The document analyzes financial data from the "Big Six" UK energy companies and finds that their reported profits from retail electricity sales are much lower than their actual overall profits when factoring in returns from electricity generation. For example, SSE reported a 5% return from retail but earned over 50% on generation. Overall returns for companies like SSE, Centrica and EDF were around 10%, much higher than suggested to regulators. The author concludes the companies misrepresented their true profitability.
Net Lease Research Report Q4 2015 | The Boulder GroupThe Boulder Group
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 4th quarter activity in the National Net Lease Market.
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Mercer Capital's Value Focus: Convenience Store Industry | Q3 2016 | Segment:...Mercer Capital
Mercer Capital’s Convenience Store Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to multi-unit retailing and QSR industries.
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Q2 2016 Net Lease Research Report | The Boulder GroupThe Boulder Group
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 2nd quarter activity in the National Net Lease Market.
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the activity in the National Net Lease Casual Dining Market.
Net Lease Research Report Q4 2015 | The Boulder GroupThe Boulder Group
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 4th quarter activity in the National Net Lease Market.
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The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 1st quarter activity in the National Net Lease Market.
Mercer Capital's Value Focus: Convenience Store Industry | Q3 2016 | Segment:...Mercer Capital
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Mercer Capital's Value Focus: Convenience Store Industry | Q4 2015 | Segment:...Mercer Capital
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Q2 2016 Net Lease Research Report | The Boulder GroupThe Boulder Group
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 2nd quarter activity in the National Net Lease Market.
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the activity in the National Net Lease Casual Dining Market.
Christmas 2015 proved to be a difficult one for UK retail. What happened? We identified four themes that are key to understanding the dynamics of the current retail market and provide a framework for realising exactly the disruption caused by the growth of online
The ten members of the Association of Southeast Asian Nations (ASEAN) – along with China and India – are shifting the centre of gravity of the global energy system towards Asia.
Energy demand in Southeast Asia has expanded by two-and- a-half times since 1990, its rate of growth among the fastest in the world. Economic and demographic trends point to further growth, lifting the region’s energy use per capita from just half of the global average today. But how will Southeast Asia’s fuel mix evolve? And what will the region’s supply and demand balance mean for oil, gas and coal trade?
The International Energy Agency, in co-operation with the Economic Research Institute for ASEAN and East Asia, has studied these issues in consultation with ASEAN member governments and leading commentators, industry representatives and international experts. This special report, in the World Energy Outlook series, presents the findings.
Adapting to the UK Energy Market as a Responsible & Reliable Large Electricit...EMEX
The UK energy landscape is rapidly changing and this change poses treats & opportunities for large multi-site electricity users, like Welsh Water. The session outlines what a not-for-profit water company is doing to ensure that its customers aren’t impacted by this changing landscape.
Does growth in North American oil supply herald a new era of abundance - or does turmoil in parts of the Middle East cloud the horizon? How much can energy efficiency close the competitiveness gap caused by differences in regional energy prices? What considerations should shape decision-making in countries using, pursuing or phasing out nuclear power? How close is the world to using up the available carbon budget, which cannot be exceeded if global warming is to be contained? How can sub-Saharan Africa's energy sector help to unlock a better life for its citizens?
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This study shows the profitability of UK electricity generation in 2021. All figures come from OFGEM unless stated otherwise. They show increased profits for generation before the recent surge in prices. Generation should be subject to CMA investigation but never will be under Westminster rule and OFGEM's Laissez-faire approach. This approach has led to increased deaths and increased hospitalisations from hypothermia. It is linked to an increase in malnutrition as the choice is between heating and eating. There is no justification for increases in bills to the extent we've seen. every other European country has lower bills. OFGEM's Marginal Pricing model allows generators to manipulate prices by taking low cost plant offline and replacing it with more expensive generation sets. The last plant hooked up gets to set the price for the whole market. This is madness on stilts. Businesses cannot cope with the rises and as support schemes wind down people will freeze and firms will go bust. The NHS has no way of coping with rising fuel bills but to lengthen waiting lists. Councils can only balance their books by cutting services. We need a reset and nothing is being done. I intend to update this study very soon and will post it as soon as the numbers can be found. They are no longer being reported regularly by OFGEM and parts of the dataset have gone missing.
Christmas 2015 proved to be a difficult one for UK retail. What happened? We identified four themes that are key to understanding the dynamics of the current retail market and provide a framework for realising exactly the disruption caused by the growth of online
The ten members of the Association of Southeast Asian Nations (ASEAN) – along with China and India – are shifting the centre of gravity of the global energy system towards Asia.
Energy demand in Southeast Asia has expanded by two-and- a-half times since 1990, its rate of growth among the fastest in the world. Economic and demographic trends point to further growth, lifting the region’s energy use per capita from just half of the global average today. But how will Southeast Asia’s fuel mix evolve? And what will the region’s supply and demand balance mean for oil, gas and coal trade?
The International Energy Agency, in co-operation with the Economic Research Institute for ASEAN and East Asia, has studied these issues in consultation with ASEAN member governments and leading commentators, industry representatives and international experts. This special report, in the World Energy Outlook series, presents the findings.
Adapting to the UK Energy Market as a Responsible & Reliable Large Electricit...EMEX
The UK energy landscape is rapidly changing and this change poses treats & opportunities for large multi-site electricity users, like Welsh Water. The session outlines what a not-for-profit water company is doing to ensure that its customers aren’t impacted by this changing landscape.
Does growth in North American oil supply herald a new era of abundance - or does turmoil in parts of the Middle East cloud the horizon? How much can energy efficiency close the competitiveness gap caused by differences in regional energy prices? What considerations should shape decision-making in countries using, pursuing or phasing out nuclear power? How close is the world to using up the available carbon budget, which cannot be exceeded if global warming is to be contained? How can sub-Saharan Africa's energy sector help to unlock a better life for its citizens?
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This study shows the profitability of UK electricity generation in 2021. All figures come from OFGEM unless stated otherwise. They show increased profits for generation before the recent surge in prices. Generation should be subject to CMA investigation but never will be under Westminster rule and OFGEM's Laissez-faire approach. This approach has led to increased deaths and increased hospitalisations from hypothermia. It is linked to an increase in malnutrition as the choice is between heating and eating. There is no justification for increases in bills to the extent we've seen. every other European country has lower bills. OFGEM's Marginal Pricing model allows generators to manipulate prices by taking low cost plant offline and replacing it with more expensive generation sets. The last plant hooked up gets to set the price for the whole market. This is madness on stilts. Businesses cannot cope with the rises and as support schemes wind down people will freeze and firms will go bust. The NHS has no way of coping with rising fuel bills but to lengthen waiting lists. Councils can only balance their books by cutting services. We need a reset and nothing is being done. I intend to update this study very soon and will post it as soon as the numbers can be found. They are no longer being reported regularly by OFGEM and parts of the dataset have gone missing.
Operations performance analysis that facilitates an informed decision making ...Bojan Mitrovic, M.A.
I have created the following presentation to demonstrate the contribution of comprehensive analysis and reporting to business performance improvements.
Please contact me if you have any questions. If you are a manager I`d be happy to discuss how analysis and reporting can aid the decision-making process at you organization and lead to continuous operational improvements.
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
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हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
1. I watched the evidence given by the Supply Directors of some of the major energy companies,
usually referred to as the "Big Six" before the Energy & Climate Change Select Committee at the
House of Commons in the run-up to Christmas. They presented a uniform story of low returns which
no-one could consider were exhibiting evidence of monopoly or oligopoly profit.
I started work to investigate whether or not what they had said was true.
Scottish & Southern Energy show that their Supply business - their retail arm selling electricity to
customers was earning low returns. This position is illustrated in the graph below:
SSE EBITDA Yo return on Supply Sales
6.00% ,
5.OO% l
l
4.OO% l
3.00% i'
2.00%
1..OO%
O.OO% i
https:,//www ofgem,gov
I was struck by the phrase "in our retail business" which was repeatedly used. I wondered what we'd
encounter if we looked at the rest of their business. Each of the "Big Six" is split into a Supply
business and a Generation business. The returns earned by the Generation business which produces
the electricity is shown below:
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10.00% l
o.oo%
https://www ofgem
SSE EBITDA Y" return on Generation Sales
^f'* T 2oo9 .zot2 ^ud,. #
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2009 20L0 207L 2012
gov. u k/o-fg-eh-p u b lications/7 4l 64/energyco m pa n ies pu blis h2012conso lidatedsegm e nta lstatements. pdf
Although returns have fallen in recent years SSE still earns over 50% on Generation Sales. Of every
f l earned from sales, over 50p is profit. No mention was made of this.
2. SSE Sales
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Rather than the SYo return claimed SSE earn a 10% return on their business when Generation and
Supply are looked at in the round. So much for SSE, what about the others?
Centrica EBITDA% return on Supply Sales
1"' 2009 -20L2
fi 6.00% -,
oaI
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t!
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P :.ooz
ro
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I
Centrica earn a good return of 7o/o on their supply business making them the most profitable of the
"Big Six" from this side of their operations.
Centrica's Generation arm performance is illustrated in the diagram below. This shows that they
have earned a 35.Ot% rate of return on EBITDA divided by sales in the most recent year for which
figures are available.
3. Centrica EBITDA Ys reiurn on Generation Sales I
?l0r
-_29!2 ___s
5.OO%
o.00%
2009 20to 2077 20L2
https://www.ofgem.gov.uldofgem-pqblications/74764/ enerryc:ompa niespublish20l2consolidatedsegmentalstatements.pdf
Profits from Generation are on the up and have increased ever quicker in 20L2.
Centrica EBITDA% return on Total Sales
2009 -20t2
12.OO%
10.oo%
The overall position for Centrica is very similar to that of SSE with a return being earned at just a
fraction less than 10%.
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4. E.On EBITDA Yo return on Supply Sales
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4.OO%
350%
3.O0%
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o50%
o.oo%
https://www.ofgem.gov. uk/ofgem-publicationsf 4764/enerWcompaniespublish20l2consolidatedseEmentalstatements. pdf
2009 2010 20Lt
E.On's return on Supply Sales to retail customers was 3.O9o/o in the most recent year for which we
have figures. This is as reported to the Energy & Climate Change Committee.
t--
I f.On EBITDA% rl
L2 I
ents.pdf I
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E.On's return on Generation Sales is 22.69%. This is clearly a lot more than the 3.O9% quoted.
5. E.On EBITDA Yt return on Total Sales
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t httpS://www.ofgem.gov.uklofgem-pu blicatio ns/7 4764/ener1ycompa niespublish20l2consolidatedsegmentalstatements.pdf
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E.On's overall performance is a return of 6,72% on their business taken as a whole.
2.OO%
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EDF EBITDA Yo return on Supply Sales
2009 -20L2
7.50%
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-L.OO%
oo
/$.'
p'
https://www.ofgem.gov.uldofgem-publications/74764/enetWcompaniespublish2O12consolidatedsegmentalstatements'pdf
EDF's Supply business is the worst performing of the "Big Six" and has made almost no profit in the
last four years. Before you start to weep for them, we'll move along to the next diagram...'
6. rI
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E
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EDF earned a whopping 40.63% return from their Generation arm in 2Ot2.They've kept the profit in
the part of the business which isn't exposed to much public scrutiny. Smart move!
t -r
1 EDF EBITDA% return on Total Sales i
I
I zooe -2c i
i ra.oos6 i
l_-i
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I https://www,ofgem.gov.uk/ofgem-pu blicatio ns/74764lenet1Yc tements'pdf I
- -'----l
EDF's EBITDA return on Total Sales is over 16%. And to think we were near to tears after the first
graph. We're not crying now.....
EDF EBITDA ?6 re:turn on Generation Sales
7. RWE npower EBITDA %o return on Supply Sales
https://rvww.ofgem.gov.uk/ofgem-pu blicationslT4T64lefietWcompa niespublish20l2consolidatedsegmentalstatements'pdf
Bravo RWE npower, a year-on-year improvement in the performance of the Supply business has
seen it return to profit, posting a return of 3.92%in2012.
50.00%
45.OO%
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RWE suffered a smalldrop in profit percentage in Generation sales in 2012. At43.35% it remains
disgustingly healthy.
8. RWE npower EBITDA Yo return on Total Sales
2009 -20L2
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2049 201.7 2072
https://www.ofgem.gov.u k/ofgem-pu blications/74764/energycompa niespublish20l2consolidatedsegmentalstatements'pdf
RWE's profits in their UK business are rising steadily reaching 8.L5o/o EBITDA over Sales in 201-2. This
is at marked variance from the protestations of doom usually heard from the company.
Sc Power EBITDA% return on Supply Sales
450%
4.OO%
3.50%
3.OOo/o
2.50%
2.OO%
1..50%
1..DO%
o.s0%
o.oo%
2009 2070 2011 2072
https:.//www.ofgem.gov.uk/ofgem-publications/74764/energycompaniespu blish20L2conso]idatedsegmentalstatements. pdf
Scottish Power made a 3.OLYo return on Supply sales in 2012.
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i
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Scottish Power saw a big decline in profit percentage in 2OL2, this is possibly due to the run-down at
Cockenzie.
Sc Power EBITDA% return on Total Sales
2009 -20L2
LO.OO%
9.OA%
8.OO%
7.O0%
6.OO%
s.00%
4.OA%
3.OO%
2.00/o
L.O0%
o.oo%
2009 20LO 20L7
https://www.ofgem.gov. uk/ofgem-publications/74764/energycom paniespublish2Ol2consolidatedsegmenta lstatements.pdf
Scottish Power has shown a decline in the return on Total Sales in each of the last four years. lt is the
worst performing firm in the "Big Six" in this regard.
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10. 10.o0%
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' https://www.ofgem.gov.u k/ofgem-pu blications/74764/energycompa niespublish20l2consolidatedsegmentalstatements.pdf
Looking at all of the firms together gives us a slightly different perspective. ln terms of the Supply
Business dealing with retail sales to customers returns don't look abnormal and the market seems to
be competitive.
EBITDA Yo return on Generation Sales
o
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IJJ
2009-2
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Centrica RWE
764/energycompan consol datedsegmentalsta
ffi 2012
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,:.2010
201_1_
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10.oo%
o.00%
https://www.
When we look at the Generation Sales the position is markedly different with SSE earning a 50%
return, RWE a 43%o return and EDF a 40% return. These show clear evidence of abnormal returns
above what would be expected in a competitive market.
The position shown above pre-dates the "Dash for Coal" which has now overtaken us. Returns for
2013 will be very much higher. lt also doesn't consider whether input costs for raw materials are
being adjusted by any of the players through intra-company trading (central group buying)'
11. EBITDA Yo return on Total Sales
2OO9-2OL2 X H 2oos
L8.00% Q :?
I S m2o1o
L8.00% s) 3h D m 2o1o.oHd
1.6.00% ts
oo 2017
N
c L4'00% N o =" o,2orz I! ro NoN
fitz.oou" NX >R 388 x 3
&._^^^. nBN H s=a; t H
ScPower E.On Centrica EDF RWE SSE
https://www.ofgem.gov.u k/ofgem-pu blications/747 64/ene'8ycom pa niespublish20l2consolidatedsegmenta lstatements. pdf
What we have discovered for all of the companies is that their overall percentage return is much
higher than the retail profit percentages shared with the Energy and Climate Change Select
Committee. The Generation business is where the money is being made. This year's manoeuvres
mean that a much higher return will be made in 2013 than was made in2012.
Returns of over 50% make a mockery of the evidence given to the committee. These have gone up in
2013. Will anything be done?