Renewables Are Cutting Electricity Prices

Apr 15, 2024

The first quarter of 2024 saw a strong decrease in wholesale electricity prices, thanks to the rise in renewable energy production in the UK.

On average, electricity prices saw a drop of about 22% in comparison to the prior quarter. Renewable energy production hit a monumental record of 35.40TWh making up almost 50% of Britain’s fuel for this quarter.

Contributors to the cutting of electricity prices

  • Wind power – the leading contributor clocking in at 25.5 Terawatt-hours.
  • Biomass – sustainable heating comes in second with 6.7TWh
  • Solar – sun power is generated at 1.9TWh, proving the sun’s energy is a source to be tapped. 
  • Hydro – finally, water power converted into power at 1.6TWh

Decreases in Gas and Nuclear power

These increases in renewable energy sources left a significant mark on the operation of Combined Cycle Gas Turbine planets, decreasing by 1.7TWh from 23.5Twh in the previous year’s quarter.

What’s more, nuclear resources all over the country saw hits which caused a decline in the nuclear generation, in a drastic change from 9.6TWh to 7.9TWh, in comparison to the previous year.

Imports influence

France was the biggest supplier of imported Energy into the UK, raising imports to 75%, with a total of 9.1TWh.

Whilst the price of gas, which has been decreasing throughout the start of this year has further helped the reduction in electricity prices.

Apply for Renewable Energy Upgrades

Using the form below, discover if you are eligible for free energy upgrades from government-backed initiatives such as ECO4, the Great British Insulation Scheme, and the Boiler Upgrade Scheme. With these schemes, you could upgrade your home to a green energy haven:

  • Installing renewable heat pumps, in place of old conventional boilers.
  • Adding insulation to blanket your home and retain the heat.
  • Run your home with the power of the sun through solar.

Further Reading

Cornwall Insight (cornwall-insight.com) – Read more about the transition to net zero.

National Grid: Live (iamkate.com) – Track the use of renewable energy live.

How much of the UK’s energy is renewable? | National Grid Group – a rundown of the UK’s renewable energy use.