Europe’s operational solar PV projects have eliminated the need for more than €30 billion (US$34.74 billion) in gas imports in the six months since the start of the conflict in Iran, according to trade body SolarPower Europe.
The organisation argues that the summer months have helped drive these savings further, as the output of solar projects has increased and fossil fuel prices have increased. To illustrate these trends, figures from thinktank Ember show that solar PV accounted for a record 25% of the EU’s monthly generation in June, while data from the International Monetary Fund and the Federal Reserve Bank of St. Louis show that global natural gas prices increased 60.2% between February and July this year, lining up with the start of the conflict in Iran.
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SolarPower Europe also said that solar has proven more resilient than other forms of non-fossil fuel energy generation, with reduced reservoir levels affecting hydropower output and low cooling water levels diminishing nuclear generation, SPE said.
Ember’s figures show that, in June, solar PV accounted for 25% of the EU’s electricity generation, which exceeded that of both nuclear (21%) and hydropower (12%). While the output of solar, predictably, varies from one season to the next, the fact that this was just the second time on record that solar output exceeded that of nuclear power is notable.
“Solar has been delivering huge financial benefits for Europe since the latest fossil fuel crisis in the Middle East began,” said SolarPower Europe CEO Walburga Hemetsberger. “The Iran War deepened the turmoil in energy markets generated by Russia’s invasion of Ukraine. A dependency on the flow of oil and gas is clearly a risky energy strategy.”
SolarPower Europe has reported frequently on the savings delivered by Europe’s solar sector since the start of the conflict, and reaching the €30 billion savings milestone is notable. In July, the trade body put the cumulative savings delivered at €20 billion (US$23.15 billion), up from savings of €10 billion (US$11.57 billion) in May. As early as April, SolarPower Europe was estimating that Europe’s solar sector was delivering daily savings of over €110 million (US$127.5 million) by eliminating the need to import fossil fuels.
