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Europe renewables growth has saved €12 billion in gas costs since war

February 22, 2023

Growth in EU wind and solar generation has avoided €12bn in gas costs over the past 12 months, according to a new report from Ember.

A year since Russia invaded Ukraine, new analysis from Ember finds that since then, wind and solar generation grew by 50 terawatt hours (+10%) since the start of the war, generating a record 23% of EU electricity in that period, reaching 546 TWh.

The annual increase in wind and solar alone reduced the amount of gas required for electricity generation by 90 TWh (9 bcm) and avoided gas costs of €12bn.

Ember's recent European Electricity Review showed a triple crisis facing the EU's power sector in 2022.

As Europe moved to cut ties with its biggest supplier of fossil gas, it faced the lowest levels of hydro and nuclear in at least two decades.

However, wind and solar growth alongside a fall in demand helped the EU weather the crisis and prevented a threatened return to coal power.

[Staff Report]

More: EU wind, solar help avoid €12bn fossil fuel spend

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