Europe survived its winter energy crisis, but what happens next year?

Six months ago, Europe was facing an energy crisis like no other. Spiking gas prices, driven in large part by Russia’s invasion of Ukraine, had sent energy costs soaring and sparked a worldwide scramble for energy supplies. Headlines warned of a winter of rolling blackouts and fuel shortages, a nightmare scenario that would crash Europe’s economy and endanger lives.  

Compounding the problem was a once-in-500-year drought, which dramatically cut production of hydroelectricity and hit output from Europe’s already beleaguered network …