In the context of the UK’s geothermal power gross inland consumption, the forecasted values for 2024 to 2028 indicate a relatively stable pattern. For both 2024 and 2025, the projected consumption stands at 820 tonnes of oil equivalent. There is a slight increase to 830 tonnes projected for 2026 onwards, maintaining this level through 2027 and 2028. As of 2023, the actual value was also at 820 tonnes of oil equivalent.
Year-on-year variations between 2024 and 2025 remain at 0%, demonstrating stability. From 2025 to 2026, there is a 1.2% increase, which then stabilizes again through to 2028. The Compound Annual Growth Rate (CAGR) for the period from 2024 to 2028 suggests a minimal average annual growth rate, approximating around 0.24% per year.
Future trends to watch for:
- Technological advancements in geothermal energy extraction and efficiency improvement.
- Government policy changes and subsidies aimed at promoting renewable energy sources.
- Market dynamics influenced by energy prices and comparative advantages over other renewables.
- Investments in geothermal infrastructure and research initiatives that could drive growth beyond current projections.
- Environmental impact assessments and public acceptance potentially influencing future consumption patterns.
