The EU saves twelve billion by avoiding gas imports

Since the Russian invasion, the European Union has saved 12 billion euros on gas imports. “Thanks to growing capacities and favorable weather conditions, wind and solar energy have produced a record amount of EU electricity since the start of the war,” says the analysis by think tank Ember Climate, published on Wednesday.

According to the think tank, the EU produced ten percent more wind and solar power from March 2022 to the end of January than in the same period from 2021 to 2022. This means that over a fifth (23 percent) of the EU’s electricity came from solar – and wind energy and proportionally more than ever before.

A total of 50 terawatt hours of extra electricity was generated. According to the report, the EU would have had to import 90 terawatt hours of gas for the same amount, which would have cost €12 billion. According to the think tank, this is based on average prices from the period under review.

According to the analysis, gas imports into the EU fell by a total of five percent. Russian gas accounts for 16 percent of imports, up from 40 percent before the invasion of Ukraine. Replacing fossil fuels with wind and solar power is the only way for the EU to “achieve sustainable energy security and independence,” the report concludes.

(SDA)

Source: Blick