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This report assesses the role of emissions trading systems (ETS) in electricity sector decarbonization through analyses of carbon market designs and interactions with electricity market regulations, market structures and additional policies. It provides a synthesis of five case studies in EU, California, South Korea, China and Mexico. The authors investigate four carbon price quality criteria (volatility, reflection of marginal abatement cost, predictability, and environmental effectiveness) and three abatement channels (clean dispatch, low-carbon investment, and demand-side response). They find that ETSs are especially effective in capitalizing on short-term abatement opportunities when embedded within liberalized electricity markets (e.g. change of merit order or fuel switching). But careful design may enhance effectiveness in hybrid electricity markets where carbon cost pass through might initially be absent. Carbon markets may also send long-term signals on fuel choices and investment decisions; however, the strength of these signals will depend on ETS design and companion policies.

This book is a Liber Amicorum for Martha Roggenkamp, Professor of Energy Law at the University of Groningen, the Netherlands. The chapters in this book celebrate her unique contribution to energy law. Martha Roggenkamp is a true force of energy, both personally and professionally. Her chair in energy law at the University of Groningen was the first in the Netherlands. She co-established the Dutch Energy Law Association and co-founded the Groningen Centre of Energy Law and Sustainability. With a formidable range of seminal publications, building on a large number of externally funded research projects, and of course her hearty laugh, she is one of the leading women in energy law in the Netherlands, in Europe and beyond. The chapters in this book showcase the diversity of the subject matter, the high academic standards as well as the connections that Martha Roggenkamp has nurtured across decades and continents. Painter portrait: Rianne SmitPhotographer portrait: Dirk FennemaCover design: Bas EkkersTypesetting: Riëtte van Zwol, LINE UP boek en media bv Publisher: University of Groningen PressBroerstraat 4 9712 CP Groningen Production support: LINE UP boek en media bv This publication is peer reviewed Editor Biographies Ruven Fleming is Assistant Professor of Energy Law at the University of Groningen, the Netherlands, and Visiting Lecturer at TU Berlin, Germany. He is also Project Leader of hydrogen projects at the German Fuel Institute (DBI), TU Freiberg, Germany. Kars de Graaf is Professor of Public Law and Sustainability at the University of Groningen, the Netherlands. He is also Chair of the Dutch Association of Environmental Law (VMR). Leigh Hancher is Professor of European Law at Tilburg University, the Netherlands. She is also part-time Professor at the Florence School of Regulation (FSR) within the European University Institute (EUI) in Florence, Italy. Edwin Woerdman is Professor of Markets and Regulation at the University of Groningen, the Netherlands. He is