In September 2024, electricity prices in Great Britain amounted to 73 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.
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 September 2024
(in British pounds per megawatt-hour)
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. (November 18, 2024). Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to September 2024 (in British pounds per megawatt-hour) [Graph]. In Statista. Retrieved November 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 September 2024 (in British pounds per megawatt-hour)." Chart. November 18, 2024. Statista. Accessed November 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 September 2024 (in British pounds per megawatt-hour). Statista. Statista Inc.. Accessed: November 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 September 2024 (in British Pounds per Megawatt-hour)." Statista, Statista Inc., 18 Nov 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 September 2024 (in British pounds per megawatt-hour) Statista, https://www.statista.com/statistics/589765/average-electricity-prices-uk/ (last visited November 22, 2024)
Monthly average electricity prices based on day-ahead baseload contracts in Great Britain from January 2013 to September 2024 (in British pounds per megawatt-hour) [Graph], Ofgem, November 18, 2024. [Online]. Available: https://www.statista.com/statistics/589765/average-electricity-prices-uk/
