Researchers at the University of Cambridge have calculated that sticking to national renewable energy targets will reduce the intensity of price spikes.
A new study shows that every European country would see energy price volatility fall by 2030 if natural gas dependency is cut and commitments to green energy are met.
The UK and Ireland would be among the biggest beneficiaries, with electricity prices predicted to fall by around 45% compared with last year.
Several of the Nordic nations could see over 60% reductions in electricity costs by 2030, while Germany could experience a 34% price drop.
“The volatility of energy prices is a major cause of damage to national economies,” said Laura Diaz Anadon, professor of climate change policy at Cambridge.
“Consumers are still reeling from sharp increases in electricity prices brought about by natural gas shortages following Russia’s invasion of Ukraine. We show that hitting renewables targets reduce the likelihood of such price spikes in the future...