€40 billion saved, but action is needed to cut Europe's fossil fuel bill for good
(MENAFN- MENAFNEditorial) BRUSSELS, Belgium (15 October 2026): Solar power has helped the European Union avoid more than €40 billion in gas imports since the start of the 2026 Middle East war. Between 1 March and 15 October, solar installations across the EU generated enough electricity to significantly reduce gas demand for power generation, strengthening Europe's energy security and shielding consumers from higher fossil fuel costs.
But the latest milestone also highlights a broader reality. Seven months after the war began, fossil fuel markets remain vulnerable to geopolitical disruption. What were once considered exceptional shocks are becoming a recurring feature of Euro’e’s energy landscape. Following years of energy market disruption triggered first by Russia's invasion of Ukraine in 2022 and then by the 2026 Middle East war, Europe can no longer treat fossil fuel price shocks as isolated events.
The EU must strengthen its economic resilience and further reduce its exposure to fossil fuel price volatility as a matter of priority.
Walburga Hemetsberger, CEO of SolarPower Europe, said: "€40 billion is the bill Europe didn't have to pay. Europe's solar fleet has once again demonstrated the value of homegrown renewable energy in a period of geopolitical uncertainty. But the reality is that Europe remains exposed to fossil fuel price volatility, and households and businesses end up paying. The EU can take measures now that, once and for all, shield consumers from a structural vulnerability that is impossible to ignore."
SolarPower Europe is calling on the EU to adopt an emergency package of measures that can begin delivering benefits within the next year while addressing the root causes of Euro’e’s exposure to fossil fuel volatility.
The package should include:
•Boosting behind-the-meter electrification, solar generation, and self-consumption, helping households and businesses produce and consume more of their own electricity.
•Accelerating large-scale battery energy storage deployment, reducing the frequency with which fossil gas sets electricity prices and enabling more low-cost renewable electricity to serve demand when it is needed most.
But the latest milestone also highlights a broader reality. Seven months after the war began, fossil fuel markets remain vulnerable to geopolitical disruption. What were once considered exceptional shocks are becoming a recurring feature of Euro’e’s energy landscape. Following years of energy market disruption triggered first by Russia's invasion of Ukraine in 2022 and then by the 2026 Middle East war, Europe can no longer treat fossil fuel price shocks as isolated events.
The EU must strengthen its economic resilience and further reduce its exposure to fossil fuel price volatility as a matter of priority.
Walburga Hemetsberger, CEO of SolarPower Europe, said: "€40 billion is the bill Europe didn't have to pay. Europe's solar fleet has once again demonstrated the value of homegrown renewable energy in a period of geopolitical uncertainty. But the reality is that Europe remains exposed to fossil fuel price volatility, and households and businesses end up paying. The EU can take measures now that, once and for all, shield consumers from a structural vulnerability that is impossible to ignore."
SolarPower Europe is calling on the EU to adopt an emergency package of measures that can begin delivering benefits within the next year while addressing the root causes of Euro’e’s exposure to fossil fuel volatility.
The package should include:
•Boosting behind-the-meter electrification, solar generation, and self-consumption, helping households and businesses produce and consume more of their own electricity.
•Accelerating large-scale battery energy storage deployment, reducing the frequency with which fossil gas sets electricity prices and enabling more low-cost renewable electricity to serve demand when it is needed most.
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