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Trade Your Way
BUSINESS WITH PERSONALITY CAM’S LEGACY NOTHING TO WINE ABOUT THE GOOD, THE BAD THE SOMMELIER’S GUIDE TO AND THE EU THE BEST VINO-TECH P23 REFERENDUM P19 WEDNESDAY 18 SEPTEMBER 2019 ISSUE 3,459 CITYAM.COM FREE French bank chief: EU to NOW WEWORK’S grow closer HARRY ROBERTSON @henrygrobertson THE Bank of France governor suggested yesterday that the European Union will move towards closer integration in FLOATJAMES WARRINGTON PUT ON ICE reports that the New York-based com- vealed in a filing last month, despite ongoing commitment,” the company the wake of Brexit. AND SEB MCCARTHY pany was considering dramatically its revenue climbing to $1.54bn. said in a statement. Francois Villeroy de Galhau, slashing the valuation it will seek “The We Company is looking for- Neil Wilson, chief market analyst at who is also a European @j_a_warrington and @sebmccarthy when it sells shares on the stock ward to our upcoming [initial public Markets.com, said: “Wework is said to Central Bank (ECB) board WEWORK has pushed back plans for market. offering], which we expect to be com- be delaying its planned IPO. Investors member, told business its highly-anticipated initial public of- We Company is reportedly looking pleted by the end of the year. We want have given it the cold shoulder. It’s delegates in London that the fering (IPO) amid cooling investor ap- at a valuation of just over $20bn to thank all of our employees, mem- been something of a lemon so far bloc’s collective response to petite. (£16.12bn), less than half the bers and partners for their with valuations drastically cut.” Britain’s departure might FRIDAY 6 SEPTEMBER 2019 SSURE GROWS S TO THE BIG SS ISSUE 3,451 P3, P16 GOING OUT P Following a number of setbacks over $47bn price tag it received in CITYAM.COM He added: “It’s amazing how the become a further shift its ambitions to go public, the fast-ris- private fundraising in January. -
ENERGY PRICES Briefing
SPICe ENERGY PRICES briefing SCHERIE NICOL AND GRAEME COOK 5 December 2008 Energy prices have risen between 10% and 50% over the last year with 08/70 Consumer Focus estimating the current average annual domestic energy bill to be over £1,300. With the percentage of households in fuel poverty having increased from 13% to 25% over the last 5 years and fuel prices predicted to continue to rise, energy prices have been a subject of recent interest. This briefing provides an overview of recent trends in energy prices and highlights the key factors influencing the general price of energy and the price of oil, domestic gas and electricity. It then considers the key impacts that changing energy prices have on consumers, producers and the environment before summarising the key policy levers available to the EU, the UK and Scottish Governments. Scottish Parliament Information Centre (SPICe) Briefings are compiled for the benefit of the Members of the Parliament and their personal staff. Authors are available to discuss the contents of these papers with MSPs and their staff who should contact Scherie Nicol on extension 85380 or email [email protected]. Members of the public or external organisations may comment on this briefing by emailing us at [email protected]. However, researchers are unable to enter into personal discussion in relation to SPICe Briefing Papers. If you have any general questions about the work of the Parliament you can email the Parliament’s Public Information Service at [email protected]. Every effort is made to ensure that the information contained in SPICe briefings is correct at the time of publication. -
Residential Demand Response in the Power System
RESIDENTIAL DEMAND RESPONSE IN THE POWER SYSTEM A thesis submitted to CARDIFF UNIVERSITY for the degree of DOCTOR OF PHILOSOPHY 2015 Silviu Nistor School of Engineering I Declaration This work has not been submitted in substance for any other degree or award at this or any other university or place of learning, nor is being submitted concurrently in candidature for any degree or other award. Signed ………………………………………… (candidate) Date ………………………… This thesis is being submitted in partial fulfillment of the requirements for the degree of …………………………(insert MCh, MD, MPhil, PhD etc, as appropriate) Signed ………………………………………… (candidate) Date ………………………… This thesis is the result of my own independent work/investigation, except where otherwise stated. Other sources are acknowledged by explicit references. The views expressed are my own. Signed ………………………………………… (candidate) Date ………………………… I hereby give consent for my thesis, if accepted, to be available for photocopying and for inter- library loan, and for the title and summary to be made available to outside organisations. Signed ………………………………………… (candidate) Date ………………………… II Abstract Demand response (DR) is able to contribute to the secure and efficient operation of power systems. The implications of adopting the residential DR through smart appliances (SAs) were investigated from the perspective of three actors: customer, distribution network operator, and transmission system operator. The types of SAs considered in the investigation are: washing machines, dish washers and tumble dryers. A mathematical model was developed to describe the operation of SAs including load management features: start delay and cycle interruption. The optimal scheduling of SAs considering user behaviour and multiple-rates electricity tariffs was investigated using the optimisation software CPLEX. -
Greenwashing Vs. Renewable Energy Generation
Greenwashing Vs. Renewable energy generation: which energy companies are making a real difference? Tackling the climate crisis requires that we reduce the UK’s carbon footprint. As individuals an important way we can do this is to reduce our energy use. This reduces our carbon footprints. We can also make sure: • All the electricity we use is generated renewably in the UK. • The energy company we give our money to only deals in renewable electricity. • That the company we are with actively supports the development of new additional renewable generation in the UK. 37% of UK electricity now comes from renewable energy, with onshore and offshore wind generation rising by 7% and 20% respectively since 2018. However, we don’t just need to decarbonise 100% of our electricity. If we use electricity for heating and transport, we will need to generate much more electricity – and the less we use, the less we will need to generate. REGOs/GoOs – used to greenwash. This is how it works: • If an energy generator (say a wind or solar farm) generates one megawatt hour of electricity they get a REGO (Renewable Energy Guarantee of Origin). • REGOs are mostly sold separately to the actual energy generated and are extremely cheap – about £1.50 for a typical household’s annual energy use. • This means an energy company can buy a megawatt of non-renewable energy, buy a REGO for one megawatt of renewable energy (which was actually bought by some other company), and then claim their supply is renewable even though they have not supported renewable generation in any way. -
Consumer Experiences of Time of Use Tariffs Report Prepared for Consumer Focus
Consumer Experiences Of Time of Use Tariffs Report prepared for Consumer Focus Contents Executive Summary ........................................................................ i Introduction .................................................................................... 1 Background ................................................................................................ 1 Time of Use Tariffs ..................................................................................... 1 Research objectives ................................................................................... 2 Methodology............................................................................................... 4 Consumer profile ........................................................................... 7 Type of ToU tariff ....................................................................................... 7 Type of home heating ................................................................................ 8 Home tenure and housing type .................................................................. 9 Social grade ............................................................................................. 10 Household income and sources of income .............................................. 11 Age profile ................................................................................................ 13 Regional distribution ................................................................................. 14 Payment method for electricity -
Energy Prices and Bills - Impacts of Meeting Carbon Budgets | Committee on Climate Change
Acknowledgements The Committee would like to thank: The team that prepared the analysis for this report: Matthew Bell, Adrian Gault, Taro Hallworth, Mike Hemsley, Eric Ling, Mike Thompson and Emma Vause. Other members of the Secretariat who contributed to this report: Jo Barrett, Amber Dale, Aaron Goater, Jenny Hill, David Joffe, Sarah Livermore, David Parkes and Indra Thillainathan. A number of organisations and individuals for their support, including Ofgem, the Department for Business, Energy and Industrial Strategy and the Environment Agency. A number of stakeholders who engaged with us through bilateral meetings and correspondence, including Cambridge Architectural Research, Citizen’s Advice and Energy Savings Trust. 2 Energy prices and bills - impacts of meeting carbon budgets | Committee on Climate Change Contents The Committee 4-6 ________________________________________________________________ Executive Summary 7-12 ________________________________________________________________ Chapter 1: Household energy bills 13-54 ________________________________________________________________ Chapter 2: Business energy prices and bills 55-87 ________________________________________________________________ Chapter 3: Maintaining UK competitiveness in a low-carbon economy 88-118 Executive Summary 3 The Committee The Rt. Hon John Gummer, Lord Deben, Chairman The Rt. Hon John Gummer, Lord Deben, was the Minister for Agriculture, Fisheries and Food between 1989 and 1993 and the longest serving Secretary of State for the Environment the UK has ever had. His sixteen years of top-level ministerial experience also include Minister for London, Employment Minister and Paymaster General in HM Treasury. He has consistently championed an identity between environmental concerns and business sense. To that end, he set up and now runs Sancroft, a Corporate Responsibility consultancy working with blue-chip companies around the world on environmental, social and ethical issues. -
Energy Bills Set to Rise As Regulator Ups Cap
Energy bills set to rise as regulator ups cap LONDON (Reuters) – Energy bills are set to rise for millions of households in Britain after the country’s energy regulator gave the green light to suppliers to increase bills by more than 10 percent from April 1. Ofgem was tasked by parliament last year to set a limit after lawmakers said customers were being overcharged for electricity and gas. Prime Minister Theresa May had called the tariffs a “rip-off”. Ofgem, which reviews the price cap every six months, said it needed to allow suppliers to charge more as wholesale energy contracts, used to help formulate the cap level, were 17 percent higher than during the last cap period. “No consumer wants to see a price rise but these (increases) are justified,” Ofgem chief executive Dermot Nolan said on a call with journalists. The cap for average annual consumption on the most commonly used tariffs used by around 11 million households will rise by 10.3 percent – or 117 pounds ($151) – to 1,254 pounds. Britain’s headline inflation rate increased at an annual rate of 2.1 percent in December, while average weekly earnings were up 3.4 percent year-on-year in the three months to the end of November. Ofgem calculates the cap using a formula that includes wholesale gas prices, energy suppliers network costs and costs of government policies, such as renewable power subsidies. Several of Britain’s biggest suppliers, a group known as the “Big Six,” complained the cap was initially set too low. Innogy’s npower said the cap was partly why it announced plans to shed 900 jobs last week. -
Energy and Climate Change Committee Consumer Engagement with Energy Markets
Energy and Climate Change Committee Consumer Engagement with Energy Markets Ref Organisation Page CE 01 DECC 3 CE 02 uSwitch 14 CE 03 OVO Energy 20 CE 04 and CE 04a British Gas 23 and 30 CE 05 RWE npower 34 CE 06 and CE 06a E.ON UK 39 and 50 CE 07 Grass Roots Groups 52 CE 08 ACS 56 CE 09 Energy Saving Trust 59 CE 10 OFT 62 CE 11, CE 11a and SSE 75, 84 and 86 CE 11b CE 12 and CE 12a Make IT Cheaper 89 and 93 CE 13 Scottish Renewables 94 CE 14 ICoSS 98 CE 15 Which? 100 CE 16 Silver Spring Networks 107 CE 17 Lynne Wycherley 109 CE 18 Carllion PLC 115 CE 19 National Grid 122 CE 20 and 20a Consumer Focus 128 and 138 CE 21 REA 155 CE 22 LGA 165 CE 23 Carbon Brief 169 CE 24 Energy UK 176 CE 25 EDF 180 CE 26 and CE 26a John Oddi 191 and 201 CE 27 Good Energy 203 CE 28 Ofgem 208 CE 29 Scottish Power 218 CE 30 SmartReach 229 CE 31 and CE 31a Parliamentary Outreach 233 and 260 CE 33 First Utility 289 CE 34 Ecotricity 295 CE 35 Alquist Consulting 299 CE 36 Correspondence between the Chair and various 301 publications Written evidence submitted by DECC (CE 01) 1. DECC welcomes the ECC Committee’s enquiry into consumer engagement with the energy market and the opportunity to submit evidence. DECC also looks forward to the Committee’s findings, which will be of significant interest as we continue to put tackling consumer issues at the top of our agenda. -
The Evolution of Electricity Demand and the Role for Demand Side Participation, in Buildings and Transport
Energy Policy 52 (2013) 85–102 Contents lists available at SciVerse ScienceDirect Energy Policy journal homepage: www.elsevier.com/locate/enpol The evolution of electricity demand and the role for demand side participation, in buildings and transport John Barton a, Sikai Huang b, David Infield b, Matthew Leach c, Damiete Ogunkunle c, Jacopo Torriti d, Murray Thomson a,n a Centre for Renewable Energy Systems Technology, Loughborough University, Loughborough, LE11 3TU, UK b Institute of Energy and Environment, University of Strathclyde, Glasgow, G1 1XW, UK c Centre for Environmental Strategy, University of Surrey, Guildford, GU27XH, UK d School of Construction Management and Engineering, University of Reading, Reading, RG6 6AY, UK HIGHLIGHTS c Evolution of UK electricity demand along 3 potential low carbon Transition Pathways. c Electrification of demand through the uptake of heat pumps and electric vehicles. c Hourly balancing of electricity supply and demand in a low carbon future. c Demand side participation to avoid low capacity factor conventional generation. c Transition Pathways to an 80% reduction in UK operational CO2 emissions by 2050. article info abstract Article history: This paper explores the possible evolution of UK electricity demand as we move along three potential Received 16 November 2011 transition pathways to a low carbon economy in 2050. The shift away from fossil fuels through the Accepted 16 August 2012 electrification of demand is discussed, particularly through the uptake of heat pumps and electric Available online 18 September 2012 vehicles in the domestic and passenger transport sectors. Developments in the way people and Keywords: institutions may use energy along each of the pathways are also considered and provide a rationale for Transition the quantification of future annual electricity demands in various broad sectors. -
Reality Or Rhetoric? Green Tariffs for Domestic Consumers
reality or rhetoric? green tariffs for domestic consumers Äó=sáêÖáåá~=dê~Ü~ã pìãã~êó N ^Äçìí=íÜÉ=~ìíÜçê ^ÅâåçïäÉÇÖÉãÉåíë NK=fåíêçÇìÅíáçå O sáêÖáåá~=dê~Ü~ã=áë=~å=ÉñéÉêí=áå=ëìëí~áå~ÄäÉ qÜáë=k~íáçå~ä=`çåëìãÉê=`çìåÅáä=Ek``F OK=tÜ~í=áë=ÖêÉÉå=ÉäÉÅíêáÅáíó\ P ÉåÉêÖó=~åÇ=ÅçåëìãÉê=éêçíÉÅíáçå=éçäáÅóK êÉéçêí=ï~ë=ïêáííÉå=Äó=sáêÖáåá~=dê~Ü~ãI cçê=íÜÉ=é~ëí=ëáñ=óÉ~êë=ëÜÉ=ï~ë=aáêÉÅíçê=çÑ ïáíÜ=êÉëÉ~êÅÜ=ëìééçêí=Ñêçã=`~ëë~åÇê~ PK=oÉÖìä~íçêó=ÉåîáêçåãÉåí Q båîáêçåãÉåí~ä=^ÑÑ~áêë=~í=íÜÉ=ÉåÉêÖó eáÖÖëI=Ä~ëÉÇ=çå=~=Çê~Ñí=Äó= QK=dêÉÉå=í~êáÑÑë=çå=çÑÑÉê T êÉÖìä~íçêI=lÑÖÉãK=mêÉîáçìëäó=ëÜÉ=ïçêâÉÇ g~ÅèìÉäáåÉ=aáñçåK Ñçê=ÑáÑíÉÉå=óÉ~êë=çå=ÉåîáêçåãÉåí~äI=ëçÅá~ä qÜÉ=k``=ïçìäÇ=äáâÉ=íç=íÜ~åâ=íÜÉ Ó=ÖêÉÉå=í~êáÑÑë=Äó=íóéÉX=éêÉãáìãë=Ñçê=ÖêÉÉå=í~êáÑÑë= NM ~åÇ=ÅçåëìãÉê=éçäáÅó=~í=ÄçíÜ=íÜÉ=br=~åÇ ÑçääçïáåÖ=Ñçê=ÅçåíêáÄìíáåÖ=íÜÉáê=íáãÉ= rh=äÉîÉäëK Ó=Öì~ê~åíÉÉë=çÑÑÉêÉÇ=Äó=É~ÅÜ=ëìééäáÉê=íç=Ä~Åâ=ìé=íÜÉáê=ÖêÉÉå=í~êáÑÑ NN ~åÇ=éÉêëéÉÅíáîÉë=íç=íÜÉ=éêçàÉÅí=ëÅçéáåÖI Ó=ÖêÉÉå=í~êáÑÑë=Äó=ëìééäáÉê NO êÉëÉ~êÅÜ=ÇÉîÉäçéãÉåí=~åÇ=êÉîáÉïW RK `çåÅäìëáçåë=~åÇ=êÉÅçããÉåÇ~íáçåë OO lìê=ïçêâ=çå=ëìëí~áå~ÄäÉ=ÉåÉêÖó pìë~åå~=j~ó=~åÇ=h~íÉ=pãáíÜI=aÉé~êíãÉåí Ñçê=båîáêçåãÉåíI=cççÇ=~åÇ=oìê~ä=^ÑÑ~áêë ^ééÉåÇáñW ëçìêÅÉë=çÑ=áåÑçêã~íáçå=~Äçìí=ÖêÉÉå=í~êáÑÑë OR låÉ=çÑ=íÜÉ=k``Ûë=ëíê~íÉÖáÅ=çÄàÉÅíáîÉë=áë= EaÉÑê~FI=hêáëíá~å=^êãëíêçåÖI=aÉé~êíãÉåí íç=éêçãçíÉ=~åÇ=~ÅÜáÉîÉ=ãçêÉ=ëìëí~áå~ÄäÉ çÑ=qê~ÇÉ=~åÇ=fåÇìëíêó=EaqfFI=a~å kçíÉë=~åÇ=êÉÑÉêÉåÅÉë= OT ÅçåëìãéíáçåK=få=íÜáë=ÅçåíÉñí=íÜÉ=k``=áë pí~åá~ëòÉâI=båÉêÖó=p~îáåÖ=qêìëíI=dáääá~å líÜÉê=éìÄäáÅ~íáçåë OU ïçêâáåÖ=çå=ëìëí~áå~ÄäÉ=ÉåÉêÖóK=qÜÉ=ã~áå `ççéÉê=~åÇ=bÇ=oÉÉÇI=ÉåÉêÖóï~íÅÜI=gçÜå ~áã=çÑ=íÜÉ=éêçàÉÅí=áë=íç=éêçãçíÉ=éçäáÅáÉë -
Energy Market Insights
Issue No. 10 | March 2014 Tantalus and Other Myths of the British Energy Market By Sean Gammons, Prof. Dr. Frank Maier-Rigaud, and George Anstey Energy Market Insights From the Editor Tantalus was made to stand in a pool of water beneath a fruit tree with low branches, with the fruit ever eluding his grasp, and the water always receding before he could take a drink. His myth gives us the word “tantalizing.” Like Tantalus, British regulators seem to feel that properly functioning energy markets are just out of reach. Unlike Tantalus, however, they think they can do something about it. Tantalizing though that prospect might be, proposed actions fall prey to a number of other myths, stretching from the myth that “prices rise like rockets and fall like feathers” to the myth that “regulators know best”. If well-meaning but poorly-grounded interventions simply undermine the competitive process, regulators will see the waters recede still further and consumers will suffer. Jonathan Falk, Vice President Overview In practice, the case that the market is broken and needs fixing is based on scant evidence and a series of poorly The “Big Six” energy firms currently face the prospect of justified arguments—one might even call them myths—that political and regulatory intervention that is unprecedented in pervade the public debate on the energy market. Ahead of the more than 15 years since Britain’s 27 million households the imminent release of the tripartite Competition Assessment, have been free to choose their gas and electricity supplier. this article reviews some of the evidence on the extent of In his September 2013 party conference speech, Ed Miliband competition in the market, focusing on those aspects that have pledged to “reset the broken energy market” with a two-year attracted greatest public attention.2 At its heart, competition is price freeze from 2015. -
Predicting Winning and Losing Businesses When Changing Electricity Tariffs ⇑ Ramon Granell A, Colin J
Applied Energy 133 (2014) 298–307 Contents lists available at ScienceDirect Applied Energy journal homepage: www.elsevier.com/locate/apenergy Predicting winning and losing businesses when changing electricity tariffs ⇑ Ramon Granell a, Colin J. Axon b,1, David C.H. Wallom a, a Oxford e-Research Centre, University of Oxford, 7 Keble Road, Oxford OX1 3QG, United Kingdom b School of Engineering and Design, Brunel University, Uxbridge, London UB8 3PH, United Kingdom highlights We have used a data set of 12,000 UK businesses representing 44 sectors. We used only 3 features to predict the winners and losers when switching tariffs. Machine learning classifiers need less data than regression models. Prediction accuracies of the winning and losing businesses of 80% were typical. We show how the accuracy varies with the amount of power demand data used. article info abstract Article history: By using smart meters, more data about how businesses use energy is becoming available to energy Received 4 April 2014 retailers (providers). This is enabling innovation in the structure and type of tariffs on offer in the energy Received in revised form 24 July 2014 market. We have applied Artificial Neural Networks, Support Vector Machines, and Naive Bayesian Accepted 25 July 2014 Classifiers to a data set of the electrical power use by 12,000 businesses (in 44 sectors) to investigate Available online 17 August 2014 predicting which businesses will gain or lose by switching between tariffs (a two-classes problem). We have used only three features of each company: their business sector, load profile category, and mean Keywords: power use.