Solar Power Cut Europe’s Gas Import Bill by €20 Billion Since March, While Oil and Gas Prices Rose

Solar power cut European gas import costs by €20 billion between 1 March and 15 July 2026, according to analysis from SolarPower Europe. The savings averaged €146 million per day over the 137-day period as solar output displaced gas-fired generation. Brent crude oil traded at $85 per barrel, or about €74, on 15 July 2026.

That price was €10.47 higher than on 27 February, the day before the Iran conflict began. The benchmark Dutch TTF natural gas price rose by about €20 per MWh over the same interval. Solar power became the EU’s largest single electricity source in June 2026 and supplied 25 per cent of the bloc’s power that month.

Wind and solar together generated more EU electricity than fossil fuels for the first time in 2025, reaching a record 30 per cent share and exceeding fossil fuels by one percentage point. Spain has doubled its wind and solar capacity since 2019, adding more than 40 GW. On 26 March 2026, British wind generation reached a record 23,880 megawatts, enough to supply 23 million homes.

In 2024, Austria recorded the highest renewable electricity share in the EU at 90 per cent, followed by Sweden at 88 per cent and Denmark at 80 per cent.