经济学人下载:燃气价格 能源产业之争

Gas prices
燃气价格

Fuel on the fire
能源产业之争

Another cheap shot at energy firms misses the mark
又一次对能源企业的失败“算计”

GIVEN the parlous state of Britain's energy system, it is hard to think that Ed Davey, the energy secretary, would want more publicity. Yet on February 10th newspapers published a letter he had written to regulators who are reviewing the market. He urged them to investigate whether energy companies are making excessive profits from selling gas, which he said earns higher margins than flogging electricity. He singled out British Gas, which in 2012 supplied gas to about 40% of Britain's households at a profit margin of more than 11%.
难以想象，在英国能源系统受到威胁的情况下，能源大臣艾德·戴维还想要更多的公众影响力。然而2月10日的报纸刊登了他写给市场监察机构的一封信。他敦促他们去调查能源企业是否通过售卖天然气攫取暴利，按他所说，这比出售电力能获得更多利润。他单独指出了“英国燃气”，该公司在2012年为大约40%的英国家庭提供燃气，并且获得了超过11%的利润率。

Energy buffs have long moaned about the strong position British Gas—owned by Centrica, a big energy firm—enjoys in the domestic gas market. It inherited a huge number of customers from its days as a state monopoly, some of whom could be paying over the odds because they have never looked for a better deal. But by focusing narrowly on gas, Mr Davey overstates Centrica's success. In 2012 the firm lost money selling electricity, bringing the margin across its domestic supply business down to 6.6%.
热衷能源业的人早就抱怨英国天然气公司的强势地位—森特理克麾下的大能源企业，占领了国内天然气市场。该公司从作为国家垄断企业时便继承了一批庞大的客户数量，其中一些客户甚至能出高价支付而从来不寻找更实惠交易。但仅将目光锁定在天然气市场方面，戴维先生夸大了森特理克的功绩。2012年，该企业赔了钱售卖电力，使其国内供应业务的毛利率降低到6.6%。

This figure is high; but it is not extraordinary, or certain to be sustained. Nor do Centrica's competitors seem to be banking exuberant rents. The “Big Six” retailers earned an average margin on domestic energy sales of 4.3% in 2012. Three of them did better supplying electricity than gas. British households continue to pay less for energy than many Europeans.
该数据是惊人的，但情况并非特殊也不一定会持续。且森特理克的竞争对手们似乎也没受益多少。六大零售商在2012年获得了4.3%的国内能源销售的平均利润率。其中三家零售商的电力销售额都优于天然气。英国家庭仍然在能源支付上少与许多欧洲人。

The simplest way to erode Centrica's grip on the gas market is to encourage long-standing customers to move elsewhere. The number of households switching supplier has fallen sharply since 2008, in part because regulators have curbed doorstep selling. The government enthuses about community switching schemes, in which neighbours find new suppliers together; Ofgem, the regulator, now requires energy firms to contact customers who are paying more than they should.
打破森特理克集团对天然气市场控制的最简单方式是鼓励老客户转移他处。变更供应商的家庭数量自2008年大幅下滑，部分原因是监管机构遏制了上门销售。政府热衷于新的社区转换方案，该方案倡导住户们一起寻找新的供应商；监管者Ofgem如今要求能源企业去联系那些“冤大头”客户。

It will be some time before that has an effect. Yet what most vexes critics of the market is not hefty retail margins but fear that energy firms are making outsized profits elsewhere, for example in power generation. This is difficult to prove, which is why the government last year asked regulators to carry out a broad assessment of the market. Their report, due next month, could lead to a more thorough investigation by the Competition Commission.
市场调控取得成效将需要一段时间。然而最引发市场批评的并非丰厚的零售利润，而是对能源企业在别处—例如在发电领域攫取过多利润的担心。难以证明为什么政府去年要求监管机构开展对市场的广泛评估。他们下月的评估报告可能会导致竞争委员会组织一个更彻底的调查。

That is starting to look like an attractive outcome to some energy executives, who have repeatedly been battered by politicians. Shares in Centrica dipped 3.5% following publication of Mr Davey's letter; they are a quarter lower than in September, when Ed Miliband, leader of the Labour Party, promised to freeze energy bills if elected. The regulators' report, and any inquiry that follows, may give Mr Davey reason to set the market ablaze. Until then he should resist poking the coals.
对于一些不断被政客抨击的能源部行政人员来说，这似乎开始看上去是一个很有吸引力的结果。戴维的信被公开之后森特里克的股价下跌了3.5%；相比9月下降了四分之一，当时工党领袖——艾德·米利班德承诺一旦当选将冻结能源账单。监管机构报告及之后的任意询问，也许会给戴维先生刺激市场的理由。但在那之前，他须抵制垄断煤炭。