Key Market Indicators
**British Energy Consumption and Supply Projected to Decline by 2028** British energy consumption is projected to decline slightly over the next five years. By 2028, consumption is expected to reach approximately 7.3 exajoules, a minor decrease from the 7.3 exajoules recorded in 2023. This represents an annual decline of 0.1% on a compound annual growth rate (CAGR) basis. Historically, since 1970, the UK's energy demand has decreased by an average of 2% per year. In 2023, the UK ranked 15th globally in energy consumption. France outpaced the UK with an identical consumption figure of around 7.3 exajoules. The United States, India, and Russia held the top three positions in this global ranking. On the supply side, British energy supply is also expected to decrease. By 2028, the UK's energy supply is forecasted to drop to roughly 141 million tonnes of oil equivalent, down from approximately 151 million tonnes in 2023. This indicates a yearly decline rate of 1%. Since 1965, the UK's energy supply has been on a downward trend, decreasing by an average of 3% per year. In 2023, the UK ranked fourth globally in energy supply. Saudi Arabia led the ranking with a supply figure identical to the UK's, at around 151 million tonnes of oil equivalent. France and Saudi Arabia occupied the second and third positions, respectively, with the UK closely following.
