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Data Starter: The price elasticity of supply of energy in the UK

Elizabeth Veal

6th February 2026

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How price elastic is the supply of energy?

Market: UK natural gas production

The price of wholesale gas has increased from 70p per therm to 84p per therm. The quantity supplied at 84p is 24.6 billion cubic metres. The price elasticity of supply (PES) for UK natural gas is 0.8 for this time period.

Data Sources: Gas statistics - GOV.UK; UK: NBP natural gas prices 2025| Statista;

Using this data, answer these calculation questions:

  1. Calculate the original quantity supplied of gas.
  2. Explain three reasons why the supply of natural gas might be relatively price inelastic in the short run.

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Elizabeth Veal

Liz has taught Economics for over 25 years, including several years as Head of Economics at leading schools.

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