The price of gas in the United Kingdom was 2.11 British pounds pence per therm in 2022/23. While prices are expected to remain high it is anticipated they will fall to slightly lower levels by 2023/24. Combined household expenditure on energy derived from gas reached 13.83 billion British pounds in 2019. Spending had seen only slight fluctuations since 2010, with the most prominent being a jump to 17.1 billion British pounds in 2013. That year corresponds with supply problems from a Norwegian plant – the UK’s lead exporter – and below-average winter temperatures across the country.
Indigenous production set to decline
The fall in natural gas prices is accompanied by declining production levels. With onshore shale gas extraction suspended as of November 2019 and many offshore oil and gas fields depleted, the country is set to become more reliant on energy imports.
Gas prices worldwide
Natural gas prices in Europe tend to be higher compared to those in the U.S. as the latter is a major shale gas producer. In 2030, prices in Europe were forecast to climb to 7 nominal U.S. dollars per million British thermal units, three U.S. dollars more than prices in the North American country.
Forecasted gas prices in the United Kingdom from 2022/23 to 2028/29
(in GBP per therm)
Characteristic
GBP per therm
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Office for Budget Responsibility. (November 22, 2023). Forecasted gas prices in the United Kingdom from 2022/23 to 2028/29 (in GBP per therm) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/
Office for Budget Responsibility. "Forecasted gas prices in the United Kingdom from 2022/23 to 2028/29 (in GBP per therm)." Chart. November 22, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/
Office for Budget Responsibility. (2023). Forecasted gas prices in the United Kingdom from 2022/23 to 2028/29 (in GBP per therm). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/
Office for Budget Responsibility. "Forecasted Gas Prices in The United Kingdom from 2022/23 to 2028/29 (in Gbp per Therm)." Statista, Statista Inc., 22 Nov 2023, https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/
Office for Budget Responsibility, Forecasted gas prices in the United Kingdom from 2022/23 to 2028/29 (in GBP per therm) Statista, https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/ (last visited July 03, 2024)
Forecasted gas prices in the United Kingdom from 2022/23 to 2028/29 (in GBP per therm) [Graph], Office for Budget Responsibility, November 22, 2023. [Online]. Available: https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast/