The United Kingdom experienced a surge in electricity imports from Europe last year, reaching a record high. This was attributed to a domestic capacity shortage resulting from the closure of coal and nuclear power plants in the country, as reported by The Telegraph, citing data from the London Stock Exchange (LSEG) Power Research.

Research indicates that in 2023, the United Kingdom imported 12% of its electricity volume from France, Norway, Belgium, and the Netherlands, amounting to a value of 3.5 billion pounds ($4.44 billion).

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While wind and solar farms can contribute to addressing some of the energy shortfalls, their effectiveness is significantly reliant on weather conditions. That said, the newspaper reported that wind speeds in 2023 were lower than the 20-year average in 11 out of 12 months, according to records from the UK's Met Office.

Over the past few decades, the UK has shut down numerous nuclear power plants and nearly all coal-fired power stations, with only one remaining coal plant slated for closure by 2025.

Spike in energy prices

Earlier this month, British citizens started their new year with a 5% hike in energy bills, British power regulator Ofgem announced on January 1st.

The company said the decision was driven by the global geopolitical tensions affecting the oil and gas markets, including the Russian war in Ukraine that is approaching its two-year mark and the recent military escalation in the Red Sea between the US-led maritime coalition and Yemenis, who are carrying out operations targeting Israeli and "Israel"-bound ships in response to the occupation's ongoing genocide in Gaza.

From January 1 to the first of March, households will add 94£ to their annual bill, the firm said.

Adjustments to electricity costs are introduced every three months, with a cap on how much suppliers can charge citizens as per consumption set by Ofgem. The change will see costs rise from £1,834 in 2023 to £1,928 in 2024.