In the first two and a half weeks of the Middle East conflict, EU solar plants generated 19.9 TWh of electricity. Meeting that demand with gas-fired generation would have cost €1.9 billion, around 32 percent more than the €6 billion the European Commission estimates was spent on fossil fuel imports over the same period. Cumulative savings for 1–31 March have 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 estimate is based on fossil fuel pricing data from Rystad Energy, SolarPower Europe’s prime market research partner. By 2030, cumulative savings could climb to €170 billion under SolarPower Europe’s medium scenario, which remains below the EU’s solar target. A more ambitious approach to solar deployment and energy flexibility could push savings higher.
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
Greater reliance on fossil fuels not only raises costs per unit, it also prolongs periods when expensive generation sets the price across the market. Under the merit order system, all electricity, including renewables, is priced according to the most expensive source on the grid at any given time. The full report, Solar & Storage for EU Energy Security, includes two case studies on the crisis’s impact on solar-enabled businesses and examines how a shift to SolarPower Europe’s high scenario for solar deployment could deliver greater benefits in 2026 and beyond. (hcn)
