The forecasted data shows a steady decline in the UK’s fuel oil imports from 7.43 thousand gigawatthours in 2024 to 6.13 in 2028. In 2023, the imports stood at approximately 7.78 thousand gigawatthours, indicating a downward trend. Year-on-year, imports decrease at an average rate of 4-5%, while the compound annual growth rate (CAGR) shows a decline of around 4.5% over the five-year period. This trend suggests a gradual reduction in fuel oil dependency.
Future trends to watch:
- Transition to renewable energy sources impacting fuel oil demand.
- Government policies on energy efficiency and carbon emissions.
- Technological advancements in energy storage and distribution.
