CHELTENHAM ACTIVIST NETWORK

U3A (University of the Third Age) run numerous courses for retired people in Cheltenham.

The Economic Theory course is led by Tim Powell, a retired transport economist who has also taught economics in schools and on business courses.

In these meetings, economic theory is intertwined with presentation and discussion of a practical topical issue. Tim hopes the meetings will help people who are interested in political issues to understand how the options available to politicians are constrained by economic realities and that they are not always as stupid as they seem.

Class members are encouraged to contribute their own thoughts and experiences.

The group met last week in person for the first time since Covid to discuss the Economics of Energy.

This topic was chosen because of its crucial importance at the moment.

Energy is a vital component of a country’s economic development. It is needed for domestic purposes, for industry, for transport and many other purposes such as agriculture.

Traditionally, coal was our most important source of energy, but it is now almost completely replaced by oil and gas. As well as by gas, electricity is generated nowadays by nuclear power and by using various renewable sources such as solar, wind, water and biomass. These are helping the country transition to a less carbon-intensive and more sustainable energy system.

Tim’s detailed presentation covered sources of energy and the energy market, together with a history of UK public ownerships, privatisations and regulation of the UK energy industry.

He explained why gas and electricity prices are so heavily dependent on wholesale prices on international markets and what could be done to reduce this dependence.

The latest announcements on Government subsidies to help consumers and industry were also discussed.

Courses such as this help us gain a deeper understanding of the economics behind Government policy decisions.

For more information about U3A courses, visit cheltenhamu3a.org.uk.