For a business using 500 to 2,000 MWh a year, the average electricity price was 10.9p/kWh in 2015 and 15.8p/kWh in 2021. It then doubled to 32.2p/kWh in 2023 as wholesale prices spiked, and was 28.3p/kWh in 2025. These are government figures for the delivered price, including the Climate Change Levy but not VAT.1
What businesses paid
The government publishes the average price paid by non-domestic electricity users, by size. The figures are "fully delivered" prices: wholesale energy, network and policy costs and supplier costs all included, VAT excluded.1 This chart shows businesses using 500 to 1,999 MWh a year.
| Annual use | 2015 | 2019 | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|---|---|
| Very small (up to 20 MWh) | 13.4 | 16.7 | 18.0 | 23.8 | 32.3 | 34.9 |
| Small (20 to 499 MWh) | 12.2 | 14.9 | 16.2 | 20.1 | 32.8 | 29.1 |
| Small/medium (500 to 1,999 MWh) | 10.9 | 13.5 | 15.8 | 23.9 | 32.2 | 28.2 |
| Medium (2,000 to 19,999 MWh) | 10.0 | 12.6 | 14.3 | 20.2 | 29.0 | 25.9 |
| Large (20,000 to 69,999 MWh) | 9.8 | 11.9 | 14.1 | 19.3 | 27.1 | 24.4 |
Pence per kWh, including the Climate Change Levy, excluding VAT. Source: QEP table 3.4.2.1 The latest quarter published, April to June 2026, was 27.67p/kWh for the 500 to 1,999 MWh band.1
What happened to wholesale prices
Ofgem's chart of monthly average day-ahead wholesale prices in Great Britain shows the energy crisis clearly. Reading from that chart:2
- 2015 to 2019: mostly between about £35 and £65/MWh.
- Spring 2020: a low of about £25/MWh.
- 2021 to 2022: a steep rise from autumn 2021, peaking above £350/MWh in summer 2022.
- 2023 to 2025: back down, mostly between about £60 and £125/MWh.
- 2026: rising again through the summer and autumn.
NESO's November 2026 forecast puts the average wholesale price for November at £152/MWh, 25% higher than its September forecast of £121/MWh.3
What drives wholesale prices
Ofgem names three main factors:2
- Wind. Forecasts of higher wind generation usually mean lower day-ahead prices, because less expensive gas-fired generation is needed. Variable wind makes prices volatile.
- Gas and carbon prices. Gas-fired generators often set the market price, so gas and carbon prices have a strong influence on electricity prices.
- European prices. Great Britain trades electricity with Europe through interconnectors. When it relies on imports, British prices must be high enough to attract them.
Many businesses don't pay day-ahead prices directly. Suppliers buy much of their energy in advance, so changes in the wholesale market reach contract prices gradually, depending on when your contract was priced.
Sources
Questions people ask
How much have business electricity prices risen since 2015?
For businesses using 500 to 1,999 MWh a year, the average delivered price rose from 10.9p/kWh in 2015 to 28.3p/kWh in 2025, according to government statistics (including the Climate Change Levy, excluding VAT).
When did wholesale electricity prices peak?
Ofgem's monthly day-ahead price chart peaks above £350/MWh in summer 2022.
What sets the wholesale electricity price in Great Britain?
Ofgem points to wind generation, gas and carbon prices (gas-fired plants often set the price) and European prices via interconnectors.
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