In 2023, the imports of renewables and biofuels in the UK stood at 5.55 million tonnes of oil equivalent. From 2024 onwards, the forecast data indicates a steady year-on-year increase: 4.32% in 2025, 4.13% in 2026, 3.97% in 2027, and 3.66% in 2028. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is estimated to be approximately 3.67%.
Future trends to watch for include:
- Technological advancements in renewable energy storage and efficiency, potentially impacting imports.
- Government policies and incentives aimed at increasing domestic production of renewables.
- Volatility in global energy markets which may influence import strategies.
- Increased focus on energy security and environmental sustainability, potentially driving changes in import patterns.
