Four years ago, the Ukraine crisis caused shock waves across Europe as surging natural gas prices dragged up power prices — disrupting industries, squeezing consumers and shaping political debate. But when war in the Middle East sent European gas prices sharply higher this spring, the reaction in power markets was far more muted. Wholesale power prices in much of the continent barely moved. Politicians, rather than panic, stressed how low-carbon policies helped shield the continent from fossil fuel disruptions. And consumers mostly saw only modest increases in retail power prices. The reason? Record renewable output in Europe has loosened the linkage between gas and electricity prices in key markets in the past few years. But that decoupling is far from universal.