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This briefing by Ember analyzes the impact of a March 2026 energy shock caused by conflict in the Middle East, which led to spikes in European gas prices and increased fossil import costs. The document highlights how varying levels of reliance on gas for electricity generation across EU member states create disparate levels of exposure to price volatility, arguing that reducing gas dependency is the only effective way to build resilience against such shocks.

This report by Ember analyzes the impact of a March 2026 escalation of conflict in the Middle East on European energy prices. It highlights how the resulting spike in gas prices increased the EU's fossil import bill and electricity costs, while demonstrating that countries with lower reliance on gas-fired power, such as Spain, are more resilient to such shocks.