European power markets – and prices in particular – have been in a very different place this summer compared to 2020. Gas prices have climbed to record highs. Coal and carbon prices have broken new ground also. This commodity price background has supported an escalation of power prices across Europe and the relative economics of gas and coal have also shifted. In addition, low wind output has been a feature of supply mixes in North West European markets. Entering September, the GB power market began to tighten, with numerous generators and interconnector capacity undergoing planned maintenance ahead of winter. To add further pressure to the market, in the early hours of 15th September, a fire forced the removal of 1 GW of the market’s interconnector capacity with France. This Insight examines recent events, the prospects for the security of supply in GB this winter, and highlights important lessons for the continued, successful decarbonisation of European power.