Growth in EU wind and solar generation has avoided €12bn in gas costs over the past 12 months, according to a new report from Ember.
A year since Russia invaded Ukraine, new analysis from Ember finds that since then, wind and solar grew generation grew by 50 terawatt hours (+10%) since the start of the war, generating a record 23% of EU electricity in that period, reaching 546 TWh.
The annual increase in wind and solar alone reduced the amount of gas required for electricity generation by 90 TWh (9 bcm) and avoided gas costs of €12bn.
Ember’s recent European Electricity Review showed a triple crisis facing the EU’s power sector in 2022.
As Europe moved to cut ties with its biggest supplier of fossil gas, it faced the lowest levels of hydro and nuclear in at least two decades.
However, wind and solar growth alongside a fall in demand helped the EU weather the crisis and prevented a threatened return to coal power.
Sarah Brown, Senior Analyst at Ember, said: “Russia’s invasion of Ukraine shocked Europe into action. Suddenly, gaping vulnerabilities due to fossil fuel dependence became a stark reality.
“The last year has been a scramble to address these risks through an accelerated transition to a cleaner, more secure power system.
“At the year marker of Russia’s devastating war in Ukraine, it remains critical that the EU rapidly expands solar and wind to attain permanent energy independence.”