Energy Unplugged by Aurora

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

This week on Energy Unplugged, we’re delighted to welcome Helen Clarkson, CEO of Climate Group. She joins Richard Howard, Aurora’s Global Research Director, to discuss the role of business and government in accelerating the transition to net zero. Helen has led Climate Group since 2017, overseeing initiatives such as RE100, EV100, SteelZero, and the Under2 Coalition, which mobilise companies and governments worldwide to commit to ambitious climate goals. With over two decades of experience in climate and humanitarian work, she brings unique insights into how cross-sector coalitions can drive global action. Main topics include: How business and government coalitions are driving faster emissions reductions The challenges of scaling renewables and integrating them into power systems The growing importance of 24/7 carbon-free energy and what to expect from Climate Week NYC

This week on Energy Unplugged, we’re delighted to welcome Philip Hirschhorn, Ministerial Appointee to the NEM Wholesale Market Settings Review Expert Panel, and Tim Nelson, Chair of the independent review of Australia’s NEM. They join Hugo Batten, Aurora’s Managing Director for APAC, and Hana Ramli, Principal in our Australian Advisory team, to discuss the draft recommendations of the Wholesale Market Settings Review and their implications for Australia’s energy transition. Philip has over two decades of experience advising the energy sector, including 25 years at Boston Consulting Group where he led the Australian Energy practice. He now serves on the Expert Panel shaping reforms to Australia’s derivatives market and contract design. Tim brings extensive leadership experience across Australia’s energy institutions, including Iberdrola, the AEMC, AGL, and government roles, and is currently chairing the independent review of the NEM. Main topics include: The scope and goals of the NEM Wholesale Market Settings Review and the challenges it seeks to address Key draft recommendations on the spot market, derivatives, and investment signals Implications for batteries, coal exits, and state-level renewable targets in Australia’s energy mix Lessons from overseas markets and what it will take to implement reforms successfully To delve deeper into the investment landscape in Australia, reach out to our Aurora experts at auroraer.com/global-presence/australia.

This week on Energy Unplugged, we’re delighted to welcome Heather Reams, President and CEO of Citizens for Responsible Energy Solutions (CRES). She joins Oliver Kerr, Aurora’s Managing Director for North America, to discuss the role of conservative leadership in driving clean energy policy and the prospects for bipartisan cooperation. Heather has led CRES since 2016, building its role as a leading right-of-centre voice for pragmatic clean energy solutions in the US. With over three decades of experience in public affairs and energy policy, she brings a unique perspective on how conservative leadership can advance the energy transition. Main topics include: The state of conservative and Republican support for clean energy in the US The impact of the Inflation Reduction Act (IRA) and “One Big Beautiful Bill” (OBBB) on investment and tax credits Why streamlining energy project approvals could be a rare opportunity for bipartisan cooperation The implications of rising energy demand from AI and advanced manufacturing If you enjoyed listening to this episode, attend the second edition of the Aurora Energy Transition Forum on October 21st, 2025 in New York! The event will bring together senior and influential leaders from the US energy sector - developers, utilities, investors, government, tech, and finance - to address America’s energy transition challenges and solutions. Join a curated group of senior decision-makers in a high-level setting designed to foster meaningful dialogue – more than just your usual networking. Head to Aurora’s website the to find out more and to book your ticket. We look forward to seeing you there!

This week on Energy Unplugged, we’re delighted to welcome Christoph Bellin, Head of Development & Projects at Alpiq. He joins Claudia Günther, our Research Lead for Northwestern Europe, to explore the evolving roles of flexible assets like battery storage and pumped hydro in Europe’s energy transition. Christoph is a senior energy executive with over two decades of experience in the European energy market. At Alpiq, he leads the Development & Projects unit, driving the growth of a pan-European Battery Energy Storage System (BESS) portfolio from investment through to commissioning. Main topics include: How Alpiq is expanding its flexible assets portfolio across Europe The key differences in development, financing, and operation of BESS and pumped hydro Whether batteries and pumped hydro are competitors or complementary technologies in the decarbonised grid

This week on Energy Unplugged, we’re delighted to welcome Elyette Roux, Executive Vice President for the Power Grid market division at Nexans, and Managing Director of the company’s Accessories Business Unit. She joins Pierre Dennery, Aurora’s Country Head for France, to examine the global challenges of deploying the grid infrastructure required for the energy transition. Elyette joined Nexans in 2021 and now oversees a division representing nearly 30% of the company’s business. She has held senior roles at Dassault Aviation, Schneider Electric, and Cisco, bringing a unique perspective on how industrial capability, innovation, and operations intersect in modernising grids. Main topics include the following: • How global supply chains, material availability, and workforce capacity are shaping grid project timelines • Strategies to accelerate deployment — from advanced manufacturing to cross-industry partnerships • The role of digitalisation and AI in enabling predictive maintenance, faster renewable integration, and more resilient networks

This week on Energy Unplugged, we’re delighted to welcome Ben Wilson, President of National Grid Ventures. He joins Dan Monzani, our Managing Director for UK & Ireland, to explore how infrastructure, interconnectors and electrification are shaping the future of the UK and global energy systems. Ben sits on the Executive Committee of National Grid and was appointed President of NGV in August 2024. NGV is the group’s competitive arm, operating a diverse portfolio of low-carbon and renewable energy businesses across the UK, Europe and the US, including interconnectors, battery storage, LNG and clean power generation. Main topics include the following: The future of interconnectors and hybrid offshore grids in building a more integrated European energy system The impact of electrification, AI, and economic growth on rising electricity demand The role of hydrogen in decarbonising emissions-intensive industries and enhancing system flexibility

This week on Energy Unplugged, we’re delighted to welcome Robert Brook, SVP and Managing Director of the Americas at Neara. He joins our Managing Director for North America, Oliver Kerr, to discuss the evolving state of grid infrastructure in the US and the technologies poised to transform it. Robert brings over 30 years of experience across the energy and information technology sectors. A recognised expert in infrastructure, asset management and risk mitigation, he has held leadership roles at PG&E, Esri, and Hecatic Labs. At Neara, he now works at the forefront of digital grid modelling and utility planning. Main topics include the following: The growing challenges posed by aging grid infrastructure and increasing electricity demand The role of grid-enhancing technologies, such as dynamic line ratings, in maximizing existing system capacity Climate resilience, wildfire mitigation, and the shift toward localised generation and smarter grid operations

In this episode, we explore how the explosive growth of AI is driving a rapid expansion of data centres, and how this surge is reshaping power systems and energy infrastructure around the world. Richard Howard, Aurora’s Global Research Director, is joined by Malavika Gode, Senior Associate in our UK Advisory team, to unpack the energy implications of this accelerating global trend and what it means for the future of electricity systems. Main topics include: The projected surge in power demand from data centres globally, and what’s driving it Key factors influencing where data centres are being built and how location decisions intersect with grid challenges How data centres are sourcing power today and what needs to happen for their growth to be sustainable

This week on Energy Unplugged, we’re delighted to welcome Harrison Moore, Head of Energy and Renewables at Azure Capital. He joins our Head of Australia, Weije Mak and Laura Perez del Olmo, Advisory Associate in our Sydney office to discuss the investment landscape in Australia for power and renewable assets. Harrison has over 15 years of experience in corporate advisory, working across a wide variety of engagements, including M&A and capital raisings, in particular within the energy, infrastructure and natural resources sectors. He has extensive utility-scale Battery Energy Storage System (BESS) experience, involving assets across all stages of development. Main topics include the following: The current investment landscape in Australia and the technologies attracting the most investor interest The impact of government tenders on financing assets in Australia Global uncertainty around the Green Energy Transition and what it means for Australia To delve deeper into the investment landscape in Australia, reach out to our Aurora experts here: Australia | Aurora Energy Research

This week on Energy Unplugged, we’re delighted to welcome Rosheen McGuckian, CEO, NTR. She joins our Head of Research for Western Europe & India, Marc Hedin, and Steph Unsworth, Research Senior Associate in our Oxford office, to discuss the consequences of grid constraints in European countries. Rosheen serves as the Chief Executive Officer of NTR, a leading investor and asset manager in Europe’s transition to clean energy. With over 25 years of experience and more than 3 GW of clean power investments, NTR’s expert interdisciplinary team now oversees 1.4 GW of clean energy and storage assets across seven European markets, operating on behalf of three investment funds. Main topics include the following: Impact on Internal Rate of Return (IRR), debt sizing, and project viability in project risk management Battery deployment as a potential solution in countries with weak grid infrastructure Characteristics of a bankable renewables project with unremunerated constraints in 2030 in Europe

This week on Energy Unplugged, we’re delighted to welcome Jürgen Mayerhofer, CEO & Co-Founder of enspired. He joins our Managing Director for Iberia & LATAM, Ana Barillas, to discuss battery optimisation. Jürgen holds an MBA in energy management and has worked in the energy sector for 20 years, contributing to the expansion of renewables in the grid in various expert positions. Under his leadership, enspired has evolved from a small-scale startup into a trusted institution with dozens of in-house specialists for AI trading services in Europe’s short-term power markets. Main topics include the following: How are battery optimisation and battery trading different? What does it take to unlock dependable revenues and finance for storage at scale? What challenges does co-location bring to the optimisation of a battery and what strategies can be pursued to overcome them?

This week on Energy Unplugged, we’re delighted to welcome Matt Grover, Director of Energy Markets at Fluence in Australia. He joins our Managing Director for APAC, Hugo Batten, and our Head of Research in APAC, James Ha, to discuss battery dispatch and economics. At Fluence in Australia, Matt leads the team responsible for the company’s Mosaic software product, which supports dozens of renewable generators and Battery Energy Storage System (BESS) assets in trading on the Australian National Electricity Market (NEM). Prior to joining Fluence, Matt held roles at AMS, EnelX, and EnerNOC. He brings over a decade of experience in Australia's NEM market operations. Main topics include the following: Key features of NEM’s market design and generation mix, and future changes at a system level The role of battery dispatch software in overall business cases Battery economics including merchant dispatch, offtake contracts, and virtual tolls

This week on Energy Unplugged, we’re delighted to welcome Mallika Ishwaran, Chief Economist, Shell. She joins our Managing Director for APAC, Hugo Batten, and our Global Research Director, Richard Howard, to discuss Shell’s 2025 Energy Security Scenarios. As Shell’s Chief Economist, Mallika advises on macroeconomic issues, economic trends, and related policy matters, shaping Shell’s long-term scenario outlooks. Prior to joining Shell, she had a distinguished career in the UK government, holding several senior roles, including Head of Policy Analysis at the Cabinet Office for the 2009 G20 London Summit. Main topics include the following: Impact of AI and rising energy demand in the models and scenarios The role of gas in the energy transition, and the biggest levers to bend the emissions curve down The best use of long-term energy models in the development of reports

This week on Energy Unplugged, we’re delighted to welcome Tom Glover, UK Country Chair, RWE. He joins Caroline Still, Project Leader in our Oxford Advisory team, to discuss the main challenges GB’s power sector is facing. As RWE’s UK Country Chair and Chair of the RWE UK Renewables Boards, Tom serves as the company’s most senior representative in the UK. He is responsible for leading national-level engagement and managing relationships with key stakeholders. In addition to his role at RWE, Tom is Chair of the Carbon Capture and Storage Association and a trustee for several charities. His previous experience includes roles at Barclays Capital, Enron, and PricewaterhouseCoopers. Main topics include the following: The impact of the Clean Power 2030 targets on the confidence of markets and investors What decisions need to be settled by strategic planning, and which should be market-driven? What can and should the UK be doing now to take advantage of the global uncertainty and remain attractive to global investors?

This week on Energy Unplugged, we’re delighted to welcome Jonathan Dillon, Partner at Clifford Chance. He joins our Global Research Director, Richard Howard, to discuss clean energy investment trends in Europe. Jonathan specialises in domestic and cross-border M&A for clean energy, renewables, and brownfield infrastructure assets. He advises private equity, infrastructure funds and other financial investors and has particular experience in competitive sale processes and the establishment of joint venture structures. Main topics include the following: How is the investor landscape evolving in terms of investor profiles, geographical interest, technology, and business models? How do investors perceive the emerging risks to the markets and technologies of focus? How much does the volatile geopolitical climate influence investors' decisions?