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The case for green energy looks stronger than ever, as the war on Iran continues to highlight the widespread risks of fossil fuel dependency. <\/p>\n
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Brent crude, the worldwide benchmark for oil prices<\/a>, has soared more than 50 per cent since the conflict began in the Middle East, hitting $116 (around \u20ac100.92) a barrel in early trading today (30 March).<\/p>\n Much of the volatility has been attributed to the effective closure of the Strait of Hormuz, one of the world\u2019s biggest fossil fuel chokepoints that carries around one-fifth of global oil supplies. That\u2019s around 20 million barrels being blocked every day.<\/p>\n Europe is already feeling the consequences, with the benchmark Dutch TTF natural gas price surging around 70 per cent \u2013 putting March 2026 on course to be the highest monthly increase for European gas prices since September 2021. <\/p>\n As rising energy prices threaten to hit struggling Europeans, several nations have witnessed a noticeable shift to green technology.<\/p>\n \u2018Tired of being held hostage by fossil fuels\u2019<\/p>\n The UK, which has historically had one of Europe\u2019s worst uptakes, has seen heat pump<\/a> sales in the first three weeks of March increase by 51 per cent compared to the same period the month before \u2013 according to energy firm Octopus Energy.<\/p>\n Solar sales have also increased by 54 per cent, as homeowners \u201csupersize\u201d systems with 12 panels instead of the usual 10, while electric vehicle (EV) charger sales have climbed by 20 per cent.<\/p>\n \u201cWe\u2019re seeing a massive shift as people stop just asking and start acting. British families are tired of being held hostage by global fossil fuel prices,\u201d says Rebecca Dibb-Simkin of Octopus Energy.<\/p>\n \u201cBy switching to solar and heat pumps, they are becoming their own power stations<\/a> – locking in low costs and protecting their wallets for the long term.\u201d<\/p>\n Accelerating the shift to EVs<\/p>\n European Commission data shows the average cost of petrol has risen across the EU by 12 per cent to \u20ac1.84 per litre from 23 February to 16 March.<\/p>\n This has triggered huge interest in Electric Vehicles (EVs), with French online used-car retailer Aramisauto witnessing its EV sales almost double between the middle of February and 9 March. <\/p>\n According to Reuters<\/a>, Amsterdam-based Olx says customer enquiries for EVs have jumped across its marketplaces in France, Romania, Portugal and Poland, with growth \u201caccelerating consistently week-over-week across all markets\u201d.<\/p>\n In Norway, Finn.no \u2013 the country\u2019s largest used-car marketplace \u2013 EVs have actually overtaken diesel models as the site\u2019s best-selling fuel type.<\/p>\n A solar-powered transition<\/p>\n German renewable energy firm Enpal BV tells Bloomberg<\/a> that inquiries for solar panels and heat pumps have risen by around 30 per cent since the start of the US-Israel war on Iran, while solar firm 1KOMMA5\u00b0 GmbH has also reported an almost doubling of interest in solar.<\/p>\n In the UK, energy firm E.ON<\/a> has found interest in solar rose by 23 per cent between 23 February and 1 March, and surged a further 63 per cent between 2 and 8 March. <\/p>\n \u201cIt\u2019s more important than ever that we help people take control of their energy use and lower their bills,\u201d says Chris Norbury, Chief Executive of E.ON<\/a> UK.<\/p>\n \u201cConsumers are showing strong interest in solar and battery as a solution, and this product adds to the savings that can be achieved by generating and storing energy at home.\u201d<\/p>\n Will drilling the North Sea help lower energy bills?<\/p>\n Amid the boom in green technology, calls to double down on fossil fuels have gotten louder.<\/p>\n Earlier this month, British tabloid the Daily Express printed a frontpage story headlined \u2018Get Drilling To Stop Soaring Bills\u2019 \u2013 urging the UK to open up drilling licences in the North Sea<\/a>.<\/p>\n However, an analysis from the University of Oxford found that a UK fully powered by renewable energy could save households up to \u00a3441 (\u20ac510) a year on their energy bills.<\/p>\n In comparison, maximising oil and gas extraction from the North Sea would only save households \u00a316 (\u20ac19) to \u00a382 (\u20ac95) per year \u2013 and this would rely on tax revenues being distributed to households to offset their energy bills. <\/p>\n Dr Anupam Sen, co-author of the analysis, said the idea that \u201cdraining\u201d the North Sea would make the UK more energy secure and significantly cut household bills is \u201csheer fantasy\u201d.<\/p>\n Multiple experts have also pointed out that oil and gas prices are set by global markets, not discounted for British consumers \u2013 and gas extracted from UK waters can be exported to the highest bidder \u2013 meaning increasing domestic production won\u2019t significantly lower costs.<\/p>\n