This policy brief contends that a new approach to Long Term Contracts (LTCs) in European competition policy based on new facts, new realities and a revised reasoning must be urgently developed. To reach net zero as required by the EU Climate Law of 20211, the scale of investment in Europe (and across the globe) must be drastically ramped up in the last half of this decade. Interim targets are already being missed. The challenges to raise the predicted investments of over 650 billion euros -a large percentage of which must be mobilised from the private sector – requires an urgent rethink of the role of commercial long-term contracts in securing rapid and deep decarbonsiation in the energy transition.