London, 19 January 2024, (Oilandgaspress): – Britain imported a net 13% of its total electricity in relation to total demand in 2023 – the highest on record – as generally low demand in Europe, high levels of Nordic hydroelectric as well as recovering French nuclear production helped to bolster GB power supply, according to LSEG Power Research.
This was up from the previous high of 12% set in 2021 and in complete contrast to 2022 where Great Britain exported more power than it imported relative to power demand.
The ability to import and export is reliant on the interconnectivity of power grids via undersea cables and the commissioning of the Viking Link 1,400 MW HVDC submarine power cable between Britain and Denmark in late 2023 will drive these trends.
Imports can be especially beneficial for Britain during the summer as the cost of power from the continent tends to be lower when compared domestically due to the abundance of solar power installed and therefore plentiful production. Whereas in the winter, the interconnectors allow for increased exporting of power due to strong wind supply.
Italy was Europe’s biggest importer – not only in relation to domestic power production, but also in relation to total power demand, with 23% and 19% respectively. In absolute terms, Italy took the crown for Europe’s largest electricity importer on 51.6 TWh.
Nathalie Gerl, Lead Power Analyst at LSEG Power Research, comments: “In general, the opportunity of importing cheaper electricity from abroad reduces the occurrence of price spikes and specific to Britain, the overall wholesale price level is lower than it would be without the interconnection.
“It is highly unlikely that Britain will become dependent on imports in the narrow sense of the word, as the gas power plant supply is actually quite ample and allows the country to switch to net exporter when this is needed, as seen in 2022 when British exports helped to fill out shortfalls in French nuclear capacity.”
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Nsikan Edung
Manager, External Communications
London Stock Exchange Group
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