It would be 10 times more expensive to operate gas-fired power plants in the long term than to build new solar PV capacity in Europe, according to a new study from Oslo-based energy research company Rystad Energy.

Natural gas is presently very expensive in Europe, due to the plunge in Russian gas exports. Rystad Energy reports that “spot prices on the Netherlands-based Title Transfer Facility (TTF) gas hub, the main reference for Western Europe, have risen from an average of €46 per megawatt-hour (MWh) in 2021 to €134 per MWh so far this year – an increase of 187%.” And gas will be needed for power generation through the winter.

But more than 50 gigawatts (GW) of new solar and wind capacity are expected to be commissioned in 2023, along with up to 30 GW of nuclear capacity currently undergoing maintenance that French multinational utility EDF is planning to bring back online.

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