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Energy Costs in UK Still Double the Historic Average

  • The average cost for electricity in the UK in 2024 is forecasted to be £113 per MWh, a reduction from previous estimates but still significantly higher than the £50 per MWh historic average.
  • Britons are expected to continue conserving energy, with many reducing heating and reallocating funds from food and leisure to cover energy bills.
  • Ofgem has issued warnings to energy suppliers regarding the resumption of forced meter installations, with some companies like Octopus Energy and Scottish Power expressing caution or opting out of the practice.

reductions in the coming months.

Figures today from energy analysis consultancy Cornwall Insights show that the average costs for 2024 will be £113 per MWh – a £16 drop from the previous forecast.

This is largely due to Europe holding higher than expected natural gas reserves.

However despite the price fall, forecasts remain substantially higher than the £50 per MWh historic averages, with Europe’s dependence on international Liquefied natural gas (LNG) following sanctions on imports from Russia, cited as a key reason.

Prices are expected to drop back down below £100 per MWh in 2025.

Evelin Blom, a modeller at Cornwall Insight, said the cuts represented “much-needed good news for UK households”.

“While this relief is welcome, Great Britain’s consumers face a long road to truly affordable energy,” she added.

“The rise in electricity demand poses a significant hurdle, and without action, threatens to keep power bills elevated until the end of the decade and beyond.”

Figures from home energy provider Aira shared exclusively with City A.M. today, show that 65 percent of Britons will likely keep heating lower during January, with seven percent opting to keep it off completely.

The survey of 8,068 respondents also found that one in four will also take cash for their energy bills from their typical food spend and nearly the same number drawing on cash for leisure activities (24 percent) and clothing (22 percent).

Also this week, Ofgem issued a word of caution to suppliers it has cleared to resume the controversial and previously-banned practice of forced meter installations.

The watchdog said an extensive list of criteria had to be met before the suppliers could action the installation.

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Octopus Energy said it would not be pursuing the practice, while a Scottish Power spokesperson confirmed that it will always be a “last resort”.

By City AM 

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  • George Doolittle on January 11 2024 said:
    The USA and Norway continue to mint money at the expense of all of Europe thanks to still misquided energy policy in response to the Russian "economic War." Even Venezuela relies upon USA "dilutant stocks" of WTI to surge their production numbers 2023 which looks set to continue. The Netherlands apparently re-opening Groenigen. Shell Energy former Royal Dutch Shell getting very positive headlines of late anyways. Not sure about Guyana. Romania apparently a big beneficiary of this "Ukraine disaster" as well.

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