Despite the recent increase in gas prices due to strikes at LNG plants in Australia, the impact on electricity prices was limited. Sensitivity to the turmoil in the gas market seems to be easing slightly for electricity markets. The effects of the energy crisis and the cooling of the economy are leaving their mark on the price of EU ETS allowances. These have fallen firmly in recent months. Less industrial activity and a rising share of renewable energy is reducing demand for allowances (for now). In this Electricity Market Update, we also look at the main conclusions of the IEA’s Electricity Report and comment on the latest developments regarding plans to reform European electricity markets.