With oil, gas, and coal markets in upheaval, power markets around the world are feeling the impact. Despite the rapid deployment of renewables the past decade, fossil fuel generation continues to account for 60% of global power. How will the electric power sector in Europe, North America, and Asia respond to extreme volatilities in fuel markets? Will there be an acceleration of renewable investment, particularly in Europe? How will governments balance between meeting immediate fuel needs and long-term energy transition objectives?