The energy sector is a fruitful case for a study of the costs and benefits of government market intervention since it has been regulated, deregulated and re-regulated for decades in almost all industrialized countries. The energy sector, as one of the most vital sectors of any economy, has been seen as a strategic area since at least the first oil price hikes in the 1970s. The reliance on oil and other forms of fossil fuels became especially obvious with the skyrocketing energy prices in the 1970 s after the Organization of the Petroleum Exporting Countries (OPEC) cut its production levels. With lower energy prices in the early 1980 s, concerns of energy shortages decreased but were supplemented by new challenges posed by first evidence of global warming and climate change.
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- Government Intervention in Renewable Electricity Markets