The UK Energy Market Investigation PDF Download
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Author: Frank P. Maier-Rigaud
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The UK government progressively privatised the British gas and electricity industry between 1986 and 1996. By 2002 the British energy regulator Ofgem, had first made all customers eligible to choose their supplier and finally lifted price controls for all customer types, driven by the belief that competition would reduce prices. As Ofgem explained at the time: “competition is now well established, effectively protecting customers' interests, and continuing to develop well.” In the last six years, however, Ofgem has started to doubt its own prior assertions and launched a number of detailed investigations into the sector. These comprise the 2008 Energy Supply Probe, the 2010 Retail Market Review but also the recent joint efforts together with the Office for Fair Trading (OFT) and the Competition and Markets Authority (CMA) in preparing the ground for an energy market investigation. While UK market investigations have a reputation for being primarily motivated by political concerns and therefore often serve the role of pressure valve, the current debate in the UK is exceptional for its lack of faith in competitive processes. Announcements of new energy tariff policies by the Prime Minister and promises by the leader of the opposition to introduce a two year price freeze if he comes to power are only the tip of the iceberg. On 27 March 2014, Ofgem launched a consultation on referring the market to the CMA for an independent and full-scale market investigation which would take at least 18 months and will not only bind resources at the CMA but cost the energy sector millions of Euros. The evidence of competition problems in the sector is in stark contrast to these developments, something that was not changed by Ofgem's proposal for a full-scale investigation. Indeed, the concerns presented are at best a list of theoretical possibilities as the limited empirical evidence mentioned in support of Ofgem's concerns is consistent with both the presence of competition and its absence.
Author: Frank P. Maier-Rigaud
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The UK government progressively privatised the British gas and electricity industry between 1986 and 1996. By 2002 the British energy regulator Ofgem, had first made all customers eligible to choose their supplier and finally lifted price controls for all customer types, driven by the belief that competition would reduce prices. As Ofgem explained at the time: “competition is now well established, effectively protecting customers' interests, and continuing to develop well.” In the last six years, however, Ofgem has started to doubt its own prior assertions and launched a number of detailed investigations into the sector. These comprise the 2008 Energy Supply Probe, the 2010 Retail Market Review but also the recent joint efforts together with the Office for Fair Trading (OFT) and the Competition and Markets Authority (CMA) in preparing the ground for an energy market investigation. While UK market investigations have a reputation for being primarily motivated by political concerns and therefore often serve the role of pressure valve, the current debate in the UK is exceptional for its lack of faith in competitive processes. Announcements of new energy tariff policies by the Prime Minister and promises by the leader of the opposition to introduce a two year price freeze if he comes to power are only the tip of the iceberg. On 27 March 2014, Ofgem launched a consultation on referring the market to the CMA for an independent and full-scale market investigation which would take at least 18 months and will not only bind resources at the CMA but cost the energy sector millions of Euros. The evidence of competition problems in the sector is in stark contrast to these developments, something that was not changed by Ofgem's proposal for a full-scale investigation. Indeed, the concerns presented are at best a list of theoretical possibilities as the limited empirical evidence mentioned in support of Ofgem's concerns is consistent with both the presence of competition and its absence.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Great Britain. Competition and Markets Authority
Publisher:
ISBN: 9781787321571
Category : Competition
Languages : en
Pages :
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Book Description
Author: Massimo Motta
Publisher: Cambridge University Press
ISBN: 1009081462
Category : Business & Economics
Languages : en
Pages : 411
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Book Description
In many economic sectors – the digital industries being first and foremost – the market power of dominant firms has been steadily increasing and is rarely challenged by competitors. Existing competition laws and regulations have been unable to make markets more contestable. The book argues that a new competition tool is needed: market investigations. This tool allows authorities to intervene in markets which do not function as they should, due to market features such as network effects, scale economies, switching costs, and behavioural biases. The book explains the role of market investigations, assesses their use in the few jurisdictions where they exist, and discusses how they should be designed. In so doing, it provides an invaluable and timely instrument to both practitioners and academics.
Author: Jean-François Chassagneux
Publisher: Springer
ISBN: 3319631152
Category : Mathematics
Languages : en
Pages : 108
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Book Description
In Mathematical Finance, the authors consider a mathematical model for the pricing of emissions permits. The model has particular applicability to the European Union Emissions Trading System (EU ETS) but could also be used to consider the modeling of other cap-and-trade schemes. As a response to the risk of Climate Change, carbon markets are currently being implemented in regions worldwide and already represent more than $30 billion. However, scientific, and particularly mathematical, studies of these carbon markets are needed in order to expose their advantages and shortcomings, as well as allow their most efficient implementation. This Brief reviews mathematical properties such as the existence and uniqueness of solutions for the pricing problem, stability of solutions and their behavior. These fit into the theory of fully coupled forward-backward stochastic differential equations (FBSDEs) with irregular coefficients. The authors present a numerical algorithm to compute the solution to these non-standard FBSDEs. They also carry out a case study of the UK energy market. This involves estimating the parameters to be used in the model using historical data and then solving a pricing problem using the aforementioned numerical algorithm. The Brief is of interest to researchers in stochastic processes and their applications, and environmental and energy economics. Most sections are also accessible to practitioners in the energy sector and climate change policy-makers.
Author: David Deller
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
While householders' ability to navigate the domestic retail energy market has generated considerable debate, little attention has been given to micro and small businesses' (MSBs) purchasing of energy. This paper provides the first academic assessment of MSBs' satisfaction with the UK's retail energy market. Using survey data from the UK energy regulator we find that while intermediaries are central to MSBs switching energy supplier, the quantity of marketing contact received from them is a key source of dissatisfaction. This dissatisfaction with marketing contact has direct policy relevance as the Competition and Market Authority's 2016 Energy Market Investigation recommended that a database of 'disengaged' MSBs be established to enable marketing communications from rival suppliers to prompt MSBs to switch. We also query whether the need for more MSB engagement is obvious, given the prevalence of multi-year energy contracts among MSBs, suggesting that the 'optimal' switching level of MSBs likely differs from that of householders. Our evidence suggests that there could be benefits from increased regulatory oversight of intermediaries' behaviour. Furthermore we note that existing data fail to address an issue of importance for regulatory decision making: the overlap between households and MSBs and the potential choice for MSBs between domestic and non-domestic contracts. Overall, the paper exemplifies the types of insights that can be obtained by regulators providing wider access to the surveys they commission. We recommend that UK regulatory agencies share anonymised raw survey data by default to enhance the transparency, and potentially quality, of their decision making.
Author: Ronan Bolton
Publisher: Springer Nature
ISBN: 3030900754
Category : Social Science
Languages : en
Pages : 367
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Book Description
Making Energy Markets charts the emergence and early evolution of electricity markets in western Europe, covering the decade from the late 1980s to the late 1990s. Liberalising electricity marked a radical deviation from the established paradigm of state-controlled electricity systems which had become established across Europe after the Second World War. By studying early liberalisation processes in Britain and the Nordic region, and analysing the role of the EEC, the book shows that the creation of electricity markets involved political decisions about the feasibility and desirability of introducing competition into electricity supply industries. Competition introduced risks, so in designing the process politicians needed to evaluate who the likely winners and losers might be and the degree to which competition would impact key national industries reliant on cross-subsidies from the electricity sector, in particular coal mining, nuclear power and energy intensive production. The book discusses how an understanding of the origins of electricity markets and their political character can inform contemporary debates about renewables and low carbon energy transitions.
Author: Glachant, Jean-Michel
Publisher: Edward Elgar Publishing
ISBN: 1788979958
Category : Business & Economics
Languages : en
Pages : 672
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Book Description
With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.
Author: Great Britain: Department for Business, Enterprise & Regulatory Reform
Publisher: The Stationery Office
ISBN: 9780101729628
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
The May 2007 White Paper "Meeting the energy challenge: a white paper on energy" (Cm. 7124, ISBN 9780101712422) set out the Government's international and domestic strategy to address the two main challenges: tackling climate change by reducing carbon dioxide emissions; and ensuring clean and affordable energy as the country becomes increasingly dependent on imported fuel. An online consultation on nuclear power and the role of the private sector: www.direct.gov.uk/nuclearpower2007 was produced at the same time. This White Paper sets out the Government's decision taken in response to the consultation. The Government believes it is in the public interest that new nuclear power stations should have a role to play in the country's future energy mix alongside other low-carbon sources; that energy companies should have the option of investing in them; and that the Government should take active steps to open up the way to the construction of new nuclear power stations. It will be for the energy companies to fund, develop and build the new stations, including meeting the full costs of decommissioning and their full share of waste management costs. Section 1 summarises the consultation process. Section 2 addresses the key issues that arose from the consultation and how they have been taken into account in shaping policy and reaching conclusions. Section 3 outlines the facilitative actions the Government will take to reduce the regulatory and planning risks associated with investing in new nuclear power stations. Finally there are three annexes: alternatives to nuclear power; justification and strategic siting assessment processes; regulatory and advisory structure for nuclear power.
Author: Despoina Mantzari
Publisher: Oxford University Press
ISBN: 019885160X
Category : Evidence (Law)
Languages : en
Pages : 273
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Book Description
Courts, Regulators, and the Scrutiny of Economic Evidence presents the first systematic examination of economic regulation and the crucial role of economic evidence in regulatory authorities and courts. This book brings together strands of scholarship from law, economics, and political science to explore two key themes: the influence of economic evidence on the discretionary assessments of economic regulators, and the limits of judicial review of economic evidence, supplemented with comparative examination of both UK and US systems. In light of the challenges posed by economic evidence, Mantzari argues the appropriate scope of judicial review in the era of regulatory economics, and what the optimal institutional response to the pervasiveness of economic evidence in regulation should be. Building on comparative institutional analysis, this book rejects single-factor explanations, such as the individual knowledge of judges, in favour of a richer set of macro and micro-level factors that shape the relationships between courts and regulators. Mantzari argues that the 'recipe' for adjudicating economic evidence requires a balance in which a degree of epistemic diversity is introduced in courts, and deference is accorded to regulatory agencies on grounds of institutional competency. The book combines theoretical, doctrinal, comparative, and empirical analysis and it is written to be accessible to lawyers, economists, judges, regulators, policymakers, and political scientists.
