by Renee van Heusden and Adele Jacquard* The invasion of Ukraine created ripples through the global energy market, particularly in the European Union (EU), which had to pivot quickly to secure enough gas for winter 2022/23. But it paid the price. Europe spent over €1 trillion more on oil, gas, and coal in 2022 than the previous year, more than doubling the share of its GDP spent on energy. More recently, reports of Europe having “too much gas” show how markedly the situation has shifted for the EU.