The record growth in the European Union's (EU) power generation during the Russian-Ukraine war avoided €11 billion in gas costs, a new study from E3G and Ember reveals.
Nonetheless, the bloc spent an estimated €82 billion on fossil gas to supply 20% of its electricity in March, when the Russia-Ukraine war began, through to September.
Wind and solar produced a record 24% share, equivalent to 345 terawatt-hours, of the EU's electricity over this period.
Power generation from wind and solar increased by a record 39 terawatt-hours compared to the same period last year when the share of the bloc's wind and solar power stood at 21%.
Spain, Italy, Poland and France topped the list among the top nineteen countries of wind and solar generation at 35%, 20% and 17, respectively.
The record increase in electricity generation from wind and solar since the war began avoided 8 billion cubic meters of additional fossil gas imports that cost €11 billion.
Natural gas accounted for 20% of the EU's electricity during the same period.
Past policy choices that increased the EU's dependency on gas and held back the EU's renewable and energy efficiency ambition are the main drivers of Europe's record-high inflation now, according to the study.
Nevertheless, existing wind and solar capacity avoided considerable high-priced gas imports and thus prevented even higher inflationary risks and a worsening crisis.
E3G and Ember conclude in their analysis that the European Commission's RePowerEU ambition has the potential to reduce Europe's exposure to costly gas imports significantly and quickly, strengthening its energy and price security.
It would need to be supported by EU Member States and the European Parliament before it could be enacted, which is currently the subject of negotiations, Ember and E3G said.
'With tight LNG markets sustaining high gas costs for the next years, governments need to support the clean energy ambition of RePowerEU, making it a core element of the energy price crisis response,' Artur Patuleia, a senior associate focusing on energy system transitions at E3G, was quoted as saying in the analysis.
'Wind and solar are already helping European citizens. But the future potential is even greater,' said Chris Rosslowe, a senior analyst at Ember.
By Nuran Erkul Kaya
Anadolu Agency
energy@aa.com.tr