Breaking away from fossil fuel shocks - Europe's electricity became 25% cheaper thanks to solar and wind
As Europe faces an energy crisis due to volatile fossil fuel markets, investments in renewables have proven vital to protecting consumers and businesses from the worst of price increases.
Since 2019, Spain has doubled its wind and solar energy capacity, adding over 40 GW - more than any other EU country except Germany, whose energy market is twice the size of Spain's.
As a result, the price of electricity in Spain is much less affected by the ever-fluctuating cost of gas, which rose by 55 percent the day after the Iran war began and has continued to fluctuate.
In the United Kingdom, wind power has helped break a new renewable energy record. On March 26, British wind power production reached a new record of 23,880 megawatts, enough power to power 23 million homes.
An analysis by SolarPower Europe found that harnessing sunlight for energy has saved Europe more than €100 million per day since March 1, resulting in total savings of more than €3 billion.
If gas prices remain high, experts say total savings in 2026 could reach up to 67.5 billion euros.
Now, a new report has found that electricity has become almost 25 percent cheaper on average in several European countries between 2023 and 2025, thanks to renewable sources. Wind and solar power could reduce Europe's exposure to fossil fuel shocks
The organization found that expanding renewable energy generation reduced electricity prices by an average of 24.2 percent over the period 2023-2025 in the 19 countries analyzed.
The data also shows that the price impacts become stronger as more renewables are deployed. However, the decoupling of electricity prices from gas prices remains at an early stage in many European electricity systems.
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