David Newbery, CBE, FBA, is the Director of the Cambridge Energy Policy Research Group, and an Emeritus Professor of Economics at the Faculty of Economics, University of Cambridge. He was educated at Cambridge with undergraduate degrees in Mathematics and Economics, and received a PhD and ScD in economics also from Cambridge. He is a Fellow of the British Academy and of the Econometric Society. He is Vice-Chairman of Cambridge Economic Policy Associates and has been an occasional consultant to the World Bank, Ofgem, Ofwat, and ORR, a former member of the Competition Commission, former chairman of the Dutch electricity Market Surveillance Committee and a former member of DECC’s Panel of Technical Experts on the Capacity Market. He is a member of Ofgem’s Gas Network Innovation Competition and an Independent Member of the Single Electricity Market Committee of the island of Ireland.