Forecast: Energy Supply of Electricity in the UK

The UK's energy supply of electricity, measured in Million Tonnes of Oil Equivalent, showed significant annual fluctuations over the past decade. In 2023, the supply reached 2.01 Mtoe, marking a 3.02% year-on-year increase. This followed an 8.61% increase in 2022 and a 3.35% rise in 2021. The compound annual growth rate (CAGR) from 2019 to 2023 averaged 4.07%, stable growth given the declines seen in years like 2016 and 2020. Notably, the supply is forecasted to grow steadily, anticipating an average annual increase of 2.26% through 2028.

Future trends to watch for include:

- Increased adoption of renewable energy sources which might impact the overall energy supply mix.

- Government policies and regulations aimed at achieving net zero emissions which could influence production and supply capacities.

- Technological advancements in energy storage and distribution which may alter supply dynamics and efficiencies.