The war in Ukraine has triggered a dislocation of Energy markets, especially in Europe. This has led to a point a few months ago when governments had to bail out all Utilities which were caught on the wrong side of Energy Trades. Trillions of derivatives threatened to trigger a “Lehman moment”.How did we get there? Are the Energy markets the culprits or just the symptoms? Are they beyond repairs or can they be reformed? Do they even need to be reformed? As Regulators are coming up with new ideas every week, we bring on the show the legendary Energy Trader Pierre Andurand.From Goldman Sachs whizz kid to now managing one of the best performing Energy funds on the planet, Pierre Andurand is one of the most successful Energy Trader since the retirement of John Arnold in 2012. Pierre shares with us a clear vision backed by stellar financial returns (consistently above 50% per annum the past 3 years, and above 30% over his 20-year career).Pierre delivers a masterclass in Energy switching (Oil, Gas, Renewables, Nuclear), talk about elasticity of demand and the impacts of volatility on the transition; for Gerard and Laurent, it is equivalent of having a private tennis lesson with Roger Federer.Did we have Lehman moments? definitely. Is the worse behind us? quite likely. And how do we see the future? Pretty rosy. We thank Aquila Capital for their support