Electric power industry in the context of "Power generation"

An electric utility, or a power company, is a company in the electric power industry (often a public utility) that engages in electricity generation and distribution of electricity for sale generally in a regulated market. Electric utilities are major providers of energy in most countries.

Electric utilities include investor owned, publicly owned, cooperatives, and nationalized entities. They may be engaged in all or only some aspects of the industry. Electricity markets are also considered electric utilities—these entities buy and sell electricity, acting as brokers, but usually do not own or operate generation, transmission, or distribution facilities. Utilities are regulated by local and national authorities.

A natural monopoly is a monopoly in an industry in which high infrastructure costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors. Specifically, an industry is a natural monopoly if a single firm can supply the entire market at a lower long-run average cost than if multiple firms were to operate within it. In that case, it is very probable that a company (monopoly) or a minimal number of companies (oligopoly) will form, providing all or most of the relevant products and/or services. This frequently occurs in industries where capital costs predominate, creating large economies of scale in relation to the size of the market; examples include public utilities such as water services, electricity, telecommunications, mail, etc. Natural monopolies were recognized as potential sources of market failure as early as the 19th century; John Stuart Mill advocated government regulation to make them serve the public good.

Electricity generation is the process of generating electric power from sources of primary energy. For utilities in the electric power industry, it is the stage prior to its delivery (transmission, distribution, etc.) to end users or its storage, using for example, the pumped-storage method.

Consumable electricity is not freely available in nature, so it must be "produced", transforming other forms of energy to electricity. Production is carried out in power stations, also called "power plants". Electricity is most often generated at a power plant by electromechanical generators, primarily driven by heat engines fueled by combustion or nuclear fission, but also by other means such as the kinetic energy of flowing water and wind. Other energy sources include solar photovoltaics and geothermal power. There are exotic and speculative methods to recover energy, such as proposed fusion reactor designs which aim to directly extract energy from intense magnetic fields generated by fast-moving charged particles generated by the fusion reaction (see magnetohydrodynamics).

A regulated market (RM) or coordinated market is an idealized system where the government or other organizations oversee the market, control the forces of supply and demand, and to some extent regulate the market actions. This can include tasks such as determining who is allowed to enter the market and what prices may be charged. The majority of financial markets such as stock exchanges are regulated, whereas over-the-counter markets are usually not at all or only moderately regulated.

One of the reasons for regulation can be the importance of the regulated activity – meaning the harm suffered should the industry fail would be so fatal that regulators (governments, legislators) cannot afford the risk. This includes fields like banking or financial services. Secondly, it is common for some markets to be regulated under the claim that they are natural monopolies, or that a monopoly would very likely appear should there be no regulation. It is crucial to prevent misuse of monopoly power, as this can lead to delivery of poor services with very high prices. This includes for example the telecommunications, water, gas, or electricity supply. Often, regulated markets are established during the partial privatisation of government controlled utility assets.

An electricity market is a system that enables the exchange of electrical energy through an electrical grid. Historically, electricity has been primarily sold by companies that operate electric generators, purchased by electricity retailers, and sold to customers.

The electric power industry began in the late 19th and early 20th centuries in the United States and United Kingdom. Throughout the 20th century, and up to the present, many countries have made changes to their system of supplying and/or purchasing electricity. Change has been driven by many factors, ranging from technological advances (on both the supply and demand side) to politics and ideology.

Electric power is the rate of transfer of electrical energy within a circuit. Its SI unit is the watt, the general unit of power, defined as one joule per second. Standard prefixes apply to watts as with other SI units: thousands, millions and billions of watts are called kilowatts, megawatts and gigawatts respectively.

In common parlance, electric power is the production and delivery of electrical energy, an essential public utility in much of the world. Electric power is usually produced by electric generators, but can also be supplied by sources such as electric batteries. It is usually supplied to businesses and homes (as domestic mains electricity) by the electric power industry through an electrical grid.

Industrial gases are the gaseous materials that are manufactured for use in industry. The principal gases provided are nitrogen, oxygen, carbon dioxide, argon, hydrogen, helium and acetylene, although many other gases and mixtures are also available in gas cylinders. The industry producing these gases is also known as industrial gas, which is seen as also encompassing the supply of equipment and technology to produce and use the gases. Their production is a part of the wider chemical Industry (where industrial gases are often seen as "specialty chemicals").

Industrial gases are used in a wide range of industries, which include oil and gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics and aerospace. Industrial gas is sold to other industrial enterprises; typically comprising large orders to corporate industrial clients, covering a size range from building a process facility or pipeline down to cylinder gas supply.