Redefining Energy

Solar energy has experienced explosive growth over the past five years — doubling in capacity outside of China and quadrupling within China. But with this rapid expansion come new concerns: Are we scaling too quickly? And is the proliferation of solar now starting to strain power grids, creating more problems than solutions?Enter the concept of the “3 Cs” — Congestion, Curtailment, and Cannibalization — a term coined by Richard Sverisson at Montel. It captures the growing pains of an energy system being transformed at unprecedented speed.To unpack this, Laurent and Gerard welcome one of the world’s leading voices in solar energy: Sam Wilkinson, Head of Renewables at S&P Global Commodity Insights. Sam leads a team of 20 global experts focused on analysing and forecasting trends across renewable energy markets, policy, and infrastructure. Their insights, developed in close collaboration with industry stakeholders, are critical for understanding where the solar market is heading.Notably, Sam and his team are forecasting a 100GW decline in new solar capacity in 2026 compared to 2025 — introducing the idea of "Peak Solar."In this conversation, we explore what “peak solar” really means: its causes, how it might unfold, and the ripple effects on the global supply chain. But it’s not all bad news. Market consolidation, geographic diversification, and ongoing innovation in solar technology are helping the industry navigate challenges. As costs continue to fall and accessibility improves, solar remains a cornerstone of the global energy transition.Expect a technical yet insightful discussion on the current headwinds — and future opportunities — in the solar energy sector.

Laurent and Gerard have an explosive conversation with Bryan Long, Executive Director in JPMorgan’s Commodities Group.They explore why U.S. energy market signals are failing to support new capacity investments, despite soaring demand (especially from datacenters).  Key issues include misaligned pricing, liquidity constraints, and hedging challenges, all of which deter long-term private capital.Key Takeaways: Current price signals don’t support investment in new generation, even as large load growth (e.g., datacenters) is accelerating. Market structures must evolve to better reflect long-term price signals and attract private capital. Supply-side issues: New natural gas peakers and battery storage (BESS) face fragmented development, rising CAPEX, procurement delays, and tariff risks. Industry response: Major consolidation in the IPP space—private equity-backed assets are being acquired by integrated players seeking scale for hyperscaler deals.Possible solutions may include Repricing of forward curves, Government-backed long-term contracts, Regulatory reforms, Technological advancements Bottom line: Something must shift—be it policy, pricing, or tech—to align investment incentives with future demand growth. The next several years should be great for traders in the middle of the action.Conclusion: Between the Large Load Growth and the Investment Capital, who will blink first?   ------------  Bryan Long is an Executive Director in JPMorgan’s Commodities Group, focused on wholesale power & renewable energy transactions. With 20yrs+ experience across various U.S. Power trading, origination and management roles, he has deep understandings of electricity market structures.

We are in the middle of a battery boom, for EVs and even more for BESS. What's really happening in the electric vehicle (EV) market? Is China dominating the field, or are serious alternatives emerging? What roles are Europe, the U.S., and other global regions playing? Which chemistries are winning out, and how are prices trending?  These are the questions we ask ourselves every day — and today, Gerard and Laurent are thrilled to have someone who can help us answer them. Laurent and Gerard are joined by the brilliant Iola Hughes, Head of Research at Benchmark Mineral Intelligence, following its acquisition of Rho Motion.  Iola leads research across the battery demand spectrum — from EVs to stationary storage — managing forecasts, tracking battery chemistries, and analyzing the impact of everything from regulation to OEM strategies and technology roadmaps.   According to Benchmark Mineral Intelligence and Rho Motion, as of 2025:The Battery Energy Storage Systems (BESS) sector is growing at 40% year-over-yearThe EV market is expanding by 25% year-over-year But perhaps the most surprising trend is that forecasts made just 18 months ago are being exceeded — in nearly every region except the United States. There, the current administration appears to be kneecapped the industry by rolling back both incentives (like tax credits) and regulations (such as CAFE and emissions standards). Nissan in the US is moving back from EVs to hybrids while GM passes billions of impairments.  On the industrial side, it’s increasingly a case of China versus the world. China now has the capacity to manufacture a staggering 50 million vehicles per year, far outpacing domestic demand and sparking concerns about overcapacity.  In summary: we are witnessing a growing divide in the global battery and EV space. China is clearly in the lead. Europe and others are racing to catch up. And the U.S.? It’s at risk of falling further behind — not for lack of potential, but because of political and policy choices.https://www.benchmarkminerals.com/  https://www.linkedin.com/in/iolahughes/  https://x.com/RhoMoIola  Stunning visuals from FT on the development of batteries (most of the sources came from Benchmark)  https://ig.ft.com/mega-batteries

For our 200th episode, we had the pleasure and privilege of speaking with Nat Bullard, one of the sharpest minds in the energy world. A leading analyst in climate and energy, Nat is known for his clear insights on clean energy, decarbonization, and the global energy transition. Formerly Chief Content Officer at BloombergNEF, he is now also a co-founder of the AI company Halcyon.  Nat is perhaps best known for his annual 200-slide deck, a rich compilation of global data and charts that paints a clear, fact-based picture of where the energy sector is heading.  Our conversation spans major shifts shaping the future: the electrification of the Global South, the rise of AI and datacenters, the unravelling of ESG, and the evolving geopolitics of energy through the lens of "Electrostates vs. Petrostates"—and how investment flows are responding.  We also explore the dominant narratives in the energy space, many of which, we agree, are self-serving and unhelpful.  Ultimately, the energy transition is being held back less by technology and more by entrenched interests and a lack of curiosity. But the world is changing fast—and there is reason for hope.   We thank AFRY for supporting the show.  Reference for reports quoted during the showThe Electrotech Revolution – Ember and Kingsmill Bond   https://ember-energy.org/latest-insights/the-electrotech-revolution/  Afry: Market and regulatory overview of the North Atlantic Transmission One -Link project https://afry.com/en/exploring-nato-l-project-and-transatlantic-power-exchange-decarbonised-future   "AFRY provides engineering, design, digital and advisory services to accelerate the transition towards a sustainable society. At AFRY, we are 19,000 devoted experts in industry, energy and infrastructure sectors, creating impact for generations to come. Best example of AFRY expertise is the report they just released on the Regulatory and Revenue Models for the North Atlantic Transmission One – Link."   

The oil and gas industry is clinging to the narrative that we're entering a "Golden Age of Gas" — especially when it comes to LNG. Riding this assumption, companies have been pouring in investments at an aggressive pace, with plans to double LNG export capacity by the end of the decade.US LNG FIDs are breaking all records in 2025, with 55 mtpa of liquefaction capacity sanctioned since the start of the year. This is the second-best year for global LNG FIDs (Final Investment Decision), second only to 2019, when over 70 mtpa of FIDs .The latest example is the 14bnUSD FID for Sempra’s Port Arthur 2 in Texas in September 2025, mostly financed by large funds Blackstone, KKR, Apollo, Goldman Sachs.Currently, LNG exports make up about 16% of U.S. gas consumption. Projections suggest that figure could rise to 30% by 2030. But two major uncertainties loom large:Demand: Will international markets absorb this flood of LNG? China's pivot toward Russian and Central Asian pipelines, Qatar’s own ramp-up in production, and Europe’s push to reduce reliance on expensive imported gas all cast doubt on future demand.Supply: Will the U.S. have enough cheap gas to meet this export surge — especially as the AI boom is expected to drive up domestic gas use, while the federal government places increasing restrictions on renewable energy development?To unpack these critical questions, we’ve invited Justin Mikulka to explore what he calls the “LNG Mirage.” He’ll walk us through hard-hitting facts and trends that investors are currently overlooking. At events like CERAWeek and Gastech, the fossil fuel industry often seems to talk only to itself — echoing reassurances while ignoring warning signs. But winter is coming.About the Speaker:Justin Mikulka has spent the past decade investigating and reporting on the energy sector, with a particular focus on the shifting economics between fossil fuels and emerging clean technologies. He publishes regular insights at Powering the Planet and currently serves as the Communications Director at Oilfield Witness, a U.S.-based nonprofit that uses optical gas imaging to document methane emissions from the oil and gas industry.Reports in reference: Global Gas Flaring Tracker Report from World Bank https://thedocs.worldbank.org/en/doc/bd2432bbb0e514986f382f61b14b2608-0400072025/original/Global-Gas-Flaring-Tracker-Report-July-2025.pdf    We thank Abloco Energy for supporting the show. www.abloco.energy----Epilog post recording:"Venture Global shares plunged more than 20% on Friday following its loss in an arbitration case against BP, which accused the US liquefied natural gas producer of breaching contracts to profit from higher prices at the start of Russia’s full-scale invasion of Ukraine.The case was one of several pursued by Venture Global’s customers alleging it failed to deliver shipments under long-term supply contracts and instead sold them for higher prices on the spot market when gas prices soared in early 2022.BP’s victory is a major blow to one of the largest US LNG exporters, which now faces a separate hearing to determine damages in the case. The UK oil group is seeking damages in excess of $1bn, as well as interest, costs and attorneys’ fees."

Germany is experiencing a battery blitz. The market is expected to triple from 2GW to 6GW in less than two years. To give a bit of context, Zach Williams from Modo Energy, gives us the big picture and fundamentals of the German battery market.  Legacy developers have not yet been able to catch that wave, but newcomers have. We bring on one those new pioneers, Philipp Man, CEO of Terralayr.  In less than three years, Philipp has managed to set up a company which operates or currently builds 150MW of batteries in Germany; more importantly he has managed to sign some of the first tolling agreements with heavyweights such as Vattenfall and RWE. His approach combines medium size batteries (10-30MW) rather than gigantic ones.  The Vattenfall-Terralayr deal is a pioneering seven-year, 55 MW multi-asset capacity tolling agreement for a decentralized fleet of battery energy storage systems (BESS) across Germany, announced in May 2025. Described as an industry-first "virtual battery tolling structure," it marks a significant shift from traditional single-asset tolling models, enabling scalable and flexible energy storage solutions without significant capital investment from Vattenfall.  With Philipp, we dissect his lightspeed approach in a seemingly bureaucratic environment, we analyse how he has been to put assets on the ground so fast, and his approach to commercialisation of flexibility combining hard assets and a digital layer.  We discuss the price formation of tolling agreements, the “tranching” of capacity and how he sees the future. Is Terralayr a tech company? Is it an infrastructure play? Well, a bit of both.

With Gerard away, Laurent invited another Irishman, Killian Daly, to dive into a technical—but critically important—topic: carbon accounting, power procurement, the GHG Protocol (v3), and the push for 24/7 green energy.For as long as we can remember, companies have tried to boost their green credentials—high rewards if successful, limited consequences if they fall short. To curb exaggerated claims, standards like the GHG Protocol emerged.Laurent was part of the original task force that developed the first version of the GHG Protocol. He recalls the pivotal moment that led to the creation of Scope 2: an infamous visit to the Tomago aluminium smelter in Australia back in 2000. Fast forward two decades, and Killian Daly—now leading the forward-thinking organization EnergyTag—is driving efforts to embed 24/7 carbon accounting into the upcoming revision of Scope 2 of the GHG Protocol.It’s a crucial battle—for transparency, integrity, digital innovation, and sound economics. Opposing us are certain (not all) Big Tech companies, whose actual emissions far exceed their green marketing, and fossil fuel lobbyists doing their best to delay progress.But we are making progress—and we need your help. Join the fight. Reach out to Killian Daly at EnergyTag to see how you can get involved.https://energytag.org/And don’t miss a major event: Green Energy Procurement – 10th October in London, hosted with Renewabl, S&P Global, and Shoosmiths. Last year the event was 250% oversubscribed. This year’s venue is bigger—but spots are going fast.Secure your place now:https://www.renewabl.com/post/join-us-for-renewabl-day-2025-inside-the-ppa-market

Aviation and marine transport together account for approximately 15% of global oil consumption—a substantial share driven by sectors that are among the hardest to decarbonize. Unlike road transport or power generation, these industries face unique constraints: the high energy density required, long operating ranges, and the limitations of onboard storage mean that electrification or hydrogen solutions remain technologically and economically unfeasible in the near to medium term.In response, policymakers and industry leaders are increasingly focusing on low-carbon liquid fuels as transitional solutions. Chief among these are Sustainable Aviation Fuel (SAF) and Hydroprocessed Esters and Fatty Acids (HEFA), both of which can be used in existing infrastructure and engines with minimal modification. These fuels can be of biological origin—typically derived from waste oils, agricultural residues, or purpose-grown feedstocks—or synthetic origin, such as Power-to-Liquid (PtL) fuels produced via electrolysis and CO₂ capture.Globally, significant efforts are underway to scale up these alternatives. The European Union, for instance, has introduced blending mandates through the ReFuelEU Aviation and FuelEU Maritime regulations, requiring a gradual increase in the share of SAF or other renewable fuels used in transport. These policies are supported by a range of subsidies, research programs, and emissions trading mechanisms (e.g., EU ETS inclusion for aviation and shipping), all designed to stimulate supply and demand for cleaner fuels.To help unpack the complex interplay of technical, economic, and regulatory challenges, we invited Callum McPherson, Chair of its Sustainable Business Forum and Head of Commodities at Investec, a London-based investment bank. With a mandate to structure and trade a wide array of fuels, Callum provides real-world insight into how these markets are evolving—and the limitations that remain.Some of the key topics Laurent and Gerard explored with Callum included: Which green fuels have realistic pathways to scale, and which are unlikely to work due to poor energy return on investment, unsustainable feedstocks, or prohibitively high costs? How will regional mandates, particularly those in the EU, impact global markets—and will they be enforceable in practice? What role will synthetic fuels play, given their dependence on clean electricity, high capital costs, and still-immature supply chains?What emerges is a highly nuanced picture. Despite the political momentum and technological progress, the fundamental economics remain challenging. Current estimates suggest that the cost of abating one tonne of CO₂ in these sectors can easily exceed €1,000 requiring considerable public support, whether stick or carrot.High costs and regulatory uncertainties are probably some of the reasons why Shell has decided not to complete the construction of a SAF refinery in Rotterdam.Laurent and Gerard conclude that while green fuels are a necessary part of the decarbonization toolkit, they are far from a silver bullet. The financial and ecological trade-offs are significant, and at current cost trajectories, these fuels will make only a marginal dent in overall emissions curves—at least in the near term.  Finally, an excellent book on the general topic of biofuels by Michael Grunwald:  "We Are Eating the Earth: The Race to Fix Our Food System and Save Our Climate."“The views and opinions expressed by Callum Macpherson are his own and are provided for information purposes only and should not be construed as investment advice, recommendation, or an offer to buy or sell any financial products or commodities. No representation or warranty, express or implied, is made as to the accuracy, completeness, or reliability of the information discussed. Listeners should not place reliance on any of the information share, and we accept no responsibility or liability for any loss arising directly or indirectly from the use of or reliance on such information. Commodities and other investments carry risks, and past performance is not a reliable indicator of future results. Before making any investment or financial decision, you should seek independent advice from a qualified professional, taking into account your own objectives and circumstances.”

Battery technology lies at the core of the global energy transition, but managing and optimizing battery systems has become a highly specialized discipline. ACCURE is a cutting-edge startup that is redefining how batteries are monitored and operated.Using artificial intelligence, advanced sensors, and deep electrochemical expertise, ACCURE has established itself in the field of predictive battery analytics. The company currently supports over 6 gigawatt-hours of battery systems across various sectors including electric vehicles, grid-scale energy storage, marine applications, and insurance.In this episode, Gerard and Laurent are joined by Dr. Kai-Philipp Kairies, CEO and co-founder of ACCURE, to explore How cloud-based analytics are driving advancements in battery safety, performance, and longevity.The conversation delves into the electrochemical processes occurring inside batteries and how sensors provide critical insights. We also examine the role of Battery Management Systems (BMS) and Energy Management Systems (EMS) as the digital infrastructure of battery operation and how predictive analytics represents a new category of operational capability for battery fleets.From early warning systems that prevent thermal runaway to precise lifetime predictions that influence asset financing, ACCURE demonstrates how data-driven insights can transform battery systems into safer, more efficient, and more profitable energy assets.Laurent and Gerard enjoy having dynamic start-ups on the show, that foster the Energy Transition.

Water, wind, sunlight — the driving forces behind renewable energy. The better we can predict them, the more we can accelerate progress and reduce risk.  Weather forecasting is undergoing a quantum leap, powered by breakthroughs in satellites, drones, and artificial intelligence. Once the exclusive domain of national weather services, the industry is now being transformed by a new wave of tech-driven startups. And the market is booming.  In this episode, Laurent and Gerard welcome Dr. Martin J. Fengler, a German mathematician and the founder and CEO of Meteomatics AG. Based in Switzerland, Meteomatics is a cutting-edge weather technology company with over 130 employees and a client base of 600 — including high-profile names like NASA, Lockheed Martin, Toyota, Tesla, and numerous utility companies. About 25% of its clients are in the energy sector.  Meteomatics stands out not only for its AI-driven weather models but also for its proprietary fleet of weather drones, capable of flying up to 6 kilometres high, delivering ultra-precise atmospheric data. The company has raised over $35 million in venture capital to date.  In our conversation, we explore the future of weather tech, its role in tackling climate change, the growing risks of extreme weather, surprising use cases — and yes, even wind theft.  Heads up: This one’s for the geeks.And at the end, Laurent sings for Lisa

Three wise men met and discussed the Seven Sins of The Energy Transition. Laurent, Gerard and Michael dissect seven sectors that have captured attention, investments and public money and are at best dead ends, at worst disasters waiting to happen.Greed — “Subsidy Mining in a Lab Coat” (Carbon Capture & Direct Air Capture)A capital-intensive detour that soaks up public money while delivering trivial abatement at extreme cost, great PR for incumbents, weak climate math. Gluttony — “Three Kilowatt-Hours to Move One” (Hydrogen-for-Energy)An energy-wasting appetite: make H₂ with clean power, then throw most of that power away moving, compressing, liquefying, and reconverting it—useful only in narrow industrial niches. Sloth — “Always ‘On Time’ by 2040” (Small Modular Reactors)Perma-prototype promises that stay years late and dollars short while wind, solar, and storage deploy at scale now. Pride — “We Will Bottle the Sun” (Fusion Salvationism)Technological hubris as strategy: a captivating physics quest, but not a climate plan for the 2030s. Invest in science, don’t budget on miracles. Lust — “Drop-In Fantasies for Every Engine” (Biofuels-Everywhere)The seductive promise of pouring yesterday’s fuels into tomorrow’s problems; keep them for hard-to-electrify edges, not as a universal fix. Wrath — “Culture War at Sea” (America’s Offshore-Wind Own-Goals)Ideological backlash, litigation, and policy whiplash torch viable projects and local supply chains while the rest of the world builds.Envy — “Green Halo by Checkbox” (ESG Box-Ticking)Chasing ratings and labels instead of real-world decarbonization and cash-flow-relevant risk; better to separate E, S, and G and measure outcomes   

Gerard delivered a keynote on Digitalisation, AI, Supply Chains and Electrification at the EcoVadis Global Summit.Gerard Reid argues that we are living through a new industrial revolution driven by digitalization, AI, and electrification, comparable in scale to the steam and automobile revolutions of the past. He highlights how China is rapidly outpacing Western forecasts in areas like AI, solar power, and electric vehicles, reshaping global competitiveness. Reid stresses that AI will transform industries—from healthcare to transport to energy—while massively increasing the world’s demand for electricity, which will increasingly be met through solar and battery storage. His central message is that businesses and countries must adopt a growth mindset, embrace AI as an enabler, and adapt quickly—or risk irrelevance in the face of accelerating global change.EcoVadis is a globally recognized platform that provides sustainability ratings and assessments for companies, focusing on their Environmental, Social, and Governance (ESG) performance. It evaluates businesses across four key themes: Environment, Labor and Human Rights, Ethics, and Sustainable Procurement. These assessments help companies manage ESG risks, ensure compliance, and improve sustainability practices across their operations and supply chains.

This is a re-release of the legendary interview by Michael Barnard of Pr Bent Flyvbjerg on our sister show ”Redefining Energy Tech” Professor Bent Flyvbjerg, an expert on megaprojects and author of How Big Things Get Done, shares insights from a database of over 16,000 projects, revealing that 99.5% fail to meet expectations in budget, timeline, or benefits.He stresses the value of learning from successful projects, especially in renewable energy, where solar, wind, and transmission projects outperform nuclear power, which suffers from regulatory hurdles and skill shortages.Flyvbjerg introduces key concepts like modularity, repeatability, and the “window of doom”—the critical early phase when delays can derail projects. He contrasts fast, modular successes like the Tesla Gigafactory with slow, complex projects like nuclear plants and the Olympics.The episode also compares pumped hydro and battery storage, highlighting the role of risk management, stakeholder alignment, and using data-based heuristics to guide project decisions. Listeners are encouraged to understand base rates, study variance charts (especially Chapter 9 of Flyvbjerg's book), and develop their own heuristics for better megaproject outcomes.

This Spring, Laurent Segalen was invited by Solar Power Europe to moderate a panel, during the Solar Power Summit, around the theme ”Winning the Flex challenges”.The Speakers were:Andrea Wechsler, Member of the European Parliament, EPP, GermanyPaula Rey Garcia, Acting HoU Renewables & Energy System Integration, DG ENER, European CommissionNick Bitsios, Head of Brussels Office, MetlenJuan Rivier Abbad, Head of Global Renewables Regulation, IberdrolaVlasios Souflis, COO EMEA, Lightsource BPJose Manuel Carvalho, Head of Renewable Energy JV & Partnerships, Arcelor MittalThere is a European Policy being developed called the Green Industrial Deal. What is it? Does it work? Does it answer the current issues faced by Solar developers and Energy Consumers?The panel confront the views of various actors, from policy makers to the private sector. A very lively debate with unexpected outcomes.  We thank Walburga Hemetsberger and the whole team of Solar Power Europe for organising that great event

This is Summer time, so we publish some contents that we have created on other channelsA few weeks ago, Gerard came on the ”Clean Titans”The YouTube channel “Clean Titans” focused on clean energy, is hosted by Sam Evans, known as The Clean Energy Guy. His content dives into clean energy topics with enthusiasm, aiming to educate and inspire viewers about sustainable solutions.Gerard talks about “Energy Disruptions” and you can watch him here: https://www.youtube.com/watch?v=V5LGTcT-EOw

On July 7th, Gerard and Laurent were invited to appear on the U.S. podcast Open Circuit, alongside Jigar Shah, Katherine Hamilton, and Stephen Lacey. It was an emotional reunion—Jigar and Katherine were part of the original Energy Gang, the very show that inspired us to create our own.We had a rich, two-part conversation. The first part revisited the Spanish blackouts, a topic we had already explored in Episode 185. The second part delved into Europe’s energy security and the evolving dynamic between “Petrostates” and “Electrostates”—the main focus of this episode.Twenty years ago, Europe and the U.S. shared a broadly aligned energy landscape. But the rise of American energy dominance has since driven a wedge between the two, contributing to today’s political fractures across the Atlantic.Together, the five of us explored the implications of this growing misalignment—and where we might go from here. It was a passionate and thought-provoking discussion.

Texas is an oddity in the western electricity world: fastest growing load, ultra-low prices, crazy development of renewables. Texas consumes now more power than France, despite having only half the population. Prices are a factor 4 lower compared to 20 years ago. And 90% of additional load has been provided by Wind and Solar, despite the permanent attacks from the fossil fuel lobby.To make sense of the current situation in Texas, and also talk about the future, with unbelievable projections, full of AI and Datacentres, we have the pleasure of welcoming Arushi Sharma Frank.Arushi Sharma Frank is an energy policy expert with deep expertise in distributed energy resources (DERs) and virtual power plants (VPPs). She pioneered ERCOT frameworks for grid-integrated VPPs and the integration of batteries on the Grid, while at Tesla where she worked between 2020 and 2024. Arushi was a key architect of the Texas Public Utility Commission’s Aggregated DER pilot, enhancing grid resilience post-Winter Storm Uri.  The Lone Star State is at the crossroads: will the additional load arrive? Are the renewables in danger? Can fossil fuels make a come-back, or are we seeing this wrongly, as the new model suggest that it is all about flexibility.Finally, the best source for information on renewable energy in Texas is Doug Lewin: www.douglewin.com

Laurent had the pleasure and privilege of sitting down with Markus Rauramo, CEO of Fortum, during the Eurelectric “Power Play” conference in Brussels this June.  Fortum, the Finnish energy company also active in Sweden and Poland, finds itself right on the front line when it comes to tensions with Russia—not exactly your average utility boardroom drama.   The conversation kicks off with Markus’s recent election as President of Eurelectric, taking over from none other than Leo “the Great” Birnbaum, CEO of E.ON.We talk about the challenges Markus has faced so far, including how Fortum managed to steer through the stormy waters of the Ukraine war, and what’s ahead for the industry. Spoiler: it’s not all doom and gloom—there’s strategy, resilience, and some surprisingly good teamwork. Markus rolls out Eurelectric’s Manifesto centred on customers, security of supply and digitisation (AI).  Markus introduces his vice-presidential duo: Georgios Stassis (CEO of PPC) and Catherine MacGregor (CEO of Engie). According to him, it’s a well-balanced trio—think energy world’s version of the Avengers, but with spreadsheets and grid stability. He also gives kudos to Kristian Ruby, Secretary General of Eurelectric, and the Brussels team for their stellar behind-the-scenes work.The chat then shifts to the Baltics, one of the rare places in Europe where electricity demand is actually growing. Fortum’s been ahead of the game there too: Markus reveals they now have over 1.3 GW of capacity lined up and ready to power new datacenters.Of course, we couldn’t ignore the constant cyber-attacks and sabotage attempts coming from Russia. Markus shares how Fortum has learned to deal with them—let’s just say they don’t flinch easily anymore.  And finally, a public mea culpa: Laurent repeatedly referred to Finland as part of Scandinavia. A common slip-up. For the record: Finland is next to Scandinavia, but it’s not in it. The Finns are Nordic, not Scandinavian—but much like their neighbours to the west, they handled the mix-up with trademark cool. No sauna ban issued.  We thank Kristian Ruby and all the Eurelectric team for organising this recording and putting together such a great summit.

What Really Happened During the Iberian Blackout This Spring? And How Should We Make Sense of the Conflicting Reports?  To shed light on the events, Gerard and Laurent are joined by global energy expert Steve Berberich, who served as President and CEO of the California Independent System Operator (CAISO) from 2011 to 2020. Steve led CAISO through the August 2020 blackout in California and now serves as President and CEO of Onward Energy.  We begin by placing the Iberian blackout in a broader context—comparing and contrasting it with major grid failures from recent years: South Australia 2016, California 2020, Texas Uri 2021, Ireland 2024, Louisiana 2025 and of course Iberia 2025.  We examine both the long-term systemic weaknesses and short-term triggering events behind each case—identifying patterns, divergences, and the reforms that followed in their aftermath. Then we turn our full attention to Spain.   Unlike the other blackouts, the Iberian event did not stem from extreme weather. Instead, Steve—along with Gerard and Laurent—dives deep into the underlying structural vulnerabilities of the Spanish grid.  From regulatory gaps and design flaws to operational mistakes, we scrutinize the entire system and arrive at a set of clear, evidence-based conclusions.  Link to Gerard’s substack https://www.linkedin.com/pulse/spains-grid-blame-blackouts-bureaucracy-gerard-reid-tiqre/  Link to the Energy Institute Report https://www.energyinst.org/statistical-review

Six years ago, Simon Moores, CEO of Benchmark Minerals Intelligence shook the world in a now legendary testimony in front of the US Senate. Then, Simon predicted the exponential growth of batteries and the control that China was starting to exert of the supply chains.Fast forward today, we bring in, Caspar Rawles, Simon’s trusted lieutenant, and COO of Benchmark Mineral Intelligence to assess how Simon’s predictions panned out. What was prophetic and what never materialized. Benchmark Mineral Intelligence, a London-based Price Reporting Agency (PRA) founded in 2014, specializes in lithium-ion battery and EV supply chains, offering IOSCO-accredited price assessments, supply-demand forecasts, ESG analytics, consultancy, global events, and policy influence.It focuses on critical minerals and recently expanded with Rho Motion, valued at $500M. Caspar talks about the growth of BMI, about the importance of its agreement with ICE, and how he sees the future.Laurent and Gerard conclude on Lithium and Rare Earths. Not really what you expect.