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UK smashes energy record as ‘cheapest’ power source produced more electricity than ever

  • January 07, 2023

They accounted for 38.5 percent of the energy mix, a three-year high. This made it the largest source of generation despite gas prices surging astronomically last year. The energy sources also still heat up to 80 percent of British homes, according to the Office for National Statistics.

However, gas prices plunged to pre-Ukraine war levels this week for the first time since the conflict began after warmer weather across Europe calmed fears of suspected shortages. 

The European gas contract for the month ahead dropped to €76.78 (£68.07) per megawatt hour on Wednesday, the lowest price seen in over 10 months. before closing at a higher price of €83.70 (£74.20), according to the data company Refinitiv. 

In the UK, natural gas futures dipped below 170p per therm – the typical unit of heat energy – down from over 500p immediately after the Russian invasion, hitting a high of above 650p in August.

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