In 2023, we saw a sustained fall in gas demand, with domestic gas consumption down 8% compared to 2022 – likely driven by high prices and increasing levels of debt.
This drop in domestic gas demand is first seen in Q4 2022, when customers faced record high energy bills and the Energy Price Guarantee came into effect. It’s a change in consumption that has remained throughout 2023, as customers have adjusted their behaviour in response to the cost-of-living crisis.
Our analysis shows quarterly gas consumption over the last five years, compared to the Composite Weather Variable (a reliable predictor of gas demand, which takes into account temperature, wind chill, and historic seasonal demand).
Quarterly gas demands from Q4 2022 onwards are all lower than historic levels – likely reflecting the time taken for higher bills to wash through the system, and trigger a customer response.
If you'd like to see our analysis in full, contact John de Bono.
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John de Bono
John performs various analyses to provide BFY and their clients with unique insights, which help to inform decision making and inspire exceptional performance.View Profile