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High energy prices to 2030 and beyond, says new report
The next decade and beyond will see significant changes to the energy generation technology mix with renewables becoming more and more important, says new report from Cornwall Insight.
Research from Cornwall Insight (looking at Great Britain’s (GB) Power Market to 2030) has shown energy prices will remain in excess of £100/MWh annually. This is significantly above the five year pre-2021 historic average of £50/MWh in Winter and the even lower prices in pre-2021 Summer.
“While we are used to seeing headlines depicting energy prices at an all-time high, unfortunately, while prices will reduce, our modelling shows that pre-2021 prices are not making a comeback this decade and likely beyond.”
Tom Edwards, Senior Modeller at Cornwall Insight
High energy prices here to stay to 2030 and beyond, says new report.
Prices are expected to rise to £150/MWh in Winter 2025 due to closures of nuclear power stations, delays to Hinkley C, and increasing high-cost peaking capacity.
Renewable generation capacity will rapidly increase to meet targets and will help meet rising demand; however, marginal gas-fired generation sets power prices.
Businesses and organisations with buildings in Oxfordshire can get in touch with our team to discuss ways to save energy and switch to low carbon technology, renewables and smart controls.
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