2. Global market structure 2.1.Natural gas 2.1.1. Overview of natural gas markets 2.1.2. Regional markets 2.1.3. Price formation mechanisms 2.1.4. Price correlations between regions 2.1.5. Competition in the natural gas industry 2.2. Electricity 2.2.1. Overview of the electricity system 2.2.2. Price formation mechanisms 2.2.3. Price correlations between regions 2.2.4. Regional markets 2.2.5. Competition in the electricity industry 2.3. Crude oil 2.3.1. Global supply and demand dynamics 2.3.2. Price formation mechanisms 2.3.3. Crude oil cartels 3. Current energy crs]s 3.1.COVID-19 3.1.1. Impact of national lockdowns on commodity prices 3.1.2. Economic bounce back 3.2. Russia\'s full-scale invasion of Ukraine 3.2.1. Reduction innatural gas exports 3.2.2. Self-sanctioning and changing trade flows 3.3. Policy responses to the energy crisis 3.3.1, Household support 3.3.2. Price caps 3.3.3. Indirect taxes 3.3.4. Subsidies 3.3.5. Liquidity support 3.3.6. Windfall taxes and revenue caps 3.3.7. Demand-side measures 3.3.8. Supply-side measures 3.3.9. Effectiveness of policies and impact on competition 4. Challenges ahead 4.1. The Transition to Net Zero 4.1.1. Net Zero Transition plans 4.1.2. Electrification and 10w carbon technologies 4.2. Challenges in the transition to Net Zero 4.2.1. Competitiveness of renewable energy 4.2.2. Price formation in electricity markets 4.2.3. Stranded assets risk 4.2.4. Link between domestic renewable and global fossil fuel prices 5. Competition and regulation in energy markets 5.1. Sectoral regulators 5.2. Competition policy tools 5.2.1. Cartels and other horizontal conduct issues 5.2.2. Vertical integration and abuse of dominance 5.2.3. Anticompetitive mergers 5.2,4. Other forms of abuse and dominance 5.3. State aid and competition 5.4. Areas of concern for competition authorities in the energy crisis 5.5. Areas of concern for competition authorities in the Net Zero transition