Nearly a year after Russia's invasion, the Ukraine crisis has permanently reshaped the global energy system and brought severe economic pain. Why it matters: The worst-case scenarios haven't come to pass, thanks to a mix of EU policies, Russian President Vladimir Putin's miscalculations and pure luck. But the impact is apparent on every facet of the market, from natural gas to oil to low-carbon energy. Driving the news: Europe's heavy dependence on Russian gas, which once provided 40% of EU supplies, has been rapidly severed. Now it only accounts for about 14.4% of EU supplies, per S&P Global Commodity Insights. ... (full story)