I guess you're saying that oil at $100/barrel makes sense and I wouldn't disagree... That's about where it's been +/-$20 except during the crazy swings caused b

I guess you're saying that oil at $100/barrel makes sense and I wouldn't disagree... That's about where it's been +/-$20 except during the crazy swings caused by the war and pandemic (remember it went NEGATIVE) events. Those don't really effect electricity prices so much, though. The gas market, however, is permanently altered. You weren't going to get to %150 higher prices for gas (which drives marginal electricity prices) in Dec 21 or %200 higher prices for gas in Feb 22 without Gazprom supplies being cut. The winter before was plenty cold in 2021 (coldest since 2010) and it only caused a %60 higher price for electricity and 30% higher for gas for a month. We're over a year into Ukraine and gas is stable at 50% higher than it's start which was the previous temporary winter peak. It'll go crazy again this winter if it's cold, but that will also be transitory and probably come back down to a 50-60% higher new normal barring "events".