With the first disruptions to Russian gas supplies at end 2021, and especially the invasion of Ukraine in February 2022, European gas prices surged, before subsiding again in 2023. Given that natural gas accounts for only a small share of total European imports, how can we explain the huge impact this shock had on euro area inflationary trends? This article attempts to analyse the mechanisms behind the transmission of the energy shock, focusing on the specific features of the gas and electricity markets that amplified the crisis. It also examines the strategies adopted by the European Union to strengthen its resilience to future shocks, notably the reform of the electricity market.