M. Stoppard

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                    [post_content] => In the frst half of 1995 the UK gas market underwent a price shock. At the beginning of the year gas had been trading on a short-term basis in an informal telephone market at a level of around 18- 19p/therm. This was approximately in line with the average long-tenn contract prices paid by British Gas (BG) and other wholesale gas purchasers and which account for the overwhelming proportion of sales. On a calorific basis these price levels were also comparable with oil prices in the range of $15-18 barrel. By March the price for short-term - or “spot” - supply had weakened to around 14p and in April prices collapsed to 9p. In term of the percentage decline in price the fall can be compared to the collapse in oil prices of 1986. A supply surplus had been foreseen by the industry and consequently a weakening of prices had been expected, but the scale and speed of this price movement appear to have caught many commentators and market participants by surprise.
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                    [post_content] => Following the referral of British Gas plc. (BG) to the Monopolies and Mergers Commission (MMC) in July 1992, the MMC spent one year on a wide-ranging enquiry into the UK gas industry and has written two separate but related reports: one under the 1973 Fair Trading Act, the other under the 1986 Gas Act. The arguments of the interested parties in this enquiry were largely kept out of the public arena, until the summary and conclusion of the MMC reports were published on 17 August 1993. A further two volumes with supporting factual anaIysis and an account of views submitted are yet to be published, and were not available at the time of writing this evaluation.
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Latest Publications by M. Stoppard

Books by M. Stoppard

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