'A powerful buffer': How solar saved the EU €37.4 billion since the war on Iran began

Europe's solar boom is cushioning households from the crippling costs of gas, as the war on Iran continues to highlight the dangers of fossil fuel reliance.

Europe is cushioning itself from the volatile cost of fossil fuel imports thanks to a surge in solar power.

Gas prices remain sky-high seven months into the war on Iran – mainly due to the effective blockade of the Strait of Hormuz, a vital shipping route that usually carries around one-fifth of the world's global liquefied natural gas (LNG) supplies.

While POTUS Donald Trump assures the conflict will end "very soon", disruptions to the supply chain have left the EU grappling with yet another energy price crisis .

The benchmark Dutch TTF natural gas price traded at around €31.96 MWh on 27 February, the day before the war broke out. On 30 September, it traded at €72.35MWh, a 126.5 per cent increase.

However, new analysis by SolarPower Europe reveals that harnessing sunlight for power has saved Europe €37.4 billion by lowering demand for gas imports.

"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."

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