Regulating the “known unknowns”

Regulating the “known unknowns”

Planning for uncertainty in the energy sector

“As we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns - the ones we don't know we don't know” (Donald Rumsfeld Feb 2, 2002, Department of Defense news briefing). This bulletin describes the challenges that regulators face in planning for the “known unknowns” in the energy sector.

Regulating the “known unknowns”