Box sets » Energy

Chart 2B: Line chart and stacked bar chart showing CPI inflation in the adverse scenario
As tensions have risen in the Middle East, there has been increasing concern over the possibility of a wider escalation in the region and its implications on the UK economy. In this box we considered the economic growth and inflationary implications of an adverse scenario. In this scenario, supply chain disruption reaches levels not seen since the pandemic levels and energy costs rise sharply for a second time since the pandemic.

Economy categories: Gas prices, Conditioning assumptions, Oil prices, Real GDP, Inflation

Cross-cutting categories: Energy

Chart 3A: Energy consumption and gas supply
Since 1970 the UK's energy sector has undergone significant shifts following the discovery of oil and gas in the North Sea and the energy shocks of the 1970s. In this box we summarised the historical events and changes that has led to the UK has become increasingly dependent on imported gas.

Economy categories: Oil prices, Gas prices, Imports and exports

Cross-cutting categories: Energy

Chart 3B: Illustrative enhanced levelised costs of energy
An estimate of the full cost of different energy sources to the power system needs to reflect more than just the construction and operating costs of energy generators that are captured in the levelised cost of electricity (LCOE). In this box we explored enhanced measures of levelised costs of energy.

Cross-cutting categories: Net zero, Energy