As geopolitical tensions continue to keep fossil fuel prices elevated, solar power has emerged as a critical financial lifeline for Europe. According to a new analysis from SolarPower Europe, the continent's existing solar fleet has already saved €12.8 billion since the start of the Iran war as of June 2 – equivalent to approximately €136 million per day.
Oil and Gas Prices Remain Volatile
Brent crude, the global benchmark for oil prices, has been trading at roughly $95 (€81) per barrel – a €20 increase compared to the day before the conflict began. Meanwhile, the benchmark Dutch TTF natural gas price has surged nearly 50% at certain points since March, driven largely by disruptions to shipping routes such as the Strait of Hormuz, a critical passage for global oil supplies.
Solar Delivers Immediate Financial Relief
The analysis by SolarPower Europe highlights that solar energy is directly reducing Europe's dependence on expensive fossil fuel imports. By harnessing sunlight, the region has avoided billions in energy costs, easing pressure on households and businesses alike.
Walburga Hemetsberger, CEO of SolarPower Europe, noted that citizens across Europe are increasingly turning to solar during this period of crisis. She emphasized that lessons from the past months should accelerate the deployment of non-fossil fuel flexibility solutions – particularly battery storage – to amplify the benefits of renewable power generation.
National Success Stories: Spain, UK Lead the Way
Several European nations have demonstrated how pre-war investments in green technology are now paying off.
Spain has doubled its wind and solar capacity since 2019, adding more than 40GW to its energy mix. According to energy think tank Ember, this growth has reduced the influence of expensive fossil generators on electricity prices by 75% since 2019 – a faster decline than in other gas-reliant countries like Italy and Germany.
In European power markets, the most expensive generator operating to meet demand typically sets the wholesale electricity price. As lower-cost wind and solar generation expands, it displaces gas and coal, meaning fossil fuels determine the price less frequently.
The United Kingdom also set a new renewable record on March 26, when wind generation hit 23,880 megawatts – enough to power 23 million homes. RenewableUK's Tara Singh noted that during this period, low-cost wind and solar effectively squeezed expensive gas off the system, with gas providing just 2.3% of electricity – its lowest level in nearly two years.
2025: A Milestone Year for EU Renewables
In 2025, wind and solar generated more EU electricity than fossil fuels for the first time ever – a milestone experts called a turning point in the clean energy transition. A report from Ember found that wind and solar accounted for a record 30% of EU electricity, narrowly overtaking fossil fuels by just one percentage point.
Looking Ahead
As Europe continues to navigate high energy prices, solar power stands out as a proven, scalable solution that enhances both energy security and economic stability. Industry leaders are now calling for concrete policy measures and financing tools from the EU to maintain momentum and further accelerate the transition away from fossil fuels.
Source: Euronews / Liam Gilliver (Updated June 5, 2026)
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