The European Union benefits from a natural gas market that is highly competitive and increasingly interconnected, thanks in part to more than two decades of regulatory reform, cross-border cooperation, and integration with the global gas market. The result has been not only competitive prices but also increasing levels of energy security. Yet the security of European gas supply remains a topic of controversy and dispute, and not only in Europe. The bigger picture shows a European gas industry that is preparing to adapt to a changing role as the EU strengthens its decarbonization targets. How can short-term questions of energy security be addressed while the industry adapts for the energy transition?