European photovoltaics have generated enough electricity since early March to avoid an estimated €10 billion in gas imports, according to SolarPower Europe, with savings averaging €110 million per day.
May 21, 2026
According to calculations by European PV association SolarPower Europe, European photovoltaic systems have supplied enough electricity since the escalation of the Middle East conflict in early March to theoretically avoid additional gas imports worth €10 billion ($11.6 billion). In March, the estimated savings averaged around €110 million per day.
Gas prices have risen noticeably due to the blockade of the Strait of Hormuz and damage to fossil fuel infrastructure. European gas futures, for example, reached a peak of over €60/MWh in March—double the average of preceding months. By mid-April, prices had fallen to around €38/MWh, before rising again to approximately €52/MWh.
SolarPower Europe notes that €10 billion would be sufficient to install around 8 GW of photovoltaic capacity in the EU, equivalent to roughly 12% of total new capacity installed in 2025.
