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Natural gas prices in the United Kingdom (UK) 2016-2025

The price of gas in the United Kingdom is forecast to amount to 37.6 pence per therm by 2024/25. This would translate into a 38 percent decrease compared to 2018/19, when gas prices reached a peak of 60.7 pence per therm. Between 2018/19 and 2020/21 figures are expected to fall by over 56 percent, before increasing again in the following years. Combined household expenditure on energy derived from gas reached 13.83 billion British pounds in 2019. Spending had seen only slight fluctuations since 2010, with the most prominent being a jump to 17.1 billion British pounds in 2013. That year corresponds with supply problems from a Norwegian plant – the UK’s lead exporter – and below-average winter temperatures across the country.

Indigenous production set to decline

The fall in natural gas prices is accompanied by declining production levels. With onshore shale gas extraction suspended as of November 2019 and many offshore oil and gas fields depleted, the country is set to become more reliant on energy imports.

Gas prices worldwide

Natural gas prices in Europe tend to be higher compared to those in the U.S. as the latter is a major shale gas producer. In 2030, prices in Europe were forecast to climb to 7 nominal U.S. dollars per million British thermal units, three U.S. dollars more than prices in the North American country.

Forecasted gas prices in the United Kingdom from 2016/17 to 2024/25 (in pence per therm)*

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Source

Release date

March 2020

Region

United Kingdom

Survey time period

2017 to 2025

Supplementary notes

* Therm is a unit of heat energy equivalent to 100,000 British Thermal Units (BTU).
** Figures for 2019/20 onwards are forecasts.

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Statistics on "Energy prices in the UK"

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