Yes, induction stoves use a lot of electricity. They are however very efficient, so the actual cost of running one is not that high. Induction cookers work by using an electromagnetic field to generate heat directly in the cookware, so the cooktop itself stays cool to the touch. This makes them a safer option than gas or electric cooktops, which can become very hot. induction stoves are also very responsive, so you can easily control the cooking temperature.