The transformation of the energy system marks a defining chapter in Europe’s economic and social evolution. Understanding this emerging energy order requires bridging markets, policy, and society in a coherent vision of change. From an economic perspective, it calls for linking the design of electricity markets and pricing mechanisms to their broader macroeconomic and climate consequences. This lecture will reflect on how insights from microeconomic theory and market design can contribute to shaping a fair and efficient energy transition, connecting individual incentives with the collective goals of the European economy