ABSTRACT
During the last quarter of the 20th century it became increasingly clear to all who cared to know that the prevailing energy system was unlikely to be sustainable, whether physically or economically. Instead, it began to look more and more as if it was heading down a dead end, plagued by such problems as nuclear risks, climate change and other high external costs, and the prospect of stagnating and then declining oil and gas extraction within a generation or two. The future was likely to be bleak, with costs and risks accumulating over time.
