A new study has found that wind power has cut at least £104bn from UK energy costs since 2010.
The research from University College London found that from 2010 to 2023, electricity bills were about £14.2bn lower thanks to energy from windfarms. This was compared to what prices would have been if has had been needed to generate the same amount of power.
But when factors such as the cut in demand for gas and not needing to build new infrastructure was also taken into account, the savings attributed to wind generation were far greater, at about £133.3bn.
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After deducting the £43.2bn paid by consumers in green subsidies and levied on electricity bills over the same period, the net reduction was £104.3bn over the 13-year period.
The increase in renewable energy generation across Europe has made demand for gas lower than it would otherwise had been. The study from UCL said this meant electricity companies had less need to build costly new gas-fired power stations.
In the UK energy market, gas-fired power stations are in effect allowed to set the price of electricity, so with less need for these stations, prices were lower than they would otherwise have been.
Colm O’Shea, a master’s student at UCL and lead author of the report, said: “Far from being a financial burden, this study demonstrates how wind generation has consistently delivered substantial financial benefits to the UK. To put it into context, this net benefit of £104bn is larger than the additional £90bn the UK has spent on gas since 2021 as a result of rising prices related to the war in Ukraine.
“This study demonstrates why we should reframe our understanding of green investment from costly environmental subsidy to a high-return national investment.”
Reacting to the study on X, green energy industrialist Dale Vince said it “delivers truth to the lies of the right wing.”
“Its fossil fuels driving bills up and green drives them down,” he added, before asking if the likes of Nigel Farage and Kemi Badenoch were taking note.