Electricity prices in the UK bottomed below GBP 150 per megawatt hour, close to levels not seen since September 2021, after unseasonably warm weather across the UK and Europe in recent months curbed demand and eased the stress of the country's energy systems. On top of that, the UK's ample energy supplies and falling natural gas prices were also crucial drivers for lower power prices, while households and businesses have been cutting their energy usage after a warning from National Grid in October about supply shortages in case of a severe winter. On the policy side, the UK pledged about £60 billion in energy-bill aid for households and businesses until April 2023.
Electricity Price in the United Kingdom averaged 49.37 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 March of 2023.
Electricity Price in the United Kingdom is expected to be 134.12 GBP/MWh by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Electricity Price is projected to trend around 66.69 GBP/MWh in 2024 and 50.43 GBP/MWh in 2025, according to our econometric models.