In February 2025, electricity prices in the United Kingdom amounted to 143.37 British pounds per megawatt-hour, an increase on the previous month. A record high was reached in August 2022 when day-ahead baseload contracts averaged 363.7 British pounds per megawatt-hour.
Electricity price stabilization in Europe Electricity prices increased in 2024 compared to the previous year, when prices stabilized after the energy supply shortage. Price spikes were driven by the growing wholesale prices of natural gas and coal worldwide, which are among the main sources of power in the region.

… and in the United Kingdom? The United Kingdom was one of the countries with the highest electricity prices worldwide during the energy crisis. Since then, prices have been stabilizing, almost to pre-energy crisis levels. The use of nuclear, wind, and bioenergy for electricity generation has been increasing recently. The fuel types are an alternative to fossil fuels and are part of the country's power generation plans going into the future.

UK Electricity decreased 15.90 GBP/MWh or 15.52% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for the United Kingdom Electricity Price.

Residential electricity prices in the United Kingdom amounted to 0.35 U.S. dollars per kilowatt-hour in March 2024, a decrease in electricity prices for households in the UK from the previous year.

Household electricity prices in the United Kingdom averaged 22.03 euro cents per kilowatt-hour (kWh) in the first half of 2020. Over the past decade, household electricity prices have seen an overall increase, peaking at 22.10 euro cents per kWh in the second half of 2019. On average, the UK pays some of the highest electricity prices in Europe. Annual electricity billsIn 2019, the average annual domestic electricity bill for those with an electricity consumption of up to 3,800 kWh was 608 British pounds. In comparison, those with a consumption of 6,000 kWh paid 837 British pounds. Payment methods also affect electricity bills, with consumers who used prepayment paying the least. In 1970, the overall expenditure on electricity by all end users in the UK amounted to 1.5 billion British pounds. This increased significantly in the following decades and amounted to nearly 38 billion pounds by 2018.

Germany, Belgium, and Ireland had some of the highest household electricity prices worldwide, as of June 2024. At the time, German households were charged around 0.39 U.S. dollars per kilowatt-hour, while in Belgium, the price stood at 0.37 U.S. dollars per kilowatt-hour. By comparison, in Qatar, residents paid more than 10 times less. What is behind electricity prices? Electricity prices vary widely across the world and sometimes even within a country itself, depending on factors like infrastructure, geography, and politically determined taxes and levies. For example, in Denmark, Belgium, and Sweden, taxes constitute a significant portion of residential end-user electricity prices. Reliance on fossil fuel imports Meanwhile, thanks to their great crude oil and natural gas production output, countries like Iran, Qatar, and Russia enjoy some of the cheapest electricity prices in the world. Here, the average household pays less than 0.1 U.S. dollars per kilowatt-hour. In contrast, countries heavily reliant on fossil fuel imports for electricity generation are more vulnerable to market price fluctuations. The top importers of natural gas in Europe in 2023 were Germany and Italy, where this energy source constitutes a relevant share of the power mix.

Non-domestic consumers with consumption between 500 megawatt-hours and 2,000 megawatt-hours tended to pay higher electricity prices than those users with consumption greater than 20,000 megawatt-hours. As of 2023, electricity prices for these consumers amounted to 32.17 pence per kilowatt-hour and 27.07 pence per kilowatt-hour, respectively. Generally, for both consumption rates, electricity prices presented a trend of growth with a peak in 2023.

This dataset provides values for ELECTRICITY PRICE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Daily data showing the System Price of electricity, and rolling seven-day average, in Great Britain. These are official statistics in development. Source: Elexon.

This dataset provides values for ELECTRICITY PRICE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

As of the fourth quarter of 2024, oil prices in the United Kingdom stood at 74 dollars per barrel, with prices expected to rise to 76.6 dollars a barrel in early 2025, before gradually falling in subsequent quarters.

In March 2024, industrial electricity prices in the European countries of Poland, Italy, and the United Kingdom were among the highest in the world, at over 0.40 U.S. dollars per kilowatt-hour. Singapore was the Asian country with the highest electricity bill worldwide at that time. Lowest electricity prices in the world The average retail electricity price in the United States was considerably lower than in most of Europe. Iceland was the European country with one of the lowest electricity bills for enterprises that month. At the bottom of the ranking were also Russia, Iraq, Qatar, Argentina, and Libya. In these countries, commercial electricity prices amounted to less than 0.1 U.S. dollars per kilowatt-hour. Household electricity prices In addition, European countries had the highest household electricity prices worldwide that month, with Italy at the top of the ranking. By comparison, Iran and Ethiopia had the lowest residential electricity prices in the world.

Live business electricity prices per kWh and standing charges in the UK.

Wholesale electricity prices in the European Union (EU) increased in 2024 after recovering from the global energy crisis in 2023. This was the result of a myriad of factors, including increased demand in the “post-pandemic” economic recovery, a rise in natural gas and coal prices, and a decline in renewable power generation due to low wind speeds and drought. Nuclear power's critical role In 2023, nuclear and wind were among the leading sources of electricity generation in the EU, accounting for more than one-third of the output. Nuclear energy continues to play a crucial role in the European Union's electricity mix, generating approximately 619 terawatt-hours in 2023, which accounted for about 20 percent of the region's power production. However, the future of nuclear power in Europe is uncertain, with some countries like Germany phasing out their nuclear plants while others maintain their reliance on this energy source. The varied approaches to nuclear power across EU member states contribute to the differences in electricity prices and supply stability throughout the region.

Renewable energy's growing impact As Europe strives to decarbonize its energy sector, renewable sources are gaining prominence. Wind power in Europe, in particular, has seen significant growth, with installed capacity in Europe reaching 257.1 gigawatt hours in 2023. This expansion of renewable energy infrastructure is gradually reshaping the electricity market, potentially leading to more stable prices in the long term. However, the intermittent nature of some renewable sources, such as wind and solar, can still contribute to price fluctuations, especially during periods of low output.

Discover how high electricity costs are impacting the competitiveness and investment in the UK steel industry.

Spain Electricity decreased 81.27 EUR/MWh or 59.82% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for Spain Electricity Price.