2024 GB Electricity Market Summary

Uncover the Trends Shaping the UK Energy Market

The 2024 GB Electricity Market Summary is your definitive guide to the year’s most significant energy trends, challenges, and breakthroughs. This expert analysis provides in-depth insights into renewable energy milestones, pricing shifts, and the evolving role of imports and interconnectors. Stay informed with data-driven insights that empower you to make smarter decisions in the UK energy market.

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What You’ll Learn in the 2024 Market Summary
  • Electricity Generation and Fuel Mix
    Discover how renewables, gas, nuclear, and imports shaped the market:
    • Renewables: 13.49GW (+1%)
    • Gas: 8.29GW (-16%)
    • Coal: 0.18GW (-43%) – marking the closure of coal-fired power generation
    • Imports: 3.79GW (+40%)

  • Price Dynamics Explained

    • Gas prices declined by 16% year-on-year, averaging £28.63/MWh.
    • Wholesale electricity prices fell to an average of £72.58/MWh, with 53 more negative-price hours than in 2023.
    • Record-breaking T-4 Capacity Auction price of £65/kW/year reflects future energy investment trends.

  • Renewables at a Crossroads
    • Wind energy reached record highs, contributing 83TWh to the grid. However, 10% of wind output was curtailed due to transmission system limitations.

  • Interconnectors and Imports

    • A 40% rise in net imports from France and Norway offset the decline in domestic generation, reshaping GB’s energy supply.

Key Themes for Energy Professionals

Renewable Energy Growth

Understand how increased output affects prices and grid capacity.

The End of Coal

Explore the implications of GB’s final coal-fired generation.

Impact of Global Events

Learn how geopolitical tensions and weather patterns influenced prices and demand.

Harnessing Interconnectors

Learn how increased imports are enhancing reliability and bridging domestic shortfalls.