The supply of natural gas in the UK has experienced varying fluctuations over the years. In 2023, the supply stood at 2.738 million terajoules. From 2013 to 2023, the trend showed a slight decline overall, with notable peaks and troughs. The most significant year-on-year increase was observed in 2016 with 12.59%, while the sharpest decline occurred in 2014 at -8.88%. Over the last two years observed, from 2021 to 2023, the supply exhibited marginal changes with a -0.56% variation in 2023 and a 4.66% increase in 2022. The five-year CAGR, from 2018 to 2023, presents a slight negative trend at -0.8%.
Future trends to watch for:
- Continued slight decrease: The forecast predicts a nearly half-percent annual decline in supply from 2024 to 2028, marking a projected average 2.3% decrease over five years.
- Regulatory changes: UK energy policies and environmental regulations may impact natural gas production and supply.
- Technological advancements: Innovations in renewable energy and efficiency improvements could further reduce reliance on natural gas.
