Average monthly electricity prices in Great Britain 2013-2024

In October 2024, electricity prices in Great Britain amounted to 89 British pounds per megawatt-hour, an increase on the previous month. A record high was reached in August 2022 when day-ahead baseload contracts averaged 363.7 British pounds per megawatt-hour.  

Electricity price stabilization in Europe

During the energy supply shortage and the energy market tightening due to the Russian invasion of Ukraine, electricity prices soared in Europe in 2021 and 2022. Prices began to stabilize in 2023 and 2024, although not to pre-energy shortage levels. Price spikes were driven by the growing wholesale prices of natural gas and coal worldwide, which are among the main sources of power in the region.

… and in the United Kingdom?

The United Kingdom was one of the countries with the highest electricity prices worldwide during the energy crisis. Since then, prices have been stabilizing, almost to pre-energy crisis levels. The use of nuclear, wind, and bioenergy for electricity generation has been increasing recently. The fuel types are an alternative to fossil fuels and are part of the country's power generation plans going into the future.