Full Title: Wind and Solar Growth Save €12 Billion Since Russia Invaded Ukraine
Author(s): Sarah Brown
Publication Date: February 22, 2023
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Russia’s invasion of Ukraine revealed the high cost of relying on fossil fuel imports—but renewables growth helped avoid a worse crisis. In the year following Russia’s invasion of Ukraine, the EU has faced enormous pressure to mitigate energy security risks and protect itself against the soaring costs of fossil fuel imports.
Gas prices skyrocketed to an unprecedented high of €313 / MWh as Russia cut pipeline exports to the EU. This caused the cost of producing power from gas to reach over €650 / MWh. With coal prices also surging, the increased cost of fossil fuels pushed up electricity prices and triggered escalating inflation and a cost of living crisis across Europe. This volatility added new urgency to move away from fossil fuels for power generation in the EU. But even before the full impact of newly announced policies comes into effect, wind and solar have played a vital role in achieving the primary objective of cutting Russian gas dependence.