Average monthly electricity prices in Great Britain 2013-2024
In February 2024, electricity prices in Great Britain amounted to 60.69 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. This represented a month-over-month growth of almost 40 percent.
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.
