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Microeconomics: Future generation of electricity in the UK may come partly from nuclear power, partly from hydro-carbons (gas an - Essay Example

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Microeconomics: Future Generation of Electricity in the UK may come partly from Nuclear Power, Hydro-Carbons, and Renewable Resources Student ID Number & Code Date Total Number of Words: 1,758 Introduction UK has been very much dependent over the use of a wide-range of energy resources which includes nuclear power, hydro-carbons such as gas and coal, and renewable energy resources such as the solar, wind, hydro and geothermal power (Wuthering-Heights, 2012; BBC News, 2006)…
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Microeconomics: Future generation of electricity in the UK may come partly from nuclear power, partly from hydro-carbons (gas an
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Microeconomics: Future generation of electricity in the UK may come partly from nuclear power, partly from hydro-carbons (gas an

Download file to see previous pages... As part of going through the main discussion, this report will discuss UK’s energy industry in relation to the use of stackelberg, cournot, and collusive equilibrium. Market Structure of UK’s Energy Industry In UK, there are only six (6) major gas and electricity sources that supply electricity within the domestic market (i.e. Centrica, the E.on, EDF Energy, RWE nuclear power, Scottish Power, and Scottish and Southern Energy) (Department of Energy & Climate Change, 2011). Specifically the economic term “oligopoly” means that the industry is being dominated by a relatively few number of sellers. In most cases, the sellers within an oligopolistic market are composed of only four (4) major players that dominate the entire industry (Hirschey, 2000, p. 451). The capital requirement of establishing a company that produces either renewable or non-renewable energy resources is very high (BBC News, 2012). Since the barriers-to-entry is significantly high (Hirschey, 2000, p. 451), very few influential people can establish companies that sell either renewable or non-renewable energy resources. ...
445; Negbennebor, 2001, p. 291). Electricity as Public Goods Supply of electricity is one form of public goods because modern societies consider electricity as a necessity. Except for the free-riders, the supply of electricity is considered as non-rival and excludable goods primarily due to the fact that people in different areas can get access to electricity and that people who could not afford to pay the price of electricity will have to be excluded from the use of electricity (Free, 2010, p. 267; Cohen, 2001, p. 70). Intertemporal choice examines the trade-off costs and real value out of investing in both non-renewable and renewable energy resources. When conducting an intertemporal choice, the firms should carefully study the long-term socio-economic benefits that the firm can get out of investing in renewable energy resources. For instance, if the market price of gas is constantly increasing and will remain unstable, which among the available renewable energy resources (i.e. solar, wind, hydro and geothermal power) could provide the firm with the best return on investment (ROI)? According to Smith and Taylor (2008, p. 50), “externality is the term used to describe the cost or benefit that is not calculated into costs or profits of production”. Therefore, negative externality includes the cost of not investing in renewable energy resources. A good example of negative externality is air pollution and acid rain caused by burning coal in a power plant. Positive externalities of renewable energy resources includes lesser air carbon emissions (Thomas et al., 2006, p. 73). Other than environmental characteristics and policy, the choice of uncertainty is highly dependent on the future costs and benefits associated with ...Download file to see next pagesRead More
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