Energy market

Energy markets are commodity markets that deal specifically with the trade and supply of energy. Energy market may refer to an electricity market, but can also refer to other sources of energy. Typically energy development is the result of a government creating an energy policy that encourages the development of an energy industry in a competitive manner. Energy markets are commodity markets that deal specifically with the trade and supply of energy. Energy market may refer to an electricity market, but can also refer to other sources of energy. Typically energy development is the result of a government creating an energy policy that encourages the development of an energy industry in a competitive manner. Until the 1970s when energy markets underwent dramatic changes, they were characterised by monopoly-based organisational structures. Most of the world's petroleum reserves were controlled by the Seven Sisters. Circumstances changed considerably in 1973 as the influence of OPEC grew and the repercussions of the 1973 oil crisis affected global energy markets. Energy markets have been liberalized in some countries; they are regulated by national and international authorities (including liberalized markets) to protect consumer rights and avoid oligopolies. Regulators includes the Australian Energy Market Commission in Australia, the Energy Market Authority in Singapore, the Energy Community in Europe, replacing the South-East Europe Regional Energy Market and the Nordic energy market for Nordic countries. Members of the European Union are required to liberalize their energy markets. Regulators seek to discourage volatility of prices, reform markets if needed, and search for evidence of anti-competitive behavior such as the formation of a monopoly. Due to the increase in oil price since 2003 and the increase of speculation, energy markets are being reviewed and by 2008, several conferences were organized to address the energy market sentiments of petroleum importing nations. In Russia, the markets are being reformed by the introduction of harmonized and all-Russian consumer prices. The United States currently uses over four trillion kilowatt-hours per year in order to fulfill its energy needs. Data given by the United States Energy Information Administration (EIA) shows a steady growth in energy usage dating back to 1990, which showed the United States used around 3 trillion kilowatt hours of energy that year. Traditionally, the energy sources used to fulfill the United States energy needs have been oil, coal, nuclear, renewable energy, and natural gas. The breakdown of each of these fuels as a percentage of the overall consumption in the year 1993, according to the data given by the EIA is as follows; coal was 53%, nuclear energy was 19%, natural gas was 13%, renewable energy was 11%, and oil provided 4% of the overall energy needs. In the most recent year where data was analyzed, 2011, the breakdown was as follows; coal was 42%, nuclear was 19%, natural gas was 25%, renewable energy was 13% and oil dropped down to 1%. These figures show a dramatic drop in energy from coal, and a significant increase in both natural gas as well as renewable energy. According to the United States Geological Survey (USGS) data from 2006, hydroelectric power accounted for most of the renewable energy production in the United States. However, increasing government funding, grants, and incentives have been drawing many companies towards the biofuel, wind, and solar energy production industries.