A “perfect storm” of factors caused natural gas prices in Europe to rise to a previously unimaginable level of $33/MMBtu in the fourth quarter of 2021. High prices and extreme volatility have continued into 2022. The key role of gas in setting electricity prices has magnified the economic impact. Europe’s evident exposure to the global LNG market as well as the Russian supply strategy has caused soul-searching among policymakers, with security of gas supply concerns being refocused on price rather than just availability. While some blame for the energy price crisis has been directed at EU decarbonization targets, many EU governments and institutions are emphasizing the need to hasten the shift away from natural gas, not only for climate reasons but also to improve the continent’s energy security.