Solar energy, 136 million euros per day in savings - Figures for Europe since the start of the war in Iran are published
A new analysis from SolarPower Europe reveals that harnessing sunlight for energy has saved Europe €12.8 billion since June 2 – an average of €136 million per day.
Several European countries have already demonstrated the benefits of revolutionizing their energy systems by focusing on green technology before the war against Iran.
Since 2019, Spain has doubled its wind and solar power capacity, adding more than 40 GW to its energy mix. To put this into perspective, a 1 GW power plant could power approximately 876,000 households for a year, if they consume an average of 10,000 kWh of electricity per year.
“The rise of wind and solar power in Spain has reduced the impact of expensive fossil-fuel generators on electricity prices by 75 percent since 2019,” energy think tank Ember said in a report published last year. This decline in hours when electricity prices were linked to the cost of gas was faster than in other gas-dependent countries, such as Italy and Germany.
In European energy markets, the most expensive generator operating to meet demand, which is usually a fossil fuel, sets the hourly wholesale price of electricity. However, as production from lower-cost technologies such as wind and solar increases, it replaces gas and coal, meaning that fossil fuels set the price less often.
Record wind has also helped the UK break a new record in renewable energy, despite "fantasy" claims that the country should drill in the North Sea for oil.
On March 26, British wind power production reached a new high of 23,880 megawatts, enough energy to power 23 million homes.
By 2025, wind and solar power generated more electricity in the EU than fossil fuels for the first time, marking what experts described as a “major milestone” in the transition to clean energy. A report by Ember found that wind and solar power accounted for a record 30 percent of the EU’s electricity, surpassing fossil fuels by just one percent.
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