Average monthly gas prices in Great Britain 2016-2024
The average gas price in Great Britain in February 2024 was 63.28 British pence per therm. This was lower than the same month the year prior and also a decrease compared to the previous month as temperatures had been milder than expected.
Energy prices in the UK
Energy prices in the UK were exceptionally high in 2021-2022 due to an energy supply shortage as a result of lower pipeline supplies from Norway and Russia, as well as reduced LNG imports owing to greater purchases by customers in Asia. Multiple factors such as a lack of gas storage availability and the large share of gas in heating have exacerbated the supply issue in the UK. This led to multiple suppliers announcing bankruptcy, while an upped price cap threatened energy security of numerous households. The United Kingdom has some of the highest household electricity prices worldwide.
How is gas used in the UK?
According to a 2023 survey conducted by the UK Department for Energy Security and Net Zero, 58 percent of respondents used gas as a heating method during the winter months. On average, household expenditure on energy from gas in the UK stood at some 19.5 billion British pounds in 2022.
