In Europe electricity prices have surged to unimaginable levels since the start of 2022, causing damage to the economy. To limit the impact on consumers, governments have stepped in with rebates, subsidies as well as taxes for those who have been benefiting from high prices. Utilities and investors have found themselves operating in a rapidly changing marketplace. As we look ahead there are three questions that are on the top of everyone’s mind: How long will prices remain elevated? Is more government intervention on the way, and what could it look like? Does the current situation increase the chances of a deep review of European power market design?