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This book provides insights into the reasons for dramatic increases in UK gas prices since 2003, contending that replacement of administered arrangements by market relationships and competition have made UK gas prices far more sensitive to insecurities of supply, both small-scale and large-scale, leading to the formation of an industry ownership structure.

Fuel Prices

Great Britain: Parliament: House of Commons: Trade and Industry Committee

Published: 2005-06

Total Pages: 574


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The Committee's report examines the recent price increases in gas supply and the resulting rises in electricity prices (as about 40 per cent of electricity generation in England and Wales is gas-fired), focusing on the effects of the price increases on all types of energy customers. The report seeks to assess whether the rises are a temporary response to short-term supply problems or the start of a long-term increase in UK energy prices, and to consider possible responses by Ofgem, the regulator of the gas and electricity markets, and the DTI to the problem. Topics discussed include: Ofgem's report into wholesale gas prices and reactions to it; the decline in production from the UK Continental Shelf (UKCS); gas storage and supply issues; the behaviour and transparency of the gas market and regulation issues; oil indexation in gas contracts; competition within European markets; vertical integration; the electricity market; new infrastructure projects; and the future of gas prices.
A report from the 'Business and Enterprise Committee' that inquires into the effect of the 'Big 6' energy companies - which include Npower, Centrica, EDF Energy, Scottish Power, and Scottish and Southern Energy - all raising their prices between January and April 2008. It aims to feed into a separate inquiry being carried out by Ofgem.
Security of gas Supply : First report of session 2005-06, Vol. 2: Written Evidence
The Government must start thinking strategically about energy security to protect the UK's energy supply against short-term shocks and rising global energy prices, according to a report by MPs on the Energy and Climate Change Committee. Gas storage capacity needs to be increased in the UK to minimise the potential damage from supply interruptions or price spikes, the report argues. It reveals that the UK's current storage capacity amounts to only 14 days worth of gas supply - a dangerously low level compared with France which has 87 days worth of gas storage, Germany 69 and Italy 59. 19 gigawatts (GW) of ageing electricity plant will close by 2018 and the UK will become increasingly reliant on energy imports as North Sea oil and gas reserves decline. The report concludes that new electricity generation currently being built or planned will fill this "gap". But it urges the Government to ensure security of supply by delivering on its energy efficiency targets, rolling out smart meters - that can balance demand - and maintaining a diverse energy mix.
Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.
An in-depth report on the potential risks and rewards of hydraulic fracturing for shale gas detailing the latest reports, studies, facts and figures from around the world. Objective and non-partisan analysis of the arguments from all sides means readers can make up their own minds about the potential risks and purported rewards of the shale gas industry.Simple and concise Fracking: Risks & Rewards cuts through the legal, scientific, political and economic jargon to provide a comprehensive guide to the entire fracking controversy.
The Environmental Audit Committee believes the Government's £250 million compensation scheme to help energy intensive companies with the cost of carbon must be tightened up to avoid over-compensating large companies already profiting from the over allocation of EU Emissions Trading System allowances. The Committee scrutinised the Government's proposal for a compensation scheme to help offset some of the future electricity price rises that energy intensive industries will face as a result of the EU Emissions Trading System and the Government's Carbon Price Floor. Across Europe a large surplus of emission allowances in the EU Emissions Trading System worth 4.1 billion Euros had been accrued by large industrial companies as a result of pre-recession overly optimistic forecasts of growth and fierce lobbying by heavy industry. Sales of these allowances had already raised 1.8 billion Euros for these companies. In the UK, the Government's proposed rules do not take the value of these excess allowances into account when calculating compensation. The Committee also calls for an energy intensive industries strategy, as part of a wider UK manufacturing strategy, to set out a path for their maximum feasible decarbonisation and help guide and support companies to reduce their dependence on fossil fuels. Such a strategy should identify by how much these industries can feasibly decarbonise and improve their energy efficiency and how the Government will help to ensure that this is achieved, including through energy consumption reduction measures and incentives, and support for innovation, technological research, development and investment.