Electricity prices in the UK soared to above GBP 520 per megawatt hour, tracking the surging costs of natural gas in Europe as the lingering threat of supply shortages deepened the continent's energy crisis. Natural gas flows to Europe have drastically fallen due to tightened supplies from major exporter Russia amid consistent accusations from the West that the Kremlin is weaponizing energy. On top of that, heavy maintenance activity in major exporter Norway and nuclear outages from top European producer France compounded supply woes as countries scrap for reserves ahead of the winter. Energy bills for households are set to increase further as surging wholesale prices drove UK energy regulator Ofgem to raise the cap for electricity and gas bills in Great Britain to GBP 3,549 per year starting in October, an 80% increase to current levels and nearly thrice the amount of last year's cap.
Electricity Price in the United Kingdom averaged 48.46 GBP/MWh from 2001 until 2022, reaching an all time high of 782.48 GBP/MWh in September of 2021 and a record low of 5.34 GBP/MWh in April of 2020. This page includes a chart with historical data for the United Kingdom Electricity Price. United Kingdom Electricity Price - data, forecasts, historical chart - was last updated on September of 2022.
Electricity Price in the United Kingdom is expected to be 732.74 GBP/MWh by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. In the long-term, the United Kingdom Electricity Price is projected to trend around 4059.02 GBP/MWh in 2023 and 8050.30 GBP/MWh in 2024, according to our econometric models.