Research and analysis

Fossil fuel price assumptions: 2023

These fossil fuel price assumptions for 2023 present various assumptions for the wholesale prices of oil, gas and coal for the UK out to 2050.

• From: Department for Energy Security and Net Zero
• Published: 30 November 2023
• Last updated: 1 October 2024 — See all updates

Documents

Fossil fuel price assumptions 2023 (updated 26 September 2024)

PDF, 852 KB, 22 pages

Fossil fuel price assumptions 2023: data tables (updated 1 October 2024)

MS Excel Spreadsheet, 43.6 KB

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Fossil fuel supply curves (prepared by Rystad Energy)

PDF, 1.16 MB, 40 pages

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Details

Correction: 1 October 2024

The fossil fuel price assumptions for 2023 have been reissued to correct an error in input data used in this iteration.

Please refer to the latest version of the fossil fuel price assumptions.

Each year the Department for Energy Security and Net Zero, formerly the Department for Business, Energy and Industrial Strategy, updates its long-term price assumptions for oil, gas and coal.

These are assumptions for the wholesale fossil fuel prices that are relevant for the UK economy and which are set in international markets. These assumptions are required for long-term economic appraisal and therefore reflect a range of potential long-term trends. They are not forecasts of future energy prices.

This publication presents analysis from 2023.

Contact ieu.analysis@beis.gov.uk for any enquiries about these assumptions or the supporting documents.

Published 30 November 2023
Last updated 1 October 2024 + show all updates

1. 1 October 2024

   The fossil fuel price assumptions (data tables) for 2023 have been reissued to correct an error in input data used in this iteration.

2. 26 September 2024

   The fossil fuel price assumptions for 2023 have been reissued to correct an error in input data used in this iteration.

3. 30 November 2023

   First published.