In addition, some low-carbon investments such as nuclear and CCS could be exposed to the load factor risk associated with high deployment of variable renewables. If market players are usually well-equipped to handle fossil fuel price risk, they are less well placed to tackle the carbon price risk and renewable policy risk, in particular, the risk of a low-carbon price. These arguments then lead to conclude that liberalised electricity sectors can provide neither the low-carbon investment needed, nor the investments in conventional generation to ensure security of supply at reasonable cost. One reason is that prices can not go high enough to cover both operating costs and capital investment costs required to trigger investment in new capacity.