Household annual gas and electricity bills are set to soar by £150 over the next five years because of the European Union’s green energy drive, a report revealed.
Millions of of businesses will also see their energy bills rocket by nearly a quarter (23%) over the same period as a result of the pressure from Brussels.
And EU energy regulations are set to cost the country around £8.4billion a year.
The crippling costs of the drive for wind farms and other so-called “sustainable” energy sources is laid bare today in a report from the think thank Open Europe.
Rearchers estimate that EU environmental targets will add £350,000 to the annual energy bills of small and medium-sized businesses.
It comes as David Cameron and other European leaders meet at an EU summit in Brussels today to press for a 40% cut in carbon emissions across the continent by 2030.
Raoul Ruparel, head of economic research at Open Europe, said: “Despite admirable goals the EU’s green policies have imposed huge costs but delivered limited benefit and are marred by conflicting objectives.
“With people in the UK concerned about the cost of living, business still struggling to balance their books and Europe needing a more flexible energy supply to wean itself off dependence on Russian gas, a radical re-think of the EU’s energy policy is now vital.
“Neither the EU nor the UK can afford to waste more time on a costly and failing policy.”
Figures from Open Europe show that 4% of the EU’s energy consumption is currently fuelled by wind and other so-called renewable sources.
Under EU targets, that figure is set to nearly quadruple to 15% by 2020.
Open Europe estimates that, in 2013, the average household gas and electricity bill increased by £59 (5%) due to EU regulations and targets.
By 2020, EU-related regulations or targets will increase annual household bills by £149.
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