This is the best summary I could come up with:

The numbers seemed to be in the grip of an irrepressible force: August 2022 began with the Title Transfer Facility (TTF), Europe's leading hub, trading gas at €145 per megawatt-hour (MWh), an alarming level.

The headline, while dramatic, encapsulated the atmosphere of uncertainty and anxiety –  a polite euphemism for hysteria – that characterised the worst times of the energy crunch, an unheard-of phenomenon unleashed by the COVID-19 pandemic and exacerbated by Vladimir Putin's decision to launch a war against Ukraine.

But today, a year later and with the benefit of hindsight, we can: after hitting the €300 MWh ceiling, Europe's gas prices began a steady decline and fell back to double-digit territory.

The drastic turnaround represents one of Europe's greatest feats since the Kremlin ordered its troops to cross into Ukrainian territory and irreversibly transformed the long-established structure of global energy markets.

Although policymakers in Brussels have been quick to congratulate themselves on the geo-economic victory, the key to success lies in an intricate combination of factors, including a milder-than-usual winter that dented demand for heating.

As we turn the tide and leave the panic behind, the expert adds, governments should phase out the massive subsidies they put in place during the crisis and instead focus on targeted support for the most vulnerable sectors of the population.

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