The presentation explores the role of energy exchanges in maintaining resilient and well-functioning energy markets during times of crisis. It examines how recent geopolitical tensions, supply disruptions and extreme price volatility have challenged the European energy sector. Special attention is given to the role of organised energy markets in ensuring transparency, liquidity and efficient price formation under rapidly changing conditions. The presentation also discusses how energy exchanges can support market participants in managing risks and adapting to uncertainty. Finally, it looks at the lessons learned from recent crises and their implications for the future development of European energy markets.