regulatory and governance straitjacket that is hampering energy market transformation. We posited that, unless there is fundamental regulatory and governance reform, we will continue to layer increasing regulation and governance on top of legacy market practices, simply to try and keep pace with the changes that are already underway. The growth of sandboxes to aid innovators and new businesses to challenge the existing rules, whilst welcome and helpful, simply serve to highlight the difficulties we face.
We suggested moving beyond simply asking what needs to change and why, to considering what would happen if the market was re-designed from scratch, free from the constraints of today.
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