The rise in gas and electricity prices could cost EU energy buyers an additional €9.5 billion (£7.63 billion) next year.

That’s according to analysis by EnergyQuote JHA, which claims rising energy prices have affected the progress made by firms in cutting their costs through efficient measures.

The report shows Dutch power consumers could have the most significant increase in wholesale energy prices of up to 12.5% in 2013. German, Australian and Belgian prices are expected to increase by around 10% and UK consumers could see an increase of between 5-7%.

Prices for gas are expected to rise between 2-3% next year across the EU markets.

Gary Worby, Managing Director of the company said: “The sheer magnitude of these numbers show that it is more important than ever before for industrial energy buyers to take full advantage of the range of risk and procurement tools available to them.”

Out of the predicted increase, €5.3 billion (£4.3 billion) or 56% is accounted for by the growth in electricity prices, whilst the remaining €4.2 billion (£3.4 billion) by gas prices.