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How far can energy markets be free as well as competitive? What do low oil prices mean for the oil industry and other energy markets? How can economic efficiency in the energy industries be reconciled with environmental protection? How far is the UK model of liberalising electricity and gas industries being applied elsewhere in the world and how is it faring, at home and abroad? These are typical questions addressed in this collection of articles written by ann international group of economists. Edited by the leaders of the two leading UK academic centres of energy economics, the book demonstrates how important the analysis of policy and regulatory frameworks has become for those interested in efficient market outcomes.