The UK is now spending over £250 million per month on European electricity imports, a new record high.

Notably, during the second quarter of 2024, some 20% of the nation’s electricity demand was met with European imports. In total, this quarter also saw the UK import 12.2 terrawatt-hours of electricity while exporting just 3 terrawatt-hours of electricity.

This figure comes at a time when old trends are clashing with new ambitions. While imported electricity has reached a record high, the new government is eyeing 100% clean and affordable electricity by 2030.

This includes a range of projects and proposals such as GB Energy and the sixth annual renewables auction. The latter of which saw contracts awarded earlier this month.

Along with increasing low- or zero-carbon electricity, utilising domestic renewable energy tech can increase energy independence.

Naturally, by lowering our dependence on international imports, it should lower electricity price fluctuations. Introducing vast, well-designed renewable energy infrastructure that covers various forms of clean energy capture (e.g. wind, solar, tidal etc.) can further contribute to long-term price stabilisation.

The downsides of price fluctuations is in focus lately with Ofgem increasing the energy price cap by 10% from October. This is with wholesale market costs (faced by the suppliers) increasing in recent times.