Reform’s Richard Tice hit out at “net zero insanity” after data showed UK companies are paying the highest electricity prices of anywhere in the developed world.

The cost of power for industrial businesses has soared by 124 percent in five years, according to the Government’s figures.

It is now about 50 percent more expensive than in Germany and France, and four times as much as the US.

Reform deputy leader Mr Tice said: “Net zero insanity exposed.

“Britain paying highest electricity prices in world despite sitting on vast oil and gas treasures. Due solely to high renewables and the zealots.”

The electricity price paid by UK industrial users per kilowatt hour increased to 25.85p in 2023, the figures show.

The total compares to 10.43p five years ago and 8.89p a decade ago.

In comparison, the equivalent price was 17.84p in France, 17.71p in Germany and 6.48p in the US.

The figures will fuel fears about the future of UK industry amid warnings about high energy prices.

Energy Secretary Ed Miliband wants industrial businesses to switch away from gas to electricity-powered processes.

A Government spokesman said: “We are already bringing energy costs for UK industries closer in line with other major economies through the British Industry Supercharger.

“This fully exempts eligible firms from certain costs linked to renewable energy policies, particularly those exposed to the high cost of electricity.

“Our mission is for clean power by 2030 because clean, homegrown energy is the best way to protect billpayers and boost Britain’s energy independence, with improving infrastructure at the heart of this mission.”