EU solar plants generated 19.9 TWh of electricity in the first two and a half weeks of the conflict. Meeting that demand with gas-fired generation would have cost €1.9 billion. That is 32 percent more than the €6 billion the European Commission estimates was spent on fossil fuel imports in that period. Cumulative savings for 1–31 March have now reached €3.76 billion.
Total benefits for the remainder of 2026 could reach €67.5 billion if gas prices rise above their March 2026 average. The research is based on fossil fuel pricing data from Rystad Energy, SolarPower Europe’s Prime Market Research Partner. By the end of 2030, cumulative savings could climb to €170 billion, based on SolarPower Europe’s Medium scenario, which falls short of the EU’s 2030 solar target. A more ambitious strategy on both solar deployment and energy flexibility could further increase the returns.
EU warned over shortfall in renewable energy raw materials
“Europe is experiencing a second fossil fuel price shock in just four years. But the urgency seen in 2022 has given way to complacency. Solar deployment in the EU stagnated in 2024 and 2025 despite the huge costs caused by our energy dependence. This new data is a reminder of solar’s role in Europe today and the scale of the future benefits for our security and economy,” said Walburga Hemetsberger, CEO of SolarPower Europe.
SolarPower Europe calls for stronger auctions and PPAs to drive electrification
The increased use of fossil fuels has a per-unit cost, but it also extends periods when expensive fossil fuels set the price for all electricity. The merit order system means all power, including renewables, is priced to match the most expensive source on the grid at any given time. The full research report, Solar & Storage for EU Energy Security, includes two real-world case studies on the crisis’s impact on solar-enabled businesses. It also examines how a switch to SolarPower Europe’s High Scenario for solar deployment could deliver greater benefits in 2026 and beyond. (hcn)