The forecasted Gross Inland Consumption of Electricity in the UK shows a steady increase from 2.07 million tonnes of oil equivalent in 2024 to 2.31 million units by 2028. In 2023, the actual consumption was slightly below the forecast for 2024, hinting at a modest but consistent annual growth. From 2024 to 2028, we're observing a consistent year-on-year increase averaging around 2.77%. Over the five-year period, the compound annual growth rate (CAGR) stands at approximately 2.75%.
Future trends to watch for include:
- An increasing shift toward sustainable energy sources, potentially affecting the demand and consumption patterns.
- Technological advancements in energy efficiency, which could moderate consumption growth despite economic and population increases.
- Policy changes aimed at reducing carbon emissions, accelerating the move towards green energy.
