Energy Generation Industry in the United Kingdom - Term Paper Example

Business Analysis Contents Contents 2 Introduction 4 Analysis of the structure of industry 5 of industry structure 5 Reasons for the structure 6 Possible future industry structure 7 Structure affecting 7 Share Price 8 Contribution of the sector to the economy 9 Innovation 9 Contribution to GDP 10 Creation of Jobs 11 Trades 12 Porter’s Five Forces 13 Global Advantage 14 Conclusion 16 References 18 Appendices 23 Appendix 1 23 Appendix 2 23 Appendix 3 24 Appendix 4 24 Appendix 5 24 Appendix 6 25 Introduction Energy generation industry in United Kingdom is very advanced and developed. It is one of the important countries who are famous for its energy generation. After liberalizing its energy market UK experiences a huge growth in its energy generation industry. The consumer of this industry chooses the type of energy they requires and purchase energy at a low price. Energy generation companies have to follow the rules of government in reducing carbon emission. Policies on energy in UK are formed based on its industry structure. Electricity sector plays a vital role in this industry. The energy industry of UK generates a huge amount of electricity which supports the growth and development of this country. For making this industry sustainable UK government has implemented many new laws and regulations which helps to protect the environment. These laws and regulations have a strong impact in changing the structure of energy industry. Companies in this industry mainly deal with oil, natural gas, fossil fuels and electricity. There is a tough competition in UK market among all the companies present in Energy industry. Different sectors are determined in this industry. It facilitates the government to implement and maintain laws according to those sectors. This process creates a positive impact on performance of different sectors in this industry. Three major divisions in the structure of energy generation industry help the companies to access different potential market where this industry can grow. There are several other reasons which play an important role in maintaining this industry structure. Production of renewable energy has a significant importance in this industry. Government of UK strongly supports this industry. Generation of renewable energy helps to maintain environmental sustainability. Various advanced technologies are used by the country for improving the system of energy generation. Earlier a huge amount of pollution was caused by energy generating companies which created a negative impact on country’s environment. But with the advancement of technology the energy producing companies developed them in generating a huge amount of energy by lowering pollution levels. The consumption rate of energy is increasing day by day which influences rise of energy production. The energy generation industry of UK experiences huge investments in its different sectors. This industry has a strong impact on economic development of this country. Export and import business of energy contributes a lot of money in the economy. The theory of demand and supply is strongly associated with the growth and development of energy generation industry. Analysis of the structure of industry Description of industry structure Energy industry in UK is divided into three major parts. These parts are generator, supplier and distributers. The companies in UK who are responsible for generating different types of energy are known as generators. The energy is used in home, business and different other works. Long back the major generators of UK produced energy by burning huge amount of coal. But in the present time has declined the usage of coal for saving environment. Various alternative methods are innovated and implemented by these companies for producing energy (BIS, 2012). The companies who sell and supply different types of energy and gases are known as suppliers in this industry. In the energy industry of UK suppliers plays a vital role for enhancing the growth of this industry. Distributers are the companies who distribute energy to different places in within UK through cables or pipes. These companies work in a contract basis with energy suppliers. With the help of distributor, energy reaches to final consumer. This process is stated in appendix 1.Production of different types of energy rapidly increased between 1980 and 2000 (Rotaru, Vasilica, no date). Huge demand for energy in this market contributes a lot in improving the structure of energy industry. Many private companies are coming into this business which results in changing the industry structure. Reasons for the structure The country follows this type of structure in energy industry because it helps to make clear division of companies who are dealing with energy production, supply and distribution. The companies involved in this industry can develop and grow its business properly in this structure. Major division in this structure influences the company to innovative many strategies for generating different times of energy. Competitive market is developed by this structure. Energy transmission and distribution structure involves in transportation of bulk energy to different places on the country effectively (NPower, no date). UK has a huge demand of energy. This industry structure helps to analyze demands for energy in different regions of the country. According to this analysis the companies generate and distribute various types of energy. The country liberated its energy market in 1980’s. It influenced many private companies to join this industry and generate and sell energy at a low cost. This structure helps to satisfy demands of the customers and increase competition. Liberalization influenced change of energy price in UK which is beneficial for the country (Butler, 2001). The structure of energy industry of UK contributes a lot in increasing productivity and employment. Export and import of energy highly depend on the industry structure of UK. The structure of this industry is designed in such a systemic process that it contributes a lot in improving business of import and export of energy. By follow this structure energy industry of UK gets potential suppliers and who supplier’s energy effectively at a low cost. The industry structure provides different benefits of privatization (Mitchell, Marcel and Mitchell, 2012). Private companies in the industry involves in reducing many costs of energy production. Energy industry of UK plays a major role in developing the economic condition of the country. The structure of energy generation industry in this country influences the growth of company which has a strong relation with its economic development (Vallack, 2011). Possible future industry structure In the future income of UK people will raise more which will result in increase of energy demand. Will it change the pattern of demand? Energy generation industry of UK will be strongly affected by this. The companies will need to change its business practices. The structure of this industry will become more focused on maintaining and developing environmental sustainability. The government of UK will implement strict process and standard for improving energy generation process (OECD. 2003). It will result in implementing different new rules and policies in this industry. Significant changes can take place in the major divisions of energy generation industry. The companies will more focus on new methods of energy generations like bio energy, wind energy, solar and nuclear energy etc. By generating energy from these sources will help to reduce pollution. Privatization in energy market has increased competition which is expected to grow more in future. This competition will help to improve the industry structure by innovating significant changes in different process (Department of Energy and climate change, 2013). Structure affecting On the basis of energy generation industry structure strategies are formed by companies and government of UK. The structure of energy generation industry includes some specific divisions. Companies involved in this industry develop its energy generation process maintaining rules and regulation of this structure. UK focuses on the policy of producing energy by causing less pollution (Horrocks and Lean, 2011). Therefore the energy generating companies implements various strategies in causing less pollution while generating energy. The companies implement strategies for innovating and developing new technologies which contributes a lot in making its energy generation process more refined and effective. Energy is produces from non renewable resources. But maximum uses of these resources hamper environmental balances (Oettinger, 2011). So energy generation industry implemented various strategies which influence the companies to generate energy from alternative sources. Those strategies also compel the industry to make less use of non renewable resources. For handling suppliers of energy generation the companies make different strategic alliances for getting continuous supply of materials. Energy generated by this industry is distributed to final consumers through various distributors (Simmonds, 2002). These distributers implements strategies of making contacts with different suppliers and energy producing company for distributing the energy. Privatization in this market has increased the competition. So this industry is focusing on different strategies of generating energy at a low cost. UK is facing a strong demand in its energy market (Strachan, Pye and Kannan, 2009). The energy generating companies develop strategies which support production process. For competitive market energy generating companies sell its produces energy at a low cost for gaining more customers. This type of pricing strategies helps the company to earn more profit and makes them market leaders (Mitchell and Connor, 2004) Share Price Share Price of different companies in this industry helps to understand the industry and performance of firms within that industry. The share price of British Petroleum is 454.20 pound. It is one of the leading companies of UK in energy industry sector. Alkane Energy share price is 24 pound. This company’s share price faces huge up and downs. Therefore it can be derives that the price of its share is volatile. Suzlon’s Energy Ltd share price is 19.10 pound. This company also faces huge fluctuation in its share price. These are some energy generating companies which operated its business in UK market (Devine-Wright, 2005). Contribution of the sector to the economy Innovation The three elements involved in supplying energy to UK homes are producing electricity, transporting electricity and gas, and selling it to final customers. In UK market gas and electricity can be stated as privatized sectors. Transmission and distribution network of this industry needs to be strong in order to address growing market demand (Dresner and Ekins, 2004). It can be stated that maximum percentage investment is being done in research and development in order to enable less environment implications through energy generation. Innovation and investment in this particular sector has increased over the years. Since 2004 this industry has witnessed tremendous growth and initiated lump sum investment. Innovative measures have been incorporated so as to facilitate efficient mechanism of production and consumption of energy (Hunt, Judge and Ninomiya, 2003). 40% of the total investment is in the fields of gas and oil extraction, 4% is in gas sector, 44% is in electricity sector, and the rest 2% is in coke and coal extraction (Jackson, 2006). Investment in energy related industries has been further elaborated in Appendix 3. Production quantity has recently increased in UK economy due to increased rate of consumption. R&D investment is constantly employed in the industry mainly with increasing concern towards environment (Carbon Trust, 2006). The energy generation industry contributes towards economy, revenue, knowledge base and innovation. In the current scenario UK’s energy generation industry has brought forth wide range of innovative approaches. This has enabled rapid production of energy and quick energy distribution (Department of Energy and Climate Change, 2014). New techniques are being implemented so as to initiate carbon free energy generation across the country. The economic theory which can be well aligned with the present state of energy generation industry is supply and demand economic theory (Jackson, 2008). As per this theory supply can be well coordinate with market demand. Once supply balances with demand it can be regarded as the stage of market equilibrium. Energy generation industry belongs to the equilibrium stage since supply matches with overall demand. Contribution to GDP There is significant contribution of energy generation industry towards UK economy. GDP forms an essential component in economic structure. The growth of GDP rate indicates a stable economic scenario of a country. Contribution towards UK economy was majorly witnessed in 1982. During this year, industry’s contribution towards UK’s GDP rate was 10.4% (Chambers and Chandra, 2006). However a significant fall in such contribution percentage was observed during 1986. Within the UK economy, gas and oil extraction can be regarded as the main energy contributor. Its value was largely dependent on price of gas and oil and production. This in turn was followed by the growing energy generation industry. The energy industry of UK in 2012 had constituted a total percentage of 3.5% of the overall GDP of the country (Jovanović, 2011). There was 0.2% reduction in GDP contribution in comparison to data of the previous year. The total energy industry had various shares such as electricity sector holding 27% and gas and oil extraction sector constituting 46%. Gross domestic product (GDP) can be defined as the overall economic activities which is taking place in a specific country. UK’s economy encompasses wide array of operations and amongst them energy generation industry is a profitable segment. Appendix 5 highlights the GDP growth in UK economy (Common and Stagl, 2005). As per the figures there is a positive GDP growth in UK economy. Positive GDP rate basically indicates positive economic growth in the country. The energy generation industry contributes positively towards national income of UK and in turn enhances GDP rate. In comparison to other industries, energy generation industry has contributed magnificently towards UK’s economic scenario. Creation of Jobs Employment plays a vital role in context of enhancing economic stability within a country. Economy to a great extent is dependent on the rate of employment. This is simply because stable income level of individuals ensures high demand in the market place. In mid 1990s and 1980s employment rate had drastically fallen in energy supply and production industries. The main reason behind this was closure of wide range of coal mines. On the other hand, employment percentage declined at a slow rate during mid 2000s and 1995 (Department for Communities and Local Government, 2006). However energy generation industry in recent years has witnessed tremendous growth. The electricity sector growth have facilitated employment rate as shown in Appendix 4. 2005 can be regarded as the major turning point for this industry. Electricity sector since this particular year has witnessed significant growth. Energy industries accounted for 63% of employment as per 2012 statistics (Vickers and Rees, 2007). This was far more than the average percentage in 2005. Employment rate in this industry has witnessed a growth with rapid growth of the sector (Shove, 2004). UK economy has been able to reach a stable position due to increasing rate of employment. Energy generation industry not only addresses increasing market demand but even creates employment opportunities for large number of individuals (Wilkinson and Goodacre, 2002). Human resource is abundant in this industry and there is further scope for employment opportunities in future years. Trades Energy consumption rate in the current scenario has increased rapidly and it has contributed towards UK’s stable economic situation. Trade is another important element of an economy which signifies overall balance within an economy. The economy is largely dependent on imports and exports of products or services (Defra, 2006). This is because it influences the degree of employment, balance of payments and economic growth. There is an important term in economics known as balance of payment. This refers to economic transactions measure between world states and UK residents. UK was basically considered to be the net importer of overall energy being generated (Department of Trade and Industry, 2014). The country was a major energy importer during 1970s. In 1981, this country was regarded as the net exporter of energy. UK had its gas and oil production taking place in North Sea (Druckman, Sinclair and Jackson, 2008). However there was a major turmoil in output level noticed in late 1980s due to Piper Alpha disaster. After this incident took place, UK was able to regain its position during mid 1990s (DTI, 2006). In 1999 production at North Sea reached a high degree and in 2004 the country was classified as an energy importer. The country is still regarded as the net exporter of various oil products. On the other hand, the country is also considered to be a net importer of oil in terms of crude oil (DTI, 2005). As per 2012 statistics, UK imported total of 43% of energy which it currently utilizes. This import percentage has significantly increased in comparison to previous years due to high maintenance activity which has restricted the output level of gas and oil. Appendix 6 clearly describes the import dependency of the country for a specific time interval. Critical appraisal of sustainability targets on business plan of chosen organization Porter’s Five Forces The five force model of Porter is an important tool in analyzing the industry. The energy generation industry of UK is also analyzed by this model. This five force model focused on different factors which affects the growth and development of this industry (Barney, 2007). Threat of new entrance: The energy generating industry of UK faces a huge demand for energy. UK market has a large number of customers which influences many new companies to join this industry. Therefore the threat of new entrance is very high. But in this industry segment many big players are present who are into this business for a long time. They have made a strong customers base in UK. The new companies have to confront with them for establishing its business (De Wit, and Meyer, 2010). High demand of energy generation gives an advantage top these companies in acquiring customers within a short time. Bargaining power of suppliers: Suppliers of this industry have a high bargaining power. There are very few suppliers present in UK market for energy generating industry. There is strong competition among the suppliers in UK market. The energy generating companies have to depend highly on those few suppliers. This gives the supplier the power to quote high price (Magretta, 2013). Bargaining power of the buyers: the buyers of energy generation industry have a low bargaining power. There is a high demand of energy in UK market. Therefore many buyers are present in this market. Moreover energy is a necessary thing for the buyers. It is required in their daily lives. So they can’t bargain more on the price of energy. The buyers pay the price which is determined by energy generating company (Porter, 2013). Threat of substitute product: Energy generation industry produces different types of products which are close substitute of each other. Therefore threat of substitute product in this industry is very high. Energy generation is associated with increasing pollution. Earlier the companies involved in this industry caused a high pollution in environment for producing energy. But in the modern world people has become very conscious about environment. So the process of energy generation has been changed and much alternative energy has been innovated for reducing pollution (Kannan and Strachan, 2009). For example as a substitute of coal or petroleum energy derived from different gas or electricity is used. The country is now focusing more on substitute renewable energy for reducing environmental damages. Existing rivalry among the competitors: The industry of energy generation of UK experiences a strong competition among different companies involved in this business. Liberalization of energy industry attracted many private companies to join this industry. This influenced to increase competition. The country has a high demand for energy. So many companies started this business of energy generation for satisfying the rising of people and to earn huge profit. Presence of many companies in this industry reduced the price of energy (Grubb, Butler and Twomey, 2006). Therefore companies also compete with each other for offering low price. Globalization also influences many companies to expand their business of energy generation in UK which results in increasing competition. Global Advantage The energy generation industry encompasses different dimensions and it has witnessed significant growth over the years. Industrial growth has also contributed towards economic stability through rise in national incomes. It is essential to identify whether an industry possesses global advantage or not. This is because it reflects future growth of an industry by analyzing well its supply and demand curves. It should be firstly judged whether UK market can be considered as one of the global markets. Global advantage is not only associated with future growth and success but it even signifies overall GDP growth of a country in next few years. On basis of figures and statistics it can be denoted that UK falls amongst the top 10 importers and exporters of energy. There is a large consumption of energy in this country and it has led to acquiring materials from external sources (Defra, 2005). Hence UK can be classified as the strongest players in global market in context of energy production and consumption. Competition is not intense for the country since innovative mechanisms are implemented so as to generate required quantities of energy and then transmit them to required locations. UK invests greatly in R&D measures and this forms one of the essential competitive advantages of the country. There are new techniques evolving in UK which is enabling rapid supply of energy and adoption of appropriate transmission networks. These networks are essential to generate energy and then transmitting it homes, businesses, etc. It is positive factor for the country due to its position in less competitive market (Shorrock and Utley, 2003). Other industries comparatively offer tough competition for the country. The energy generation industry has grown in certain percentage over the past few years. This has resulted into creating employment opportunities for individuals and contributing towards national income of the country. Extraordinary measures are adopted by the country so as to sustain industry’s position in overall global scenario. The increased GDP growth in UK market signifies that energy generation industry possesses a wider scope in global markets. There is an alarming issue surrounding this industry. It has been outlined through statistics that cost of energy generation and its total maintenance is relatively high. Many countries do not invest much in such processes since output generally varies. To certain extent energy generation industry is provided with certain percentage of investment and this might prove to be a disadvantage in global market place. The country can effectively compete in global scenario when it is able to invest lump sum amount in profitable industrial segments. UK over the years has been adopting innovative measures in this field and it has supported the country in terms of becoming carbon free energy generator. With the effective utilization of wide range of techniques the country has been able to eradicate environmental concern to a great extent in terms of rising rate of pollution or depletion of natural resources. Some of the popular companies in this industry are National Grid Plc., UK Power Networks, Telecom Plus, Infralec, Aquamarine Power, etc. These firms have been able to generate supply as per demand in the market. Their operations have generated a positive impact on global economy in context of wide base of knowledge, innovation and R&D investment. Conclusion As per this study, energy generation industry is a profitable segment in UK. There are wide array of contributing elements associated with this industry. GDP growth of the country is facilitated through this industry. The energy generation industry of UK contributes approximately 3.5% of the total GDP. This industry is often stated as the central component which has stabilized UK’s economic conditions. Over the years, gross domestic product margin has been enhanced through effective contribution of the industry. This element represents all forms of activities taking place in an industry. There are many companies who are a part of energy generation industry. These companies are inclined toward providing different forms of energy which are needed for daily usage. In overall context competition is high in energy generation industry of UK. Energy consumption rate is quite equivalent to rate of energy production. The economic theory on supply and demand can be applied on current scenario of energy generation. Increasing demand in this particular industry is initiating supply of energy. Energy companies in UK market are large in number but the number of suppliers is decreasing every year. This is because maintenance or acquisition cost of energy resources required for production is considerably high. Porter’s five forces model outlines that bargaining power of suppliers is high. This means less number of suppliers is present in comparison to energy companies. Energy industry is considered to be most profitable and rapidly growing segment. This growth within energy generation industry has development employment opportunities. Individuals in UK can explore chances of being a part of wide energy generation industry. Employment growth due to this industry has increased income level per household. This in turn has contributed towards overall GDP growth. Trade is another component which has been highlighted in this particular study. This component is all about striking a balance between exports and imports. Balance of payment is all about regulating funds within an economy. These funds portray economic scenario of a country and predicts industry’s contributions towards the economy. R&D investment has increased towards the industry since new technology supports an industry to remain competitive in global market place. 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