Between 2013 and 2023, the UK's fossil energy production demonstrated notable fluctuations. Production peaked in 2018 and 2019 but showed a significant downturn, particularly from 2020 onwards. The volumes stood at 75.76 Million Tonnes of Oil Equivalent in 2023, reflecting a -3.96% variation from the previous year. Over the last five years, the compound annual growth rate (CAGR) was -3.55%, indicating a consistent decline.
Looking forward, forecasted data suggest an ongoing reduction in fossil energy production. By 2028, the volume is expected to fall to 59.19 Million Tonnes of Oil Equivalent, with a forecasted five-year CAGR of -3.85%, and an aggregate decrease of -17.83% from 2023 levels.
Future trends to watch for include potential policy shifts towards renewable energy sources, advancements in energy-efficient technologies, and adherence to international climate agreements which may accelerate the decline in fossil energy production.
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