The study shows that European expenditure on electricity and gas has surged by more than 18% over recent years, from €450bn in 2008 to €532bn in 2012, with electricity accounting for most of this increase.

Accenture says rising prices were almost solely responsible for this jump, driven largely by charges in renewables support, while the volumes consumed remained largely stable.

It says without a concerted effort by industry, policymakers and consumers to more effectively manage the energy system, total energy expenditure in Europe could be 50% higher by 2030 than today.

"A