The disruption suffered by European power markets in 2022 was staggering, with average power prices 6 to 7 times higher than pre-crisis levels. Russia’s invasion of Ukraine on February 24th was the defining moment of the year, and its subsequent weaponization of the gas supply prompted a major re-positioning of European energy policy. As gas prices spiralled, other factors – including the collapse of French nuclear output, historically low hydro reserves and a summer heatwave – collided to test power market resilience. By the end of the year, demand rationing measures were in place to safeguard security of supply. In this review of power volumes and prices in 2022, a development of our usual monthly volumes and price tracker, we examine Europe’s largest electricity markets, exploring key influences, events and market dynamics. The data supporting this report can be found in the accompanying download.