Economic and Financial Management: Impact on British Gas during and after COVID-19

Economic and
Financial Management

Contents
INTRODUCTION.............................................................................................................................3
Background of the Company.........................................................................................................3
Energy industry during and after the global pandemic..................................................................3
Impact of micro and macro economic factors on the energy company.........................................4
Theories of economics...................................................................................................................6
CONCLUSION..................................................................................................................................6
REFERENCES..................................................................................................................................7

INTRODUCTION
The economics and financial management is considered as branch of the knowledge that
deals with the management of resources as the resources are very scare and has
alternative uses. The financial management is a process of integrating the management's
function for a proper acquisition and utilization of required funds in order to carry out
organisational operational activities in effective way (Alquist, Bhattarai and Coibion,
2020). The company chosen in this report is British Gas which is energy and home
service provider in UK. This report will cover the analysis of energy industry during and
after COVID 19, impact of the macro and micro economic factors on the private energy
company, theory of economics.
Background of the Company
The British Gas company is energy and home service provides organisation which is
situated in United Kingdom. This company was founded during 1997 and its headquarter is
situated in Staines- upon- Thames, England, United Kingdom. The respective company is a
biggest energy supplier in UK and considered Big Six domination gas and an electricity market in
UK. It works to reduce the carbon emissions and also help its customers stay energy efficient. This
company empowering the communities to use energy efficiently, helping to build different skills
for bright future and supporting the household on need.
Energy industry during and after the global pandemic
The COVID 19 is global pandemic that hit each sector of economy. The renewable energy
is that form of energy which provided naturally to the humans. Its preservation is very crucial to
save the energy for future. In context of British Gas, this company is also get impacted by
pandemic, therefore its operation during and after is discussed below:
Impact during pandemic
Variation in demand- During COVID 19, there was a great change in the customer's demand
pattern. At this time there was a reduction in commercial demand and increment in
residential demand of energy (Boussemart and et. al., 2019).