The chief executive of Britain’s largest electricals retailer has warned soaring energy costs are undermining the nation’s economic prospects and placing businesses at a competitive disadvantage.
Alex Baldock, who leads Currys, drew a stark comparison with American rival Best Buy during remarks at the Centre for Policy Studies’ Margaret Thatcher Conference in London on September 1.
He said: “In 1990, Currys was paying the same per kilowatt an hour for energy as Best Buy — we’re now paying five times as much.”
The outgoing boss, who is stepping down after eight years leading the company, joined calls from business leaders raising concerns about the UK’s competitiveness.
Electricity costs in the UK have steadily outpaced most EU countries and other major economies, with ongoing tensions in the Middle East expected to add further pressure.
Greg Jackson, chief executive of Octopus Energy, also addressed the conference and delivered a critical assessment of Britain’s regulatory framework.
He said: “Energy regulation is brutally inefficient and bureaucratic barriers across industries are one of the main reasons our economy is in a near zero-growth mode.”
He pointed to a gap between generation costs and what consumers ultimately pay for electricity.
Britain paying five times more for electricity than US rivals, warns Currys boss
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Solar and onshore wind generate electricity at roughly 5p per unit, while offshore wind and gas cost around 10p, according to Mr Jackson.
Mr Jackson said: “Yet households typically pay 25p a unit and somehow just sending it down some wires multiplies the price by between 2.5 and five times.”
Both executives identified regulatory complexity as a key constraint on economic growth in Britain.
Research from Aurora Energy Research highlighted the scale of the UK’s pricing gap compared with other countries.
Domestic electricity prices reached 34.54p per kilowatt-hour in 2025, placing the UK behind only Germany and Ireland in Europe.
By comparison, consumers in the United States paid 12.85p per kilowatt-hour, close to three times less than UK households.
Currys’ own energy costs have approximately doubled since the pandemic, even before the latest geopolitical tensions emerged.
The increase reflects a 20 per cent rise in commodity prices alongside a more than twofold increase in non-commodity costs, including taxes and subsidies.
Ed Miliband faces pressure to bring down energy costs
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Ashutosh Padelkar, research lead at Aurora Energy Research, said the pricing disparity is largely driven by gas costs.
“Gas determines wholesale electricity prices and Europe pays considerably more for gas than America.
“That structural gap exists regardless of geopolitical shocks.”
Mr Baldock said the current Gulf tensions had not yet “directly” had a “massive impact on businesses like ours” but warned of longer-term effects.
He said: “Inevitably, when you have global recessions, people spend less money and that’s going to feed through to a squeeze in the market that Currys sells.”
Household energy bills are expected to rise further when Ofgem updates its price cap later this summer.
He added that Europe’s reliance on energy taxation adds to the pressure, while the United States uses tax credits to reduce costs.
Labour said it would accelerate the transition to domestically produced clean energy and take action to reduce the influence of gas on electricity prices.