Fossil fuel price assumptions: 2024
These fossil fuel price assumptions present various assumptions for the wholesale prices of oil, gas and coal for the UK out to 2050.
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These assumptions play a key role in determining the costs associated with energy and climate change policies and feed into the projections of carbon prices, generation costs, emissions and price and bill impacts of policies.
High, Central and Low price assumptions are provided for each fossil fuel. They provide a range for plausible future fossil fuel prices. The assumptions reflect long-term trends in fossil fuel prices and are not intended to capture potential short-term variability.
In compiling the assumptions the department has employed a number of different methods to produce figures using considered judgement. The 2024 fossil fuel price assumptions were reviewed by an expert panel.
For any enquires about these assumptions or the supporting documents please contact IEU.Analysis@energysecurity.gov.uk.