The Future of the UK Energy Industry
Abstract The aim of the study is to forecast future tendencies in consumption of traditional and renewable sources of energy in the UK. The focus was made on exploring reserves of such energy sources as oil, gas and coal which are being depleted and also the historical development and trends of usi...
| Main Author: | |
|---|---|
| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2009
|
| Online Access: | https://eprints.nottingham.ac.uk/23471/ |
| Summary: | Abstract
The aim of the study is to forecast future tendencies in consumption of traditional and renewable sources of energy in the UK. The focus was made on exploring reserves of such energy sources as oil, gas and coal which are being depleted and also the historical development and trends of using renewable sources. The methodology of the study was based on using ARIMA model for forecasting future consumption of different types of energy. The findings have demonstrated that consumption of traditional energy will be in relative stagnation and even decline over time. This can be explained by depletion of the current reserves and attractiveness of alternative sources of energy. The findings also demonstrated that consumption of renewable energy will continue to grow exponentially in the future. In the light of these findings it can be recommended that companies adopt quickly to changing tendencies in the energy consumption and implement new technologies that will be based on renewable energy, which will allow to cut costs, earn good ‘green’ reputation and be equipped for the future. The contribution of the study is thus in revealing what can be expected from energy consumption in the UK in the future. |
|---|