The University of Cambridge Energy Policy Research Group (EPRG) and NERA Economic Consulting hosted the 2014 EPRG Winter Seminar in Cambridge on 11-12 December. This year's seminar focused on one of the most difficult issues confronting energy producers, consumers, policymakers, and regulators: how to design markets and policy to provide efficient incentives and achieve efficient outcomes. The conference began with a meal and keynote address in a Cambridge college on the evening of 11 December, followed by presentations from NERA, academic, and industry experts on 12 December.