Abstract
Implementation of policies aimed at reducing atmospheric emissions has drawnattention to the need to integrate policies aimed at protection of the environment intoother policy areas such as energy. In this paper we are concerned with the interactionof environmental policies aimed at reducing pollution, and economic policies aimed atreducing market power, in the electricity generation industry. While our analysisfocuses on the post privatisation experiences in England and Wales, the analysis isintended to be of a wider applicability. In a theoretical model we find that there arewelfare gains to be made from a move from the current non-cooperative regulatoryregime to cooperative regulation between the environmental and economic regulators- a result that holds for the alternative environmental policies of a technology standardand an emissions tax.
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