The average gas price in Great Britain in May 2024 was 75.96 British pence per therm. This was higher than the same month the year prior and also an increase compared to the previous month.
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.
Monthly average gas prices based on day-ahead baseload contracts in Great Britain from May 2016 to May 2024
(in British pence per therm)
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Ofgem. (July 22, 2024). Monthly average gas prices based on day-ahead baseload contracts in Great Britain from May 2016 to May 2024 (in British pence per therm) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/1174560/average-monthly-gas-prices-uk/
Ofgem. "Monthly average gas prices based on day-ahead baseload contracts in Great Britain from May 2016 to May 2024 (in British pence per therm)." Chart. July 22, 2024. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/1174560/average-monthly-gas-prices-uk/
Ofgem. (2024). Monthly average gas prices based on day-ahead baseload contracts in Great Britain from May 2016 to May 2024 (in British pence per therm). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/1174560/average-monthly-gas-prices-uk/
Ofgem. "Monthly Average Gas Prices Based on Day-ahead Baseload Contracts in Great Britain from May 2016 to May 2024 (in British Pence per Therm)." Statista, Statista Inc., 22 Jul 2024, https://www.statista.com/statistics/1174560/average-monthly-gas-prices-uk/
Ofgem, Monthly average gas prices based on day-ahead baseload contracts in Great Britain from May 2016 to May 2024 (in British pence per therm) Statista, https://www.statista.com/statistics/1174560/average-monthly-gas-prices-uk/ (last visited July 27, 2024)
Monthly average gas prices based on day-ahead baseload contracts in Great Britain from May 2016 to May 2024 (in British pence per therm) [Graph], Ofgem, July 22, 2024. [Online]. Available: https://www.statista.com/statistics/1174560/average-monthly-gas-prices-uk/