ePSXe won't run on Windows 7

I have been happily using ePSXe on XP for a while. I did a clean install of Windows 7 64-bit this morning and now ePSXe will not load. I have configured all my plugins in exactly the same way but it gives me the error message:

No WGL Extensions!

It then crashes. There's nothing wrong with my plugins and I have the latest version. I have tried adding it to the allow list for DEP as suggested in another post and that didn't make a difference. Any more ideas?

Here is my video config:

Plugin: Pete's OpenGL2 Driver 2.9
Author: Pete Bernert
Card vendor: Microsoft Corporation
GFX card: GDI Generic

Resolution/Color:
- 640x480 Window mode
- Internal X resolution: 1
- Internal Y resolution: 1
- Keep psx aspect ratio: off
- No render-to-texture: off

- Filtering: 0
- Hi-Res textures: 0
- TexWin pixel shader: off
- VRam size: 0 MBytes

Framerate:
- FPS limitation: on
- Frame skipping: off
- FPS limit: Auto

Compatibility:
- Offscreen drawing: 2
- Framebuffer effects: 3
- Framebuffer uploads: 1

Misc:
- Scanlines: off
- Mdec filter: on
- Screen filtering: on
- Shader effects: 0/1
- Flicker-fix border size: 0
- GF4/XP crash fix: on
- Game fixes: off [00000000]