Wind energy "saved" the British budget - It has reduced costs by 104 billion pounds since 2010
Wind power has cut costs in the UK by at least £104 billion since 2010, a study has shown. Gas users have been among the biggest beneficiaries, according to the data.
A study by University College London found that from 2010 to 2023, energy from wind farms resulted in electricity bills being reduced by around £14.2 billion, compared to the value of gas used to generate the same amount of energy.
However, the reduction in the cost of gas associated with wind generation, due to reduced demand and the lack of new infrastructure, was much larger, at around £133.3 billion.
During the same period, consumers paid around £43.2 billion in green subsidies, which were placed on electricity bills rather than gas bills. The net result was a £104.3 billion reduction in UK energy bills over 13 years, according to the researchers.
The rise in renewable energy generation in Europe has reduced demand for gas, and consequently gas prices, reducing the need to build new plants. Furthermore, the way the UK energy market works allows gas-fired power plants to effectively set the price of electricity.
According to experts, this study shows that wind generation has not been a financial burden, but has brought significant benefits to the UK. To put that into perspective, the net benefit of £104 billion is greater than the additional £90 billion the UK has spent on gas since 2021, due to price increases from the war in Ukraine,” they explain.
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