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Business management - Essay Example

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Privatization became a reality in the 1990s. After privatization, generators and distributors of electricity have been operating in a wholesale market. There are six major producers in the electricity sector…
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Download file to see previous pages Without doubt, scholars have focused on understanding the structure of the electricity industry because it contributes significantly to the United Kingdom economy. This paper will describe the current structure of the electricity industry in the United Kingdom and highlight its contribution to the economy. In addition, the paper will discuss how sustainability affects the business plan of Centrica, one of the companies in this industry.
The United Kingdom Electricity Industry has undergone a rigorous transformation process after the privatization efforts of 1989. Privatization of the industry brought forth two types of changes. It led to the privatization of most of the companies in the industry, a factor that introduced a high level of competition. Prior to the privatization, many companies had operated in the public sector. After privatization, it was only logical for the industry to undergo complete restructuring. Some of the objectives that triggered the restructuring of the industry included the creation of a highly competitive electricity market in the United Kingdom. In addition, restructuring would serve to present the industry with financial independence, terminating the reliance on the government. Other supporters of the restructuring process highlighted that it would allow a wider share of ownership. Restructuring of the industry also enabled employees to be actively involved in the success of the different companies. Most importantly, the restructuring of the industry brought forth new realms of possibilities. For example, customer choice became a possibility, and the process separated the monopolies that had existed in the electricity business (Electricity Industry Profile: United Kingdom 2014, p. 29).
The privatization reforms in 1989 focused on changing ownership from state to private companies and transferring employees ...Download file to see next pagesRead More
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