A new study by management consultants Accenture has determined that UK industry pays the lowest price for electricity among the EU 15

Aside from those in Finland, the UK’s domestic consumers also benefit from the cheapest power anywhere in Europe. Conversely, consumers in Germany and Italy face the highest prices in the economic bloc.

Key determinants of electricity costs were found to be the degree of openness and competition in the energy sector and are also heavily influenced by the types of fuel countries use to generate power.

While UK prices have risen recently in a reflection of the rising cost of natural gas, the high degree of competition among utilities drives down costs. “There is a huge variation in prices across countries,” said Omar Abbosh, an author of the report.