Europe’s booming solar fleet has saved €20 billion in gas imports since Iran war, finds new analysis
Europe's Booming Solar Fleet Cuts Gas Costs Amid Iran Conflict
Europe s booming solar fleet has saved - Solar power is shielding Europe from soaring fossil fuel prices as the Iran war keeps oil and gas markets volatile. Brent crude, the global oil benchmark, remains particularly unstable due to Iran's control over the Strait of Hormuz, which transports roughly one-fifth of worldwide oil supplies. On Wednesday 15 July, Brent crude traded at $85 (about €74) per barrel, marking a €10.47 rise from pre-war levels on 27 February.
According to new analysis by SolarPower Europe, Europe's booming solar fleet saved €20 billion in gas imports between 1 March and 15 July. The Dutch TTF natural gas price surged by approximately €20 per MWh since the conflict began. Over the 137-day period, solar energy delivered average daily savings of €146 million, exceeding France's daily defence spending.
"Every megawatt-hour generated by solar power reduces our dependence on imported fossil fuels and makes Europe safer," says Walburga Hemetsberger, CEO of SolarPower Europe. "This news follows solar becoming EU's largest single source of electricity in June, supplying 25 per cent of the bloc's power. It's a demonstration of the returns on Europe's investment in abundant, homegrown renewable energy resources. We can go further and faster."
Green Energy Leaders Across the Continent
Hemetsberger notes that electrification, expanded renewable generation, and battery storage can protect Europe from future fossil fuel price shocks, creating the "route to long-term energy security." Several nations have already proven the benefits of green technology transformation. Since 2019, Spain has doubled its wind and solar capacity, adding more than 40GW to its energy mix. A 1 GW power plant can supply approximately 876,000 households for one year at average consumption of 10,000 kWh annually.
Energy think tank Ember reported that Spain's wind and solar expansion reduced expensive fossil generator influence on electricity prices by 75 per cent since 2019. This decline in gas-tied pricing hours occurred faster than in other gas-reliant nations like Italy and Germany. In European power markets, the most expensive generator meeting demand typically sets the hourly wholesale price.
As lower-cost wind and solar generation grows, it displaces gas and coal, reducing fossil fuel price influence. Record wind output helped the UK achieve a new renewable milestone despite claims that North Sea drilling remains essential. On 26 March, British wind energy reached 23,880 megawatts, sufficient to power 23 million homes.
"Wind provided more than half of Britain's electricity during this record period, and it's highly significant that earlier in the day low-cost wind and solar squeezed expensive gas off our energy system," says RenewableUK's Tara Singh. "That's what the energy transition looks like in practice, and it shows why we need to continue to build out an ambitious pipeline of new clean energy projects now and in the years ahead."
In 2025, wind and solar generated more EU electricity than fossil fuels for the first time, marking a major milestone in clean power transition. Ember's report found wind and solar accounted for a record 30 per cent of EU electricity, surpassing fossil fuels by one per cent.
In 2024, Austria led with the highest green electricity use rate at 90 per cent, driven by 16 hydroelectric power plants. Sweden followed closely at 88 per cent, powered mainly by wind and water, while Denmark ranked third with 80 per cent renewable energy. Georgia (68.4 per cent), Spain (69.7 per cent), Portugal (65.8 per cent), and Croatia (58 per cent) also demonstrated strong renewable adoption. Malta ranked last with just 10.7 per cent renewable energy use.