00:00Europe is insulating itself from the volatility of fossil fuel import costs thanks to a surge
00:05in solar power, according to a new report.
00:07Solar Power Europe analysis revealed that harnessing sunlight has saved Europe over
00:1237 billion euros, with solar becoming the EU's largest single source of electricity
00:16in June, supplying 25 percent of the bloc's power.
00:20The ongoing war in Iran has led to record gas prices for months due to the blockade
00:24of the Strait of Hormuz, the vital shipping route that usually carries around one-fifth
00:28of the world's liquefied natural gas.
00:30The megawatt-hour price of LNG traded at around 32 euros on February 27, the day before the
00:36war broke out, and on September 30, it traded around 72 euros per megawatt-hour, a 126 percent
00:43increase.
00:44Meanwhile, several European nations have already demonstrated the concrete benefits of transforming
00:48their energy systems prior to the war, such as Spain, which has doubled its wind and solar
00:53capacity since 2019, adding more than 40 gigawatts to its energy mix.
00:57To put it into perspective, that's a capacity to power more than 35 million households
01:02for a year.
01:03The UK also generated enough wind energy to power 23 million homes, a new renewable energy
01:08record.
01:09However, despite significant growth in renewables, Europe is still struggling to reduce its reliance
01:14on gas.
01:15As recent data from Eurostat shows that total EU gas-fired electricity generation increased
01:20by 3.9 percent year-on-year in the second quarter, while renewable generation grew by only
01:262.8 percent over the same period.
01:28Power sector analysts argue this is due to weak hydro and wind generation across the continent,
01:33which still brings gas back into the mix, underscoring the need for more solar infrastructure.
01:39helmuts underscore air pollution better and from south airdessus.
01:40There is no paper looking at this picture again too.
01:40So F Families Act
01:41Spocoretic you won't get there yet.
01:41Advocacy also Ou Expos 87
01:41Exposible
