The oil crisis derived from the problems in the Strait of Hormuz and the war in Iran has left the price of a barrel of Brent above $110 at certain times in 2026 and once again puts on the table, in the debate, the need not to depend on third countries in energy issues. Something that we already experienced in 2022 with the outbreak of the war in Ukraine, when energy prices skyrocketed. These days, the president of the European Commission, Ursula von der Leyen, once again stated that “we are overly dependent on imported fossil fuels, which leaves us at the mercy of the volatility of world markets. We have to increase our own resources. These are renewable energies and nuclear energy…
Are these conflicts accelerating the energy transition? For Aitor Urresti, professor of Renewable Energy at the University of the Basque Country and researcher in Storage, the answer is yes. «At the time it was imposed by the Commission, so there was a policy to accelerate the energy transition, but the most urgent thing was to diversify fossil fuel suppliers. And in this diversification, the Gulf countries were one of the most important agents. Now with the cutting of the Strait we see that that line has been suddenly closed, so the European Union has decided to bet more on renewable technologies. In the Iberian Peninsula it has been very noticeable that this new crisis has not affected us so much in the field of light, especially because we have made progress in the energy transition. Of course, without forgetting that the lack of interconnection with France has also meant that the rise in electricity prices that has occurred in Europe does not affect us as much.
Almost 20 million barrels passed through the Strait of Hormuz every day before the conflict. So for some analysts we are facing the worst oil crisis since the 70s. «From the 70s until the war in Ukraine, the world has been more or less stable. There have been wars, but not as high a level of conflict as now. In the last four years we have experienced two very destabilizing situations. This does not further confirm that, where there is a conflict, attempts will be made to harm the world through fossil fuels. These flows are a war objective and a way of negotiating,” comments Pedro Fresco, energy specialist and general director of the Valencian Association of Companies in the Energy Sector.
Two energies under the magnifying glass
Europe still imports 57% of its energy, although to reduce these figures it has turned to nuclear and solar energy. As for the first, The objective is to add an additional 50 GW nuclear by 2030 and, in solar, in 2025 records were broken with 56 GW installed and 25 in the first quarter of 2026.
However, each of these types of energy encounters its own pitfall. The commitment to nuclear energy is uneven and there are radically different positions by countries. France is clearly in favor of new reactors, while in other countries the bet consists above all of not closing the current park. Belgium has just approved an extension and in Spain we are waiting to see what happens with Almaraz and the planned closure schedule.
Nuclear power now has a new international ally. Large technology companies see this energy as the solution to power their data centers and are betting, above all, on the so-called SMR or small modular reactors that are faster and cheaper to install. «In the United States, Biden subsidized this energy and Trump has decided to maintain the tax credits, which have put nuclear energy back into competitive margins. I think that opting not to close them may be a reasonable country policy, but investing in new nuclear, which takes about 15 years to install, when you have other energies that are quicker to install, may be an unreasonable decision. A solar park can be ready in two months and a power plant in a minimum of 10,” Pedro Fresco clarifies. Also, remember that with this energy “Europe cannot be independent because it does not have uranium. It is true that with oil you need a constant flow of arrival and that with uranium, once you buy it, you have stock for five years, but, in the case of solar panels, even if you buy them from abroad, you have up to 30 years of guaranteed operation and, therefore, 30 years to look for a solution to a geopolitical problem if it arises,” he comments.
And, as for solar energy, the energy that seems to be growing the most in Europe, there is one detail that is very worrying: China. The Commission not only wants to protect the continent’s industry from the avalanche of imports from the Asian giant, but also wants to reduce the funds allocated to renewable projects that use Chinese equipment. Europe depends 80-85% on Chinese solar panels; 95% of silicon comes from there and the Hormuz crisis is skyrocketing prices.
Electrify
More than half of the energy consumed in Europe and Spain continues to come from fossil fuels that power transportation, air conditioning systems and large industry. So, while companies invest in developing green hydrogen or biomethane, it becomes clear that the only way to reduce independence from oil and gas is to electrify. «Air conditioning in Europe is mostly gas and transportation uses oil. In addition, a large part of heavy industries, such as concrete, also use natural gas. There are mature technologies that you have to bet on. Electric cars and trucks that we are already beginning to see spread; There are already countries that have a substantial fleet of these trucks. Road transport accounts for half of the oil we consume, which is why, If we considered electrifying all cars, trucks and buses, we would eliminate half the dependency. The second issue is to bet on the heat pumps for air conditioning. Thirdly, industry, which can largely be electrified. There are sectors that have more complications, such as steel and cement, but the food industry, part of the chemistry and the textile industry could be electrified because there are already technologies and right now, in addition, there is very generous European aid,” insists Fresco.
«It is one of the problems we now have to advance further in the energy transition and we are also seeing it at the Spanish level. There is so much supply of renewable generation that during daylight hours prices are absolutely plummeting and many projects are having economic problems. Hence the need to accelerate this transition from fuel to electricity to increase the rate of renewable energy,” says Urresti.
For its part, the International Renewable Energy Agency (IRENA) points out a problem that the electricity grid faces if it wants to further increase the penetration rate of renewables: Storage and the network. «Europe has only 5 GW of storage compared to a goal of 50 GW. Without modern transmission infrastructure, renewable deployment encounters bottlenecks that delay real independence.”
End of fossils?
►It is true that the commitment to transition is advancing. For example in Spain «In 2022 we had 6,600 megawatts of photovoltaics and 28,700 MW of wind and now we have 54,000 of solar and 33,500 of wind. We have added 20% more renewable energy to the system,” says Pedro Fresco emphatically. But, it also seems evident that it is not so easy to do without any source of energy. A few days ago, and in response to the crisis in the Middle East, the Government approved a comprehensive plan that includes direct aid for the installation of “efficient air conditioning” and personal income tax deductions for the purchase of an electric car or the installation of charging points. However, organizations like Greenpeace complain that a part of the funds (3,000 of the 5,000 million) will also be used to subsidize gasoline and diesel. In this communication, the organization also says that there is a large deficit in Europe regarding “policies to reduce the demand for fossil fuels and in helping the countryside to not depend on imported fertilizers.”