As wholesale markets remain nervous and volatile, there are renewed calls for policymakers to intervene to shield large energy users from spiking prices. But are markets failing? And could ill-conceived, knee-jerk interventions disrupt the EU’s internal energy market? Rising geopolitical tensions and disruption to key global shipping routes have pushed gas, power and oil prices sharply higher in recent weeks. While Europe’s energy system is better prepared than it was during the 2022 crisis, ...