Average monthly gas prices in Great Britain 2015-2023

The average gas price in Great Britain in February 2023 was 134.54 British pence per therm. This was a notable decrease compared to the previous months with prices still impacted by developments in the Russia-Ukraine war and global natural gas demand.

Energy prices in the UK

Energy prices in the UK have been exceptionally high since the latter half of 2021 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 is threatening 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 2022 survey conducted by the UK Department for Business Energy & Industrial Strategy (BEIS), 78 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 13.2 billion British pounds in 2021.