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Tuesday, 6 January 2015

analyse the UK’s energy market Essay

 Group is required to analyse the UK’s energy market (specifically the suppliers of electricity and gas) and should answer the questions below. Each question states the mark allocation, indicating the importance of each question. NOTE: 5% of marks are for completion of the GROUP reflective statement. 
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1. You should do a 100 word introduction to your project. (2% of marks)
2. Outline the trend in sales by the major companies who supply energy in the UK over the last 5 to10 years, and analyse the structure of the UK energy supply sector. To do this, you should;
·         Identify the main companies involved and their market shares.
·         Explain what type of market structure exists, with supporting evidence.
·         Explain, using economic diagrams, how price and output is determined by a typical firm (ie: one energy supply company) which is operating in the market. (Note that your market will be imperfect competition, not perfect competition. Thus, you cannot use supply and demand diagrams in this question). (25% of marks).
-Sloman J & Jones E, Essential Economics for Business, (formally Economics and the Business Environment)
-Begg D & Ward D, Economics for Business -Ferguson K, Essentials of Economics
-Cole R, Tips on How to Compare Market Structures Economics Today, January 2014 (this can be found in the 2nd floor office in the library)
-Ornaghi C, The Energy Market. Is it Competitive?, Economic Review, April 2014 (this can be found in the 2nd floor office in the library)