Europe is increasingly shielding itself from price spikes in imported fossil fuels thanks to the rapid growth of solar generation.
According to a new analysis by the association SolarPower Europe, the use of solar energy has saved more than 37,4 billion euros by reducing demand for imported gas.
This happened against the backdrop of the war in Iran, which led to a blockade of the Strait of Hormuz — a key route for liquefied natural gas supplies. The price of gas rose by 126,5 %: from roughly 32 euros per MWh in February to 72,35 euros per MWh by the end of September.
In June, solar power became the largest single source of electricity in the EU, meeting 25 % of the bloc's needs.
"Every megawatt-hour produced by solar generation reduces our dependence on imported fossil fuels and makes Europe safer," noted SolarPower Europe CEO Walburga Hemetsberger.
She stressed that this is clear evidence of the returns on investment in domestic renewable resources and called for moving further and faster.
Individual countries have already felt the effect: Spain has doubled its wind and solar capacity since 2019, while the United Kingdom set a new record for wind power generation.
Nevertheless, according to Eurostat, in the EU electricity generation from gas rose by 3,9 % in the second quarter, while renewable generation increased by only 2,8 %. Does solar infrastructure need to accelerate even more?
