Lenz's law is a consequence of the law of conservation of

Lenz's law actually is that induced current always tends to oppose the cause which produces it. So in order to do work against opposing force, we have to put extra effort. This extra work leads to the periodic change in magnetic flux, hence more current is induced. Thus, the extra effort is just transformed into electrical energy which is law of conservation of energy. Therefore, Lenz's law is a consequence of the law of conservation of energy.