In 2023, the electricity generation in the UK stood at a notable level. Forecasts for the years 2024 to 2028 indicate a gradual increase in electricity generation, reaching 328.82 Terawatthours by 2028. Year-on-year variations show consistent incremental growth between 0.3% to 0.5%. Over the last two years, the growth has been stable, reflecting a steady increase in generation capacity. The Compound Annual Growth Rate (CAGR) over the next five years is expected to remain modest, exhibiting a reliable growth trend.
Future trends to watch for include:
- Transition towards renewable energy sources and its impact on overall generation.
- Technological advancements in energy storage and smart grid technologies.
- Government policy changes and their influence on the energy sector.
- Economic factors and their impact on energy consumption patterns.