New study shows wind and solar energy generated 25% of EU electricity since the beginning of war in Ukraine, with year-on-year growth saving the equivalent of €11Bn (US$10.7Bn) in imported gas costs.

A new study by think tanks E3G and Ember shows record growth in wind and solar energy generation in EU avoided €11Bn of potential gas costs since the start of the war in Ukraine. Over the same period, the EU still spent €82Bn on fossil gas to produce 20% of its electricity supply.

In the period from March to September 2022, the EU produced 39 TWh more power through renewables than over the same period in 2021. The study suggests that the record increase in renewables to 24% of EU electricity generation has avoided gas imports equal to a supply cost of €11Bn.

Russian gas imports provided 41% of the EU’s gas imports in 2020. In September 2022, the price of energy was 40.8% higher than a year before, contributing significantly to the overall high inflation figures across the EU. The European Commission’s RePowerEU program presented back in May 2022 was in part a response to the impact of relying on Russian gas imports and raised targets for renewables from 40% to 45% by 2030.

Covid lockdowns introduced the narrative that structural disruptions in energy use can inadvertently result in environmental upsides. Creating an EU response to its reliance on Russian gas is set to give policies around renewables and hydrogen the same temporary boost. Their ultimate success will still require a longer term and permanent commitment across all EU member states. Targets for 2030 renewable power at a member state-level still currently range between 20% and 100%.