Presentation on theme: "Energy Information on the Web"— Presentation transcript:
1 Energy Information on the Web Anne Ku13 December 2000London Business SchoolModelling and Managing Competitive Electricity Markets
2 Information to reduce, resolve, or remove RegulatoryPoliticalScientificEconomicUncertaintyUnfamiliarityControversy"Energy Information on the Web"
3 "Energy Information on the Web" “You don’t need to take a course. By now, you should be able to do your own research and ask a few intelligent questions.”Derek Bunn, 1993 in response to Anne Ku’s request to take courses in energy policy and modelling"Energy Information on the Web"
4 Lo and behold the Internet ! All day long, all year round, everywhereShifting costs from producer to consumerprinting and distribution TOdialling up/logging on, searching, printingSearch engines, directories, guru linksCompanies, trade groups, government bodies, universities/research institutesPublishers, consultants, advisors"Energy Information on the Web"
5 Finders keepers. Losers weepers. Information is costly to produce but cheap to reproduce." - Shapiro & Varian, Information Rules, 1999With the Internet, it’s cheaper still for the producer” - Anne Ku(while the information seeker suffers from anxiety and frustration of searching on the Internet OR information overload.)"Energy Information on the Web"
6 "Energy Information on the Web" Does free information have any value? There is a perception that the more easily available and the later we come to know of its existence, the less useful (less valuable) is the information to us at that point in time. Thus, we perceive an inverse relationship between value and availability of information: Low value for FREELY and widely available, give-aways, public, known for a long time, known by a lot of people, information that does not require much processing. High for EXPENSIVE, difficult to come by, scarce, organised, young or fresh (just released), secret, a lot of processing required (effort to get the information)."Energy Information on the Web"
7 Why would information be provided free of charge? Publicity: press releases, “about”, reduce transaction cost of servicing frequent enquiriesCredibility: expertise, writing/research styleTeaser: example of more to come, trial subscriptionsTraffic: advertising revenue, community, stickiness, cross sellsGood will, but it helps you in the end"Energy Information on the Web"
8 "Energy Information on the Web" Perceived value of information related to transaction costs of informationAcquisition effort: how much you paid for it (if not free), how hard to find it, how long you had to wait to get itShelf life: length of time the information is still valid and usefulFrequency of release: irregular or regular; one-off, real-time, slow-timeTime to release: process/production timeTime and effort to comprehend and digest"Energy Information on the Web"
9 "Energy Information on the Web" All things consideredRelevance: the right information, in the right format, quality, level of comprehension, at the right timeComprehensible: understandable, writing styleComprehensiveness: complete, no loop-holes, well-referencedCognitive economy: limitation of the brain to remember things and deal with complexity; how to avoid information overloadType/purpose of information: marketing/PR, educational, update/informative, insightful, perception/opinions, factualConvenience yield of research: having it there when you need it, thus no need to look for it (cost of storage)Reliability, credibility of sourcePerception of source: independent, objective vs biased, subjectiveDepth vs breadth of coverage"Energy Information on the Web"
10 The A, B, C’s of energy topics "Energy Information on the Web"
11 Types of information from the objective to the subjective News: who, what, when , where, whyData: whatAnalysis: what, why, howGovernment and regulatory bodies: “consultation documents” or “notice of proposed rule making”, policy, legislationResearch reports, magazine articles, features, letters, opinions, discussions"Energy Information on the Web"
12 "Energy Information on the Web" Energy NewsSpecialist energy onlyPlatts, SagewaveReuters Energy BriefingPetroleum ArgusDow Jones EnergyFT EnergyMulti-sourcedEnergy CentralEnergy OnlineGeneralist news provider with news about energyNew York TimesWallstreet JournalFinancial TimesCNNBBC"Energy Information on the Web"
13 "Energy Information on the Web" Energy DataPeriodHistorical time series (Platts, FT Energy/RDI)Real-time (energy news providers, energy exchanges)Forecasts (DRI, CERA, EIA, WEFA)Type of datapricesvolume (supply, demand)plant outagesweatherpower plant operational statistics"Energy Information on the Web"
14 "Energy Information on the Web" Energy AnalysisPublications: daily, weekly, fortnightly, monthly, bi-monthly, quarterly Utilities Week, Public Utilities Fortnightly, EPRM, Hart Energy Markets, Global Energy Business, Commodities NowConsultants: individuals such as Stoft, energy specialists such as Scientech, the big ones all have energy/utilities practicesUniversities: Univ of California, Stanford, Harvard, LBSTrade/professional associations, lobby groups: EEI, EA, IAEE, EurElectric, EFET, WRMA, BWEA, TURNGovernment: EIA, OFGEM, CEC, FERC"Energy Information on the Web"
15 Types of information seekers Type 1: value-focussedType 2: alternative-driven or new to the gameType 3: hybrid"Energy Information on the Web"
16 “I know what I want, but I just can’t find it.” Knowledgeable, specificNo time to scan or window-shopWilling to payConvenience yield of research very high: have the information available when you need itExamples: researchers, consultants, speakersSolutions: effective search engines, search strategy, clipping service, paid subscriptions,"Energy Information on the Web"
17 “I think I know what I want, but I’m open to suggestions.” Like to browse and surfLearning mode, window shoppingExamples: Newcomers to energy, magazine editors looking for good ideasSolutions: “push media” such as newsedge or pointcast, subscriptions, click-through links, guru sites."Energy Information on the Web"
18 "Energy Information on the Web" “I don’t know what I’m looking for, but I’ll recognise it when I see it.”Can’t articulate exactly what they needBut want to be reassured that they have everything they needReal-time more important than historicalExamples: typical traders, top executivesSolutions: organised, categorised information such as table of contents, directories, index of links, critiqued/quality controlled filtered information, in-house decision support system. Expensive subscriptions to real-time news services."Energy Information on the Web"
19 “If you don’t know where you’re going, any road will take you there.” Search engineskeywords and boolean logicmeta-search engines: Google, Metacrawler, Dogpilespecific: EnergySearchEnergy portals: EyeForEnergy, Energy CentralGuru links: Utility Connection, EIA energy links"Energy Information on the Web"
20 "Energy Information on the Web" Don’t forget to use the Pareto Rule: 20% of information sources provide 80% of what you need. The trick is to identify those 20%, otherwise you may spend 80% of your time getting only 20% of what you need."Energy Information on the Web"
21 "Energy Information on the Web" tel: (020)Forthcoming article: Energy Information on the Web in January/February 2001 issue of Global Energy Business, to appear at"Energy Information on the Web"