/BRUSSELS, September 9, 2026, 9:30 CEST, RENEWABLE MARKET WATCH™/ In the six months after the outbreak of the Iran War, solar power delivered over €30 billion in cost savings for Europe by reducing the need for gas imports, according to SolarPower Europe.
The financial impact grew even more pronounced during the summer, as increased solar generation coincided with rising fossil fuel prices, offering a critical buffer against market volatility and reducing Europe’s exposure to energy price shocks. Extreme summer heatwaves and droughts put significant strain on Europe’s conventional power sector, forcing some thermal plants offline and curbing hydropower and nuclear output due to low water levels. At the same time, surging temperatures drove up electricity demand for cooling, triggering sharp increases in power prices and placing additional financial pressure on households and businesses across the continent. Against this backdrop, the scalability and resilience of solar generation proved a vital asset to the energy system and economy.
Walburga Hemetsberger, CEO of SolarPower Europe, said: “Solar has been delivering huge financial benefits for Europe since the latest fossil fuel crisis in the Middle East began. The Iran War deepened the turmoil in energy markets generated by Russia’s invasion of Ukraine. A dependency on the flow of oil and gas is clearly a risky energy strategy. Pipelines and shipping lanes have repeatedly proven vulnerable to disruption. This is not a hole the fossil fuel sector can drill us out of. The solution is above us, and Europe must grab it with both hands.”
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