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NERA and the Electricity Policy Research Group (EPRG) of the University of Cambridge hosted a winter seminar at Magdelene College on 6-7 December 2012. An audience of about 80 academics and representatives of the energy industry and government bodies convened to hear presentations from NERA consultants, EPRG researchers, and other experts on the economic efficiency of markets and policies. Specifically, participants discussed the potential conflicts between government policies in the energy sector and the efficient operation of energy markets. NERA Director Graham Shuttleworth and EPRG Director Professor David Newbery led many of the sessions, which included presentations by NERA Senior Consultants Richard Druce and George Anstey.