Europe would have to deemphasize wind and solar, allow more development of oil and natural gas, and promote nuclear energy to get within field-goal range of energy independence. From Daniel Lacalle at dlacalle.com:
Europe is not going to achieve a competitive energy transition with the current interventionist policies. Europe does not depend on Russian gas due to a coincidence, but because of a chain of mistaken policies. Banning nuclear in Germany, prohibiting the development of domestic natural gas resources throughout the European Union, added to a massive and expensive renewable roll-out without building a reliable back-up.
Solar and wind do not reduce dependency on Russian natural gas. They are necessary but volatile and intermittent. They need back-up for security of supply from nuclear, hydro, and natural gas. Dependency rises in periods of low wind and little sun, just when prices are highest.
“Solar goes to zero for twelve hours a day, and that is guaranteed. The wind blows sometimes, and sometimes it does not, also guaranteed. They both depend on weather, which is 100% out of human control. They are on their best day a supplement” wrote a Navy pilot follower.
Batteries are not an option either. It is impossible to build an industrial-size network of enormous batteries, the cost would be prohibitive and the dependency on China build them (lithium etc.) would be even more of a problem. At current prices, a battery storage system of Europe’s size would cost more than $2.5 trillion, according to an MIT Technology Review paper. Massively more expensive than any other alternative.
Just the added cost of a battery grid plus the distribution and transmission network would make household bills soar even further.
Inflation was already out of control in Europe before the invasion of Ukraine was even a risk. CPI in Spain was 7.6%, in Portugal it was 4.2% and in Germany, 5.1%. Euro area CPI was 5.8%.