Déjà Vu: How is Europe navigating the new wave of energy price volatility?

The outbreak of war in the Middle East on 28 February 2026 has once again exposed Europe’s structural vulnerability to external energy shocks, triggering a rapid and politically sensitive surge in energy prices. 

Europe is experiencing another spike in energy prices as the war highlights its continued dependence on external supply and its exposure to global disruptions. 

While emergency measures introduced after the 2022 energy crisis provided temporary relief, they have not resolved the underlying structural drivers of price volatility and energy insecurity. 
This renewed pressure comes at a politically sensitive moment, as policymakers must balance climate neutrality objectives with affordability concerns and the need to preserve industrial competitiveness. 
In this increasingly complex context, several key questions emerge: 

• what concrete national and EU-wide policy options are currently on the table?
• Will they be sufficient to stabilise prices while safeguarding households and industry? 
• And crucially, can the EU move beyond reactive crisis management to address the structural drivers of energy price volatility and external dependence? 

These are the central questions guiding this briefing.

Written by Reghina Dimitrisina Policy Advisor at FES Competence Centre for Climate and Social Justice