Wind power is produced domestically
By investing in wind power, countries reduce their energy dependence by improving the security of the energy supply and minimizing the risks of possible increases in the price of fossil fuels. This is because technologies such as wind energy use domestic resources, available in every country. Conversely, fossil fuels (coal, petroleum and gas) are limited and they are concentrated in specific locations, a fact which accounts for their high and increasingly volatile prices. During 2011 Europe invested 406 billion euros in the importation of fossil fuels, rising to 545 billion euros in 2012. The European Union is highly dependant on imports of fossil fuels from Russia, specifically natural gas. The current political conflict between Russia and Ukraine could potentially compromise the gas supply and has once again opened the debate about energy dependence in Europe.
According to the European commission, in 2010 as a consequence of the use of renewable energies, 30 billion euros of expenses that would have been incurred during fuel importation were saved. In the same year the IEA estimated that the cost of subsidizing renewable energy in Europe was 26 billion euros, highlighting that the subsidies would be compensated by the savings in expenditure on fuel imports alone.
Regarding wind energy, the European Wind Energy Association (EWEA), in a report titled “Avoiding fossil fuel costs with wind energy”, stated that in 2012 wind energy saved a total of 9.6 billion euros in fuel costs. Depending on the decarbonization scenario under consideration, they estimate that wind power will be responsible for between 22 and 27 billion euros of savings on fossil fuel costs by the year 2020.
Wind power offers a valuable safeguard against the insecurity that comes with the import of raw foreign materials and the possible fluctuations in prices, protecting both companies and consumers. When electricity companies buy wind energy, they are able to conclude long-term contracts at fixed prices, protecting consumers from sudden price increases and ensuring long-term stability in the face of volatile fuel prices.