Oil and gas prices in Europe are rising significantly due to the conflict involving Iran. Brent crude has reached €107 per barrel, increasing by over 50% since the beginning of the conflict, while TTF gas prices have risen by around 70%. This has made March 2026 the month with the largest monthly increase in gas prices since September 2021. The main cause is the closure of the Strait of Hormuz, through which about 20% of global oil supplies pass.
However, solar energy is playing a major role in reducing costs for Europe. According to an analysis by SolarPower Europe, the use of solar energy has saved more than €100 million per day since March 1, with total savings exceeding €3 billion so far. Experts warn that if gas prices remain high, total savings in 2026 could reach up to €67.5 billion.
Solar and wind energy are significantly reducing the impact of fossil fuels on electricity prices.
Spain has doubled its wind and solar capacity since 2019, reducing the influence of gas on electricity prices by 75%. Meanwhile, the United Kingdom has achieved a record in wind energy production, enough to power 23 million homes in a single day.
In 2024, Austria ranked first with the highest share of renewable electricity use (90%), driven largely by its 16 hydroelectric plants.
Sweden ranked second with 88%, mainly from wind and hydropower, while Denmark ranked third with 80% of its energy coming from renewable sources.
This was followed by Georgia (68.4%), Portugal (65.8%), Spain (69.7%), and Croatia (58%). Malta ranked last, with only 10.7% renewable energy usage.
Experts are urging EU countries to continue investing in clean energy and expand energy storage capacity to ensure a sustainable transition toward renewable energy and reduce dependence on expensive fossil fuel imports.
