It would change things for the better, not worse.
There might be some very short-lived havoc in the markets caused by the sudden devaluation of energy company stocks, but that's it.
First of all, most energy consumers aren't using fungible energy forms like electricity, but specific forms such as coal (smelting) or oil (fertilizers, fuel). Even if electricity was made free overnight, petrol would still cost money the next day! Converting all factories to purely electricity and building plants to generate hydrocarbon feedstock from CO2 and electricity would require massive investment in capital works. The markets would recover, and the result would be a boom like no other. Engineers that lost their jobs in the oil extraction industry would retrain and find jobs in the oil generation industry, or the oil-to-electricity plant conversion industry.
On top of that, whole new industries would pop up or get a massive boost. For example, recycling is mostly a question of energy. Currently, it's just not worth it for a lot of things. Given unlimited free energy, the local rubbish tip suddenly becomes an worthwhile source of rare metals.
To see how stupid your statement is, imagine living on a Moon base. What if somebody proposes a new technology for the free production of Oxygen:
"Because cheap (or free), clean, unlimited oxygen would collapse the economy overnight and the ramifications of that would change the world as we know it. I'm all for unlimited clean air because I'm sure that stuff is great for people, but not at the expense of my life style. So if someone does come up with this, it better cost a few hundred million (or more) bucks to build a reactor and get it online."
See how stupid that sounds?
Is the Earth's economy endangered by an endless supply of free Oxygen?
How about the endless supply of free sunlight?
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