Majour issues raised in the background to the energy industry

Miles Drakeford
Mind Map by Miles Drakeford, updated more than 1 year ago
Miles Drakeford
Created by Miles Drakeford almost 5 years ago


UK energy market spider diagram

Resource summary

Majour issues raised in the background to the energy industry
1 Value for money
1.1 Dealing with information failure
1.1.1 Reduce the number of tarrifs Just four
1.1.2 Compulsory to tell customers If theres a cheaper tarif Likely bill over 12 months
1.2 Ease of switching suppliers
1.2.1 normally takes a months
1.2.2 Ofgem wants one day
1.3 Enforcement action
1.3.1 Fines levied Paid to customers facing fuel poverty
1.4 Transparency
1.4.1 Costs, prices and profits
1.4.2 Helps new smaller firms
1.5 Price control
1.5.1 Told acceptable prices by Ofgem
2 Security of supply
2.1 Ofgem
2.1.1 Can't compel them to extra capacity Because it'd lie idle for too long
2.2 EU regulations
2.2.1 Closing down older powerstations Before the end of their life
2.2.2 Reducing capacity
3 Sustainability
3.1 Reducing demand
3.2 Switching away from fossil fules
3.3 Introducing smart meters
3.3.1 Exact record
3.3.2 "minute by minute record"
3.4 Ofgem competition
3.4.1 £50 million prize
3.4.2 For ways to reduce demand
3.4.3 Or develop environmentally friendly methods
4 Implementing government regulations
4.1 Reducing emmisions
4.1.1 1990-2050 80% reduction
4.2 Renewables obligation
4.2.1 growing proportion of electricity from renewable sources
4.3 Feed in tariff system
4.3.1 Buy electricity from small scale producers
4.4 Energy Companies Obligation
4.4.1 Reduce domestic consumption
4.5 Warm House Discount Scheme
4.5.1 Give discounts of £300 million
5 Ofgem assessment
5.1 How affective is it?
5.1.1 CMA shows weaknesses "Ofgem may have unwittingly contributed to the problem of weak competition and high prices"
5.2 Profits of the bug six have increased
6.1 Competition and Market Authority
6.1.1 Responsible for protecting customer rights
6.1.2 Increase contestability
6.1.3 Outline the possible reasons of harm Vertical intergration Big six produce as well as supply Dominance of the big six Tacit collusion Unwillingness of customers to switch Weak incentives
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