War, gas, and the grid: Europe’s energy system faces another stress test

The continuation of conflict involving Iran, Israel and the United States has pushed global energy markets back into crisis mode. Oil and gas prices have risen sharply, and Europe’s dependence on imported LNG is once again under scrutiny. The question now is what happens if the current crisis persists. It will mean not just higher prices, but it will shape how power markets function, how renewable assets earn revenue, and how quickly the system can move away from gas altogether.