The liberalisation of electric-power markets has mixed implications for the upkeep of environmental policies. A further regulatory completion of the liberalisation of electric-power markets within a sound social-economic and sustainability setting requires steps that incite the introduction of capacity-scarcity signals (e.g. ToD pricing) in the retail-pricing structure. As a consequence, efforts for environmentally-benign conversion options and energy efficiency will go up. A great challenge connected with this step is the rearrangement of risk-assessment practices and the handling of risks. (C) 2003 Elsevier Ltd. All rights reserved.