UK investment in wind energy generated a net financial benefit of more than £100bn for energy consumers between 2010 and 2023, challenging misconceptions about the cost of the green energy transition, a new UCL study has shown.
The study, published in UCL Open Environment, found that between 2010 to 2023 wind-generated energy lowered electricity bills by £14.2bn and cut the cost of natural gas by £133.3bn. When offset by the £43.2bn in green subsidies consumers paid through their bills, the net result was a reduction of £104.3bn in UK energy bills over the 13-year period.
Lead author Colm O’Shea (UCL Geography) 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.”
