the privatisation of the uk electricity industry
Since the privatisation of the British electricity industry in the early 1990’s the power industry has gone through major structural changes. As with most privatisation of former public companies, (such as the privatisation of British Telecom and British Gas), the government wished to see increased efficiency in the production of electricity. By privatising, the government hoped that the incentive of higher profits would act as a reward for efficiency, meaning that more effort would be made in research and development of new techniques so as to make production more efficient. In order to pass savings onto the consumer, the electricity companies would have to work under certain restrictions imposed by the government and the electricity regulator, (OfGen), which were designed to prevent private monopolies exploiting the consumer. The aim of this project is to investigate to what extent the industry has changed since these changes were implemented and how the price of electricity to consumers has been affected by these changes. The privatisation of this industry has seen four main stages: Firstly, British Electricity, a government run industry which was effectively a public monopoly ran from the 1960’s
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Some common words found in the essay are:
DIFFERENCE£ EASTERN, P* P1, Q1 Q2, British Electricity, Monopolies Monopolists, ANNUAL BILL, Perfect Competition, Economic Concepts, National Power, Oligopolies Oligopolists, price electricity, electricity industry, electricity companies, regional electricity, electricity market, maximum price, barriers entry, stage privatisation, fall price, market –, price electricity consumers, price elasticity demand, regional electricity companies, perfectly competitive market, firms entering market,
Approximate Word count = 4585
Approximate Pages = 18 (250 words per page double spaced)
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