The German boss of Britain’s biggest wind turbine maker has warned energy bills will have to keep rising to pay for the green transition as he attacked “fairytale” thinking about net zero.

Joe Kaeser, chairman of Siemens Energy, suggested higher energy bills were inevitable as turbine makers grapple with huge losses, forcing them to pass on costs to their customers.

The company is the owner of the UK’s biggest wind turbine manufacturing site, in Hull, and employs thousands of British workers.

Mr Kaeser said manufacturers had become locked in a harmful “rat race” to build ever-bigger turbines and claimed developers and governments were in denial about the costs this entailed.

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