Economics class: Why Britain’s households should expect energy bills to remain high
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Specification:
Demand and supply, government regulation, government intervention
Click to read the article below and then answer the questions:
Why Britain’s households should expect energy bills to remain high
Define i) demand; and ii) supply
‘The surge in energy prices as Russia cut natural gas supplies ...’ Using a demand and supply diagram, analyse the effects of Russia’s decision to cut natural gas supplies
Explain the role of Ofgem
Use a diagram to explain the effect of Ofgem’s price cap
‘Wholesale prices have fallen back but are still well above the prewar average’. Identify the reasons why energy prices are likely to remain high for some time
Gavin Clarke, Emmanuel College
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