Energy prices

The price of domestic gas and electricity has been relatively stable over the past seven years after increasing steadily through 2000-2008. The price of gas has fallen somewhat in recent years, but electricity prices have risen. The cost of heating oil has fallen over the last three years with particularly large falls to 2016 before a partial rebound in the most recent year.

Domestic energy suppliers have been under pressure for some time to cut prices in response to drops in wholesale energy prices. In the medium to long term the pressures on price appear to be mixed as companies consider the reduction in wholesale price as well as rising infrastructure costs. The most reliable way consumers to reduce their bills in the medium to longer term is through energy efficiency improvements.

This note focuses on trends in the domestic market – the costs of gas, electricity and other fuels used in for heating and the impact on fuel poverty. This note does not look at road fuel prices.