
Gas Prices in the UK
Markets and Insecurity of Supply
Philip Wright(Author)
Oxford University Press
Published on 9. March 2006
Book
Hardback
190 pages
978-0-19-929965-2 (ISBN)
Description
Set in the context of the dramatic increases in the price of gas which UK gas consumers have had to endure since 2003, this book explores how it is that UK gas industry liberalisation, which once promised ever lower prices, is now being undercut by the much less liberal continental European marketplace. To do so it uses a wealth of data to build up an analytical picture of the UK gas industry, segment by segment, from well-head to burner-tip. In so doing the respective roles played in gas price formation by the wholesale cost of gas, its transportation costs and the cost of supply by marketing companies are revealed for both industrial and domestic consumers. The central contention is that the 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 strategic. In consequence, companies operating along the gas chain have had to take up defensive positions to manage these new risks, relying particularly on either upstream production or captive domestic consumers to shield them. Nor is it the case that more competition, with more switching by consumers, can provide a remedy. Instead, the UK government will have to consider re-introducing price control regulation for domestic consumers while also requiring upstream companies to protect consumers from volatility by holding more gas in storage. As well as providing new insights into causes of relatively high gas prices in the UK, the book also provides a long-overdue source of reference about the UK gas industry: about its infrastructure, companies, marketplaces, contracts and regulation.
More details
Language
English
Place of publication
Oxford
United Kingdom
Target group
College/higher education
Professional and scholarly
Product notice
sewn/stitched
Cloth over boards
Illustrations
Numerous tables and line drawings in colour
Dimensions
Height: 274 mm
Width: 229 mm
Thickness: 23 mm
Weight
1247 gr
ISBN-13
978-0-19-929965-2 (9780199299652)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Person
Philip Wright is Professor of Energy Policy and Economics at the University of Sheffield and a Fellow of UK's Institute of Energy. Over more than two decades his research, publications, consultancy and teaching have covered all the energy industries and the companies which operate in them. As well as contributing a critical perspective on the liberalisation of gas and electricity industries, his recent work has also addressed the UK's oil and gas fiscal regime. His views and expertise have been sought by government organisations, international organisations, companies, trade unions and universities in Europe and Latin America.
Content
Introduction ; 1. Demand, Supply and Liberalisation ; 2. The Ownership of the UK Gas Chain ; 3. Marketplaces and Contracts ; 4. Wholesale Prices ; 5. Regulated Costs: Transmission and Distribution ; 6. Final Prices ; 7. Conclusions and Policy Perspectives