In 2023, the availability of geothermal power for final consumption in the UK was lower than the forecasted 820 tonnes of oil equivalent for 2024. From 2025 to 2026, the availability remains stable at 820 tonnes, followed by a slight increase to 830 tonnes in 2027 and 2028. This indicates a stagnant growth initially, with a slight upward trend beginning in 2027. The year-on-year percentage change between 2026 and 2027 is approximately 1.22%, suggesting modest growth. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is indicative of marginal growth.
Future trends to watch for include increased investment in renewable energy technology, government incentives for geothermal projects, and enhancements in geothermal extraction technologies. Monitoring regulatory changes and energy market dynamics will also be crucial in identifying potential growth opportunities in this sector.
