In May 2024, electricity prices in Great Britain amounted to 72.3 British pounds per megawatt-hour, one of the lowest values since the summer of 2021. A record high was reached in August 2022 when day-ahead baseload contracts averaged 363.7 British pounds per megawatt-hour.
Why did electricity prices soar in Europe?
An energy supply shortage after the economic recovery of 2021 and the energy market tightening after the Russian invasion of Ukraine caused electricity prices to soar across Europe throughout 2021 and 2022. This increase was 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?
Heavily reliant on natural gas for its electricity generation, the United Kingdom was one of the countries with the highest electricity prices worldwide. The increase was also partially related to rising carbon prices brought in by the UK Emission Trading Scheme (ETS) since May 2021.
Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to May 2024
(in British pounds per megawatt-hour)
Characteristic
Average prices in GBP per megawatt-hour
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According to the source, data until February 28, 2021, come from a third-party Price Reporting Agency’s price assessment of over-the-counter trading through brokers.
From March 1, 2021, data come directly from brokers and are an average monthly price weighted by volume.
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Ofgem. (July 10, 2024). Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to May 2024 (in British pounds per megawatt-hour) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/589765/average-electricity-prices-uk/
Ofgem. "Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to May 2024 (in British pounds per megawatt-hour)." Chart. July 10, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/589765/average-electricity-prices-uk/
Ofgem. (2024). Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to May 2024 (in British pounds per megawatt-hour). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/589765/average-electricity-prices-uk/
Ofgem. "Monthly Average Electricity Prices Based on Day-ahead Baseload Contracts in Great Britain from January 2013 to May 2024 (in British Pounds per Megawatt-hour)." Statista, Statista Inc., 10 Jul 2024, https://www.statista.com/statistics/589765/average-electricity-prices-uk/
Ofgem, Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to May 2024 (in British pounds per megawatt-hour) Statista, https://www.statista.com/statistics/589765/average-electricity-prices-uk/ (last visited July 22, 2024)
Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to May 2024 (in British pounds per megawatt-hour) [Graph], Ofgem, July 10, 2024. [Online]. Available: https://www.statista.com/statistics/589765/average-electricity-prices-uk/
