Solar power saved Europe more than EUR 30 billion in avoided gas imports in the six months since the outbreak of the Iran war. “The solution is above us and Europe must grab it with both hands,” said Chief Executive Officer of SolarPower Europe Walburga Hemetsberger.
In the energy crisis that struck Europe after the start of the Iran war, solar power, battery storage and interconnections proved to be vital for the energy system. Photovoltaics contributed to maintaining stability by averting fossil gas imports worth more than EUR 30 billion, SolarPower Europe calculated. It is the cost estimate of the displaced gas power output, including the crisis-related rise in prices of the fuel.
Savings accelerated in the summer as higher volumes of solar power became available and fossil fuel prices climbed, the report adds.
Heatwaves and droughts have reduced the efficiency of, or even shut down, some thermal and nuclear power plants. The drop in reservoir levels limited hydropower output. At the same time, the extreme heat increased the demand for air conditioning. Power prices spiked. The burden on Europe’s citizens and businesses rose.
Pipelines and shipping lanes have repeatedly proven vulnerable to disruption
“Solar has been delivering huge financial benefits for Europe since the latest fossil fuel crisis in the Middle East began. The Iran War deepened the turmoil in energy markets generated by Russia’s invasion of Ukraine,” SolarPower Europe’s CEO Walburga Hemetsberger stated.
A dependency on the flow of oil and gas is clearly a risky energy strategy, she stressed. Pipelines and shipping lanes have repeatedly proven vulnerable to disruption, according to Hemetsberger.
“This is not a hole the fossil fuel sector can drill us out of. The solution is above us and Europe must grab it with both hands,” she added.
SolarPower Europe has been monitoring the daily savings owing to the solar fleet, through displaced gas imports.
