On 8-9 December 2011, NERA joined with the Electricity Policy Research Group at Cambridge University to present a research seminar on European Gas and Electricity Policies. At the pre-seminar dinner, Senior Vice President Dr. Jeff D. Makholm delivered the keynote speech, "The Trouble With Europe: Infrastructure, Institutions & Investment," in which he presented an economic critique of the European model for gas markets. In the seminar itself, Director Graham Shuttleworth delivered a presentation entitled "Intermittency and Generation Investment" in the session on renewables and the electricity market. Mr. Shuttleworth explained the economics of intermittent wind farms and the implications for electricity market design.  Associate Director Daniel Radov also spoke about the UK's plans to implement a carbon price floor within the electricity sector, in a session entitled "EU v. Member States: Issues in Policy-Making." Other speakers included David Newbery of Cambridge University and representatives of major energy companies.