Box 1 Carbon taxes versus cap-and-trade schemes -- Box 2 Institutions matter -- Box 3 The natural monopoly problem -- Figure 1 EU28's gross inland consumption of energy by source (2013, left panel) and gross electricity generation by source (2013, right panel) -- Figure 2 Transmission and...

Technical features of the electricity industry, together with the ideological climate that prevailed after World War II, led to nationalisation. Over time, it became clear that the arguments for nationalisation were unconvincing. Firstly, changes in technology led to the ability to produce...