Electricity prices in the UK fell below GBP 360 per megawatt hour, 35% below peaks touched in August, prompted by efforts to lower prices and looming recession concerns that lowered prices of energy commodities. Besides efforts to cap prices of electricity in the wholesale markets and policy proposals to freeze electricity rates for two years, newly assumed Prime Minister Liz Truss announced that the British government would lift a ban on hydraulic fracking in the North Sea to increase the UK’s energy security. Expectations of stronger supply were also contributed to major exporter France’s pledge that nuclear energy output would rise substantially before the winter, as multiple plants are set to return to activity. In August, UK electricity prices rose to a fresh high of GBP 560 per megawatt hour, tracking the surging costs of natural gas in Europe as halted supplies from Russia and production problems in Norway jeopardized gas reserves throughout the continent.
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 November of 2022.
Electricity Price in the United Kingdom is expected to be 273.24 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 503.88 GBP/MWh in 2023 and 643.59 GBP/MWh in 2024, according to our econometric models.