Energy Unplugged by Aurora

In this episode of Energy Unplugged, Simon De Clercq is joined by Pieter-Jan Mermans, Co-Founder and Managing Partner at Junction Growth Investors, to explore how Europe’s energy transition is shifting from rapid build-out to a more operationally complex phase. Reflecting on the last decade of renewables, electrification and storage growth, they discuss why today’s biggest challenges are no longer technological, but lie in flexibility, market design, and making existing infrastructure work harder. Pieter-Jan brings first-hand experience from founding and scaling REstore into a global leader in demand-side flexibility, before joining Centrica Business Solutions’ executive team following its acquisition. Drawing on this background - and his current role investing in European energy transition scale-ups - he explains why flexibility, software and optimisation have moved from the margins to the core of power markets, and how grid-enhancing technologies can unlock value faster and more cost-effectively than network expansion alone. Set against tighter capital markets and evolving policy priorities, the conversation argues that the next phase of the energy transition will be defined by execution and unit economics. From residential and industrial flexibility to smarter trading, automation and regulation that reward system value, Simon and Pieter-Jan make the case that aligning markets with real-world system needs will be critical to keeping Europe’s transition investable, reliable and competitive. You will learn: Why flexibility and optimisation - not new generation - are now the biggest levers in Europe’s energy transition. How demand-side response, storage and software can unlock system value faster than traditional grid build-out. What scaling an energy-tech business reveals about the real-world barriers to deploying flexibility at pace. Why execution, unit economics and market design will determine which transition technologies succeed in tighter capital markets.  

This week on Energy Unplugged, we share a keynote address from Jonathan Brearley, Chief Executive of Ofgem, recorded live at Aurora’s Energy Transition Summit in London. Jonathan sets out why the UK’s energy transition now requires deep systemic reform -moving beyond a purely market-led model towards a more strategic, coordinated approach to planning, regulation and delivery. Drawing on lessons from electricity market reform and the rapid scale-up of offshore wind, he argues that choosing low-cost pathways, coordinating infrastructure, enabling flexible demand and spreading costs fairly are essential to delivering a cleaner, more secure and affordable energy system. Jonathan reflects on the pressures driving reform, from volatile gas prices and rising energy bills to surging demand from electrification, AI and data centres. He outlines how Ofgem is responding through faster network approvals, connection reform, closer coordination with the National Energy System Operator, and a renewed focus on retail market reform. The discussion highlights the challenge of balancing affordability, security and decarbonisation while creating a regulatory framework capable of supporting large-scale investment in networks and clean energy. You will learn: Why systemic reform is now essential to deliver a coordinated, lower-cost energy transition beyond a purely market-led model. How affordability, fairness and energy debt are shaping the transition, and what needs to change to protect consumers. What a reformed regulatory framework must do to unlock investment, accelerate grid build-out and enable flexible demand.

This week on Energy Unplugged, we’re joined by Steffen Schülzchen, Founder and CEO of Entrix, and Constantin Nicklas, Head of Sales at Entrix, for a discussion on how grid congestion is reshaping battery storage investment across Europe. They join Claudia Gunter, Senior Research Lead at Aurora, to focus on why network constraints have become a defining challenge for batteries, and how flexible connection models, smarter optimisation, and evolving market rules could help unlock capacity faster. The discussion explores how congestion, redispatch, and ramping limits affect battery revenues in practice, and what this means for system efficiency, investors, and decarbonisation outcomes. Steffen founded Entrix in 2021 after advising European utilities on the energy transition at McKinsey & Company, and now leads the development of an intelligent trading and optimisation platform for battery assets. Constantin brings a commercial and investor perspective from over a decade in financial asset management at Deutsche Bank, where he worked closely with energy-focused investment structures. Together, they offer a grounded view on how regulatory design, grid access, and market signals are shaping the next phase of battery deployment in Europe. You will learn: Why grid congestion has become a binding constraint for battery deployment in Europe, especially in Germany. How connection rules, redispatch, and ramping limits shape real-world battery revenues and risk. What flexible grid access and smarter optimisation could unlock for storage investors and system operators. How market design and regulation will need to evolve to scale batteries efficiently and cost-effectively.

This week on Energy Unplugged, we bring you a live panel discussion from Aurora’s Energy Transition Summit, moderated by Camilla Palladino, Deputy Head of Lex at the Financial Times. She is joined by Jonathan Brearley, CEO of Ofgem; Dame Dawn Childs, CEO of Pure Data Centres Group; and Keith Anderson, CEO of Scottish Power, for a wide-ranging debate on whether Britain’s energy transition can remain on course amid political uncertainty, rising bills and growing scrutiny of net-zero commitments. Drawing on perspectives from regulation, infrastructure delivery and energy-intensive demand, the panel strikes a note of cautious optimism on the UK’s clean power ambitions, while highlighting the barriers that must be addressed. The conversation explores the need for faster planning and regulatory reform, greater policy stability to sustain investor confidence, and a grid fit for a 21st-century economy - capable of supporting growth in AI, data centres, manufacturing and life sciences. The discussion also examines affordability, questioning how network and policy costs are recovered, and why accelerating grid investment could be one of the most effective ways to cut system costs and ease pressure on consumers. You will learn about: Why planning speed and regulatory agility are now critical to delivering the energy transition. How policy instability risks undermining investor confidence at a time of major capital need. The growing tension between rising electricity demand and an overstretched grid network. What grid reform and cost allocation could mean for energy bills and long-term system efficiency.

This week on Energy Unplugged, we’re joined by Ana Marques, Executive Board Member at EDP. She joins Ana Barillas, Aurora’s Managing Director for Iberia & LatAm, to explore how flexibility, grids, and system resilience are becoming central to the next phase of the energy transition, alongside continued growth in wind and solar.  Ana sits on EDP’s Executive Board and oversees the group’s global renewable generation platform, alongside responsibility for digital, technology, and safety. Drawing on EDP’s international footprint, she shares how scale, technology diversification, and disciplined value creation underpin the company’s strategy, and why renewables must increasingly deliver not just clean energy, but also reliability and system services. You will learn: Why flexibility, grids, and resilience are now critical pillars of renewable-heavy power systems. How renewables and storage are increasingly contributing to ancillary services and system stability. What lessons recent system stress events offer for operating low-carbon power markets. How electrification, data centres, and hydrogen are reshaping future power demand and market design.

This week on Energy Unplugged, Jesse Hetema, Aurora’s Head of the Netherlands and Belgium, is joined by Simon Bushell, Founder and CEO of Sympower, to explore why flexibility has become a critical pillar of Europe’s energy transition. They discuss how rising price volatility, negative prices and grid congestion are shifting the focus from pure decarbonisation towards system resilience, and why demand-side response and batteries are now essential to keeping renewable-heavy power systems stable and investable. Simon founded Sympower in 2015 and has grown the company into a leading provider of flexibility services across Europe, with a strong presence in the Nordics and Greece. Drawing on his experience working with industrial customers, he explains how flexibility is unlocked in practice – from identifying low-cost demand-side opportunities to optimising batteries across multiple markets – and why digital platforms, advanced dispatch and supportive regulation are key to scaling flexibility across Europe. Listeners will also hear how tools like Aurora’s Flex subscription help market participants understand flexibility opportunities and price dynamics, and how CHRONOS supports the optimisation and valuation of battery assets across volatile power markets. You will learn: Why flexibility is now essential to Europe’s power system, as congestion and curtailment become structural challenges. How flexibility services and BESS optimisation generate value across multiple European power markets. What storage owners and large energy users need to get right to maximise multi-market revenues from flexibility. How market design, grid constraints, and regional differences are shaping the future of flexibility at scale in Europe.

2025 has been a landmark year for the global energy sector and the energy transition, marked by rapid change and significant challenges. Aurora has brought together the key themes shaping the energy transition into a special end of year report and accompanying podcast – hosted by our Global Research Director, Richard Howard and with contributions from 12 Aurora experts from Aurora’s global network. Key themes explored are: US policy changes under the Trump administration The report delves into the sweeping policy shifts enacted by President Trump’s administration, which have had significant effects on both domestic and international energy markets. Increased trade tariffs, a renewed focus on US energy independence, and the rollback of clean energy incentives have altered investment flows and market dynamics. The analysis explores how these policies have impacted global trade, LNG exports, and the competitiveness of renewables. The AI boom and data centre expansion A defining trend of 2025 has been the explosive growth of artificial intelligence and data centre development. Electricity demand from data centres globally now rivals that of a major economy such as Germany, creating both opportunities and challenges for utilities and grid operators. The discussion covers the need for rapid grid expansion, investment in flexible infrastructure, and the implications for renewable energy integration as data centres become increasingly central to power system planning. Grid reliability amidst climate volatility and renewables buildout Extreme weather events, ageing infrastructure, and the accelerated deployment of renewables have placed grid reliability at the forefront of concerns. The report and podcast examine major outages and system stress in regions such as Iberia, Australia, and the US, analysing their causes and the responses from system operators and policymakers. It underscores the importance of proactive planning, investment in grid-forming technologies, and the role of flexibility—such as batteries and demand response—in maintaining system stability. Challenges and solutions for renewables integration As renewables reach record levels of deployment, new challenges have emerged: negative pricing, grid congestion, and economic curtailment. The report and podcast feature case studies from Europe, Latin America, Japan, and India, illustrating how different markets are addressing these issues through technology, market design, and policy innovation. Solutions discussed include longer duration storage, portfolio optimisation, and reforms to locational signals, all aimed at ensuring the continued success of the energy transition.

This week on Energy Unplugged, we’re delighted to welcome Steve McMahon, Ofgem’s Director for Network Price Controls. He joins Dan Monzani, Aurora’s Managing Director for the UK & Ireland, to unpack Ofgem’s final determinations for RIIO-3 and what the next regulatory period means for networks, consumers and investors. The discussion explores the scale of required electricity and gas network investment, how strategic planning and new procurement approaches aim to accelerate delivery, and the challenges posed by surging demand, connection queues and rising system constraints.   Steve leads Ofgem’s regulation of the onshore electricity and gas networks, overseeing the current price controls and the development of the RIIO-3 settlements, as well as serving as Ofgem’s Head of Scotland. He brings deep experience from senior roles across UK and Scottish Government, including in transport infrastructure and economic analysis.   You will learn about: Why RIIO-3 marks a major step-change in network investment and planning. How Ofgem is balancing delivery speed, investment viability, and consumer protection. The tools designed to accelerate grid upgrades - from early-stage funding to advanced procurement. The growing cost of system constraints and why timely investment is essential.

This week on Energy Unplugged, we’re delighted to welcome Mariglen Nora, Head of the Green Energy Segment at Elevion Group, joining Casimir Lorenz, Aurora’s Market Lead for Central Europe & the Nordics, for a deep dive into how European renewable and flexibility markets are evolving across Germany, Italy, the Netherlands, the UK, and beyond. Mariglen oversees Elevion’s portfolio of specialist companies spanning PV, battery storage, biomethane, and other clean technologies, and serves on the boards of BELECTRIC, BELECTRIC GREENVEST, and EnergyShift. Drawing on extensive experience at Elevion and CEZ Group, he offers a granular, cross-market perspective on how utility-scale PV, BESS, biomethane, and grid constraints are shaping investment priorities across Europe. You will learn about: How Germany’s PV boom is now shifting toward co-located solar + battery projects, and how grid constraints are shaping investor behavior. Italy’s leadership in biomethane, the role of the MACSE mechanism in making battery storage bankable, and the country’s strong mix of renewable incentives. The complementary relationship between PV, batteries, and biomethane: batteries for fast, short-term flexibility, and biomethane for dispatchable, long-duration power, creating a more resilient energy mix. How rising renewable penetration across Europe is driving hybrid project development, while grid access and regulatory frameworks remain key bottlenecks.

This week on Energy Unplugged, we’re delighted to welcome the Honourable Matt Kean, Chair of Australia’s Climate Change Authority and Director at Wollemi. He joins Hugo Batten, Aurora’s Managing Director for APAC, and James Ha, Aurora’s Head of Research for APAC, for a deep conversation on how Australia is reshaping its energy system - through policy reform, market design, and strategic investment - to deliver a cleaner, more secure, and more affordable power sector Matt draws on over a decade in senior government roles - including NSW Minister for Energy & Environment, NSW Treasurer, and Deputy Leader of the NSW Liberal Party - where he led major reforms in renewable energy, grid investment, and climate legislation. Now at Wollemi, he is helping scale climate-positive investments while continuing to shape Australia’s national climate strategy through the Climate Change Authority. You will learn about: Australia’s path to rapid decarbonisation, including REZs, long-duration storage, grid upgrades, and state–federal coordination. Unlocking clean industry, from green manufacturing and critical minerals to electrifying mining operations. Reforming legacy subsidies - such as diesel fuel tax credits - to accelerate clean technology uptake. The information ecosystem shaping climate decisions, including RenewEconomy, BNEF, and independent journalism.

This week on Energy Unplugged, we’re delighted to welcome Nawal Saini, Managing Partner in Brookfield’s Renewable Power & Transition Group. He joins Dan Monzani, Aurora’s Managing Director for the UK & Ireland and India, alongside Debabrata Ghosh, Aurora’s Head of India, for a deep dive into how renewable deployment and transition investment are accelerating in India and other emerging markets. Nawal leads Brookfield’s renewable and transition business across these regions, drawing on extensive experience in energy and infrastructure investment at CDPQ, JP Morgan, and Jacob Ballas, as well as banking roles with ABN Amro Bank and SBI Capital Markets. His perspective combines large-scale capital allocation, platform building, and first-hand insight into navigating policy, regulatory, and market complexity in fast-growing economies. You will learn about: How clean energy investment is scaling in India and other emerging markets - and the structural drivers behind investor momentum. Barriers to rapid renewable deployment, including grid constraints, curtailment, and delays in long-term PPA execution. The rising role of hybrid renewables, batteries, and firm dispatchable renewable electricity (FDRE) solutions in delivering reliable energy at scale. How Brookfield evaluates opportunities, structures partnerships, and manages risk in high-growth emerging markets.

This week on Energy Unplugged, we’re delighted to welcome Karol Wolański, Head of Flexibility & Aggregation at Respect Energy, and Roch Baranowski, Chief Strategy Officer at Respect Energy Holding. They join Piotr Dobrzynski, Aurora's Market Lead for Poland, Czechia, and Slovakia, to discuss how Poland and the wider CEE power markets are evolving in response to renewable growth, regulatory reforms, and market volatility. Karol brings deep expertise in balancing markets and cross-border power exchange, leading the development of flexibility and aggregation services for renewables and storage assets. Roch oversees Respect Energy’s growth strategy, combining commercial and environmental value creation, with extensive experience in energy transition, consulting, and sustainable innovation. You will learn about: • How flexibility and balancing services are reshaping operating models and creating new revenue streams for renewable generators and storage operators. • Strategic approaches to optimizing battery energy storage and capturing ancillary service revenues. • Innovative PPA structures and other mechanisms that unlock additional value in evolving power markets. • Opportunities for early movers in Poland, the CEE region, and beyond, as the power market adapts to higher renewable penetration and new regulations.

This week on Energy Unplugged, we’re delighted to welcome Anna von Bremen, Partner and Head of Energy Innovation at Osborne Clarke. She joins Nico Leicht, Project Leader in Aurora’s Berlin Advisory Team, to discuss market design, regulatory frameworks, and innovation in the German power sector. Anna brings deep expertise in energy regulation and co-located battery storage projects, advising on both technical and commercial aspects of the evolving market. Nico and Anna explore how Germany’s grid, regulatory processes, and market mechanisms are adapting to increasing renewable penetration and new storage technologies. Main topics include the following: • The role of regulators and grid operators in enabling a more flexible, digitalized, and grid-friendly energy system. • Challenges and opportunities for co-located battery storage, including the integration of green and grey power, smart homes, and virtual power plants. • Market mechanisms, including redispatch processes, capacity pricing, and dynamic variable pricing, and their implications for investment certainty. • The path forward for Germany’s energy transition, balancing efficiency, rationalization, and the technical implementation of climate and grid targets.

This week on Energy Unplugged, we’re delighted to welcome Marcio Trannin, Managing Director for LATAM at Sunco Capital and Vice-President of the Board of Administrators at ABSOLAR, and Ricardo Motoyama, Senior Vice President of Commercial & Business Development at Elera Renewables. They join Rodrigo Borges, Aurora’s Market Lead for Brazil, to explore how Brazil’s liberalising power market, rapid renewable expansion, and evolving policy landscape are reshaping the country’s energy future. Marcio brings nearly three decades of experience across renewables, M&A, and regulatory affairs in Latin America’s electricity markets. Ricardo complements this with a strong commercial and financial background, offering insights into how trading, innovation, and risk management are driving new business models and accelerating Brazil’s transition to cleaner power. Together, they reflect on how Brazil can remain competitive in a global energy transition increasingly defined by flexibility and investment scale. Main topics include the following: The evolution of Brazil’s liberalised power market and what it means for generators, investors, and consumers The rapid expansion of renewables - particularly solar and the operational challenges of integrating decentralized generation The importance of policy and regulation in enabling long-term investment and competition Lessons from international markets and what’s next for Brazil’s energy transition

This week on Energy Unplugged, we’re delighted to welcome Tom Palmer, Head of Business Development in Zenobē’s Network Infrastructure business. He joins Malvika Gode, Senior Associate at Aurora Energy Research, to explore how large-scale battery storage is transforming grid stability and enabling the transition to a fully renewable power system. Tom is an economist by background and brings a wealth of experience from across the energy sector, having previously worked at RWE Renewables, Cornwall Insight, Origami Energy, Palantir Solutions, EDF Energy, and Ofgem. At Zenobē, Tom focuses on developing grid-scale battery projects that support transmission and distribution networks as they adapt to increasing renewable penetration. Main topics include: How large-scale batteries are stabilising renewable-heavy grids and supporting the energy transition. Integration with transmission and distribution networks and lessons from pioneering grid-forming projects. Technical, commercial, and market challenges, including balancing mechanism inefficiencies and evolving regulatory frameworks. The future of grid-scale storage, from longer-duration projects to new revenue streams and system-wide flexibility.

This week on Energy Unplugged, we’re delighted to welcome Martin Daronnat, Head of Flexibility & Structured Origination at ENGIE . He joins Casimir Lorenz, Aurora’s Managing Director for Central Europe, for a deep dive into the emerging market for flexibility purchase agreements (FPAs) and their role in financing and operating large-scale battery energy storage systems (BESS). Martin has over 10 years of experience in energy, with a strong background in flexibility and renewables structuring and origination. Under his leadership, ENGIE offers flexibility offtake agreements and structured products that make energy assets bankable while optimising risk exposure, including market and credit risk. In 2024, ENGIE closed Germany’s first long-term fixed-price physical FPA, enabling a large-scale BESS project to reach financial close. Main topics include: How flexibility purchase agreements (FPAs) support large-scale battery storage projects and make them bankable. Exploration of the key factors that determine FPA pricing, including technical battery parameters, market and credit risk, and contract terms. How portfolio effects and strategic positioning influence the value of batteries for traders and asset owners. Differences between fixed-price, partial, and merchant FPAs across European markets.

This week on Energy Unplugged, we’re joined by Lawson Steele, CEO of Haldane Energy, to explore the strategic and practical role of hydrogen in long-duration energy storage and the UK’s energy transition. Marten Ford, who leads Aurora’s work in GBN Ireland on low-carbon fuels and hydrogen, guides the conversation through the challenges and opportunities facing the UK’s power system over the next decade. Lawson is responsible for the day-to-day management of Haldane Energy and is a founder and director of the Windward Energy group of companies. He has over a decade of experience in renewables and energy infrastructure, building wind portfolios and independent distribution networks. Main topics include: • The strategic rationale for hydrogen long-duration energy storage and its role in replacing aging gas-fired power plants • How hydrogen provides high energy density and flexible dispatchable power relative to alternatives like batteries or pumped hydro • Design and operation of closed-loop hydrogen systems, including electrolysers, salt cavern storage, and hydrogen fuel power stations • Commercial viability and the importance of government schemes to de-risk investment in large-scale hydrogen energy storage

This week on Energy Unplugged, we’re delighted to welcome Juan Carlos Jobet, former Chilean Minister of Energy and Mining and now Dean of the Business School at Universidad Adolfo Ibáñez. He joins José Muñoz, Aurora’s Country Lead for Chile, to discuss Chile’s path to a cleaner, more resilient energy system, from the coal phase-out and renewable growth to the country’s ambitions in green hydrogen and the decarbonisation of mining. Juan Carlos served as Minister of Energy and Mining from 2019 to 2022, overseeing a period of profound change in Chile’s power sector. With a background spanning public service, investment banking and executive leadership in energy and infrastructure, he brings a unique perspective on the intersection of policy, markets and global energy challenges. Main topics include: • The policies and partnerships that have enabled Chile’s rapid growth in renewables • The role of large-scale storage and grid infrastructure in supporting the transition • Green hydrogen’s progress and the challenges still to overcome • Mining’s role in the transition and pathways to reduce its emissions

This week on Energy Unplugged, we’re delighted to welcome Ben Guest, Managing Director and Head of Gresham House Energy Transition, as well as Fund Manager of the Gresham House Energy Storage Fund. He joins Caroline Still, Principal in our Oxford Advisory team, to discuss the role of storage and flexibility in enabling the UK’s energy transition. Ben has over two decades of experience in the energy sector and leads the UK’s largest utility-scale battery storage fund. He has overseen the deployment of over 800 MW of operational battery projects, with a pipeline of more than 2 GW under development. Main topics include: Why storage is central to decarbonisation and balancing renewable intermittency The role of batteries in addressing grid bottlenecks and deferring costly reinforcements Long-duration storage, Dunkelflaute, and how policy must evolve to incentivise optimal system performance

This week on Energy Unplugged, we’re delighted to welcome Karin Burns, CEO of San Diego Community Power (SDCP). She joins Oliver Kerr, Aurora’s Managing Director for North America, and Farhad Billimoria, Head of US West Research, to discuss the rise of community choice aggregation (CCA) and its role in accelerating California’s clean energy transition. Karin has led SDCP since 2022, overseeing its rapid growth into one of the largest CCAs in California, now serving nearly one million customers. With a background spanning international finance, non-profit leadership and sustainability strategy, she brings a unique perspective on how community-led models can deliver clean, affordable and reliable energy. Main topics include: What community choice aggregation is and how it is reshaping California’s power market Balancing decarbonisation with affordability and reliability for customers The impact of federal policy changes and rapid demand growth from AI and data centres How distributed resources and virtual power plants can enhance resilience in local energy systems