“Many things have changed over three decades, but many have not. Despite regular ‘crises’, one thing that has not changed is that we still have a market. In this first perspective I will look at why we have a market, and the second post will look at how it has performed, and whether it is still valid in today’s world.

Talking of crises, it seems that every few years there is some crisis that prompts many calls for an end to the market, with the implication being that the government should take control of electricity generation, in particular, but potentially also electricity retailing. But what did we have before the market?”