Redefining Energy
Neu254. GW-scale batteries: the battle of Britain - Nov26
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Über den Podcast
Two investment bankers weekly explore how tech, finance, markets and regulations are radically redefining the world of energy: Renewable Energy, Electric Cars, Hydrogen, Battery Storage, Digitisation...
Your co-hosts: from Berlin, Gerard Reid and from London, Laurent Segalen.
Our LinkedIn page: https://www.linkedin.com/company/redefining-energy/
X handle: @Redef_Energy
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254. GW-scale batteries: the battle of Britain - Nov26
Battery Energy Storage Systems (BESS) were traditionally developed as portfolios of relatively small, MW-scale projects, reflecting the experience of renewable energy funds rooted in solar and wind. But a new …
Shownotes
Battery Energy Storage Systems (BESS) were traditionally developed as portfolios of relatively small, MW-scale projects, reflecting the experience of renewable energy funds rooted in solar and wind. But a new generation of GW-scale projects is entering the market, led by developers with different backgrounds, industrial expertise and a fundamentally different view of scale: bigger is better.
Statera, Copenhagen Infrastructure Partners (CIP), Zenobē and Fidra Energy are emerging as major players, backed by infrastructure investors such as EQT, Ares and KKR. Fidra Energy is one of these new titans. Backed by EIG, with $27 billion in assets under management, and the UK National Wealth Fund, Fidra is pursuing an ambitious strategy in Great Britain, with just three projects in its pipeline, but on an unprecedented scale: the 1.45 GW / 2.9 GWh Thorpe Marsh project, the 500 MW / 1 GWh West Burton C project, and Enderby, a 1 GW project potentially offering four hours of storage.
A single project can occupy an area equivalent to around 40 football pitches. These are not simply larger versions of conventional battery installations. Their teams bring extensive gas industry experience and a different approach to engineering, project delivery and infrastructure development.
They are also strategically located on brownfield sites, often former coal-fired power stations or gas plants, benefiting from existing grid connections, lower connection costs and shorter permitting timelines. Laurent and Gerard welcome Chris Elder, CEO of Fidra Energy, to explore what sets this new generation of projects apart and why scale is becoming such a competitive advantage. Despite their size, these projects can be highly bankable. Around 50% of future revenues can be secured through capacity payments and tolling agreements, providing the long-term visibility lenders need.
Thorpe Marsh demonstrates this: a consortium of 13 banks has committed £600 million in debt financing. We also examine one of the most critical decisions in delivering projects of this magnitude: battery supplier selection. Following a year-long tender process, Sungrow's PowerTitan 2.0 was selected for Thorpe Marsh. More than 600 twenty-foot containers will be installed on site, creating a significant logistical and construction challenge. Yet, as Chris explains, building a battery storage facility can be considerably simpler than delivering a gas-fired power plant.
Finally, we explore an energy system increasingly shaped by gigawatt-scale batteries. As these assets become central to grid stability, flexibility and renewable integration, Chris anticipates significant sector consolidation. Will a handful of large-scale developers come to dominate the market? And are GW-scale batteries set to become the backbone of tomorrow's electricity grid? It is a conversation about the people, capital, technology and industrial thinking driving the next chapter of battery energy storage.253. Carbon vs Electrons: The Great Schism? - Nov26
For almost two decades, the environmental movement has repeatedly announced the demise of fossil fuels. The headlines have been dramatic, but the results have been less convincing. As COP31 is about to begin …
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For almost two decades, the environmental movement has repeatedly announced the demise of fossil fuels. The headlines have been dramatic, but the results have been less convincing.
As COP31 is about to begin, the world remains remarkably indifferent — despite the climate crisis growing ever more urgent, as if saving the planet were merely an optional item on the agenda, Gerard and Laurent invite Mark Campanale, founder of Carbon Tracker. Carbon Tracker is the financial think tank that brought the concepts of unburnable carbon and the carbon bubble into mainstream debate. Its research has helped investors understand the risks of fossil-fuel investments but has also been politically weaponised by the Greens.
A decade ago, the debate centred on stranded assets, carbon budgets and the prospect that fossil-fuel reserves would become economically unviable. Today, our thinking is increasingly aligned with perspectives associated with Ember and Michael Liebreich, emphasising technology, economics and the practical realities of the energy transition.
We probably are witnessing a schism between former allies: the “Climate Movement” and “The Clean Energy community”. We believe technology, innovation and economics will do more to accelerate the transition than verbose toothless international accords or poorly designed top-down government policies. Carbon Tracker deserves credit for making climate risk a serious financial issue. However, forecasts about the timing of peak fossil-fuel demand have proved less reliable. Oil demand rebounded after COVID-19, while geopolitical instability and energy-security concerns have demonstrated the resilience of hydrocarbons.
The question is whether the carbon-focused approach remains relevant or whether it is approaching obsolescence. Environmental campaigners have advocated carbon taxes for decades, arguing that polluters should pay for emissions and that revenues should fund the transition to cleaner energy.
But what if the world already has a de facto carbon tax, imposed not by environmental policy but by geopolitical conflicts? Wars, supply disruptions and decisions by powerful governments can drive up the price of oil and gas, imposing enormous costs on households and businesses. Russia under Putin, Iran under the Ayatollahs and the United States under Trump illustrate how geopolitical decisions can reshape global energy markets.
Carbon Tracker helped establish stranded-asset risk as a serious capital-markets concern. Its central warning—that some fossil-fuel investments could lose value as the energy system evolves—remains relevant. But the timing of the transition has proved difficult to predict. Fossil-fuel demand has shown greater resilience than some forecasts anticipated, while geopolitics, affordability and energy security have complicated the path towards decarbonisation.
The distinction is important: identifying investments at risk is not the same as predicting the imminent collapse of fossil-fuel demand. Our conversation was robust, with both sides standing their ground. We left with a sense that the debate needs to move beyond political targets and increasingly outdated assumptions towards the realities of technology, economics and capital allocation. We may agree on the destination, but the real argument is about the pathway.
Further reading Carbon Tracker's Unburnable Carbon: Ten Years On, 2020 Vision: Why You Should See the Fossil Fuel Peak Coming and Managing Peak Oil provide useful context for assessing its original thesis, its influence on financial markets and the challenges of forecasting the energy transition.
https://carbontracker.org/reports/252. Lazard, LCOE and the real cost of power - Oct26
Founded in 1848, Lazard is one of the world’s most prestigious investment banks. But in energy, its influence goes well beyond Wall Street. For twenty years, Lazard’s Levelized Cost of Energy (LCOE) report has …
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Founded in 1848, Lazard is one of the world’s most prestigious investment banks. But in energy, its influence goes well beyond Wall Street. For twenty years, Lazard’s Levelized Cost of Energy (LCOE) report has shaped how investors think about the economics of solar, wind, gas, coal and nuclear. It has helped change minds—and channel vast amounts of capital into the energy transition.
The report has also attracted criticism. Its critics argue that LCOE ignores some of the hardest questions facing modern power systems: intermittency, grid integration, balancing and backup. Yet despite those shortcomings, for anyone investing in energy, the Lazard report remains the reference. The “source.”
So what does the latest edition tell us about where energy is heading? Laurent and Gerard have the privilege of sitting down with George Bilicic, Global Head of Power, Energy & Infrastructure at Lazard. George advises some of the world’s largest companies and governments on strategy and finance and has spent decades at the heart of the energy and financial industries, working alongside legendary figures such as Felix Rohatyn and Bruce Wasserstein.
We talk about America’s extraordinary surge in electricity demand—and what it means for the power system. We dig into the economics of solar, wind, gas and nuclear. We discuss geothermal. And we ask a deceptively simple question: what is actually the cheapest way to produce reliable electricity?
The answer is more complicated than the headlines suggest. In the US, renewables are among the cheapest sources of new power. But geography matters. So do grids, intermittency and backup. Gas can still be remarkably competitive when those costs are taken into account.
And there is a crucial catch: what works economically in gas-rich America does not necessarily work in countries that have to import their gas.
Then there is nuclear. Nuclear is coming back—but don't expect a renaissance overnight. We discuss why its revival is likely to be slow, expensive and heavily dependent on governments rather than markets.
A fascinating conversation with one of the true titans of the energy and finance industry.
Link to Lazard LCOE report
https://www.lazard.com/news-announcements/lazard-releases-2026-levelized-cost-of-energyplus-report-pr/251. Fission Impossible: the SMR Gamble - Oct26
Last year, the nuclear industry experienced something close to a gold rush. SMRs — Small Modular Reactors — became the hottest story in energy. Private capital poured in, valuations exploded, and the industry …
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Last year, the nuclear industry experienced something close to a gold rush. SMRs — Small Modular Reactors — became the hottest story in energy. Private capital poured in, valuations exploded, and the industry produced an impressive collection of truly bombastic promises. The backdrop is undeniably powerful: electrification is accelerating, geopolitics are reshaping energy markets, and the world needs reliable, 24/7 clean power. Nuclear has rarely enjoyed such formidable tailwinds.
So, what could possibly go wrong?
Gerard and Laurent bring in Andrei Utkin, Associate Director at S&P Global Energy, and one of the more independent observers of the nuclear industry, to separate the nuclear opportunity from the nuclear hype.
Because there is a problem. The Western nuclear supply chain has not exactly covered itself in glory this century when it comes to delivering large reactors on time and on budget. Governments are nevertheless pushing ahead — rightly so. We are particularly interested to see how smaller designs such as GE Hitachi’s reactor in Ontario and Rolls-Royce’s SMR in the UK perform. These projects have something many start-ups do not: government backing, established industrial supply chains, and companies with decades of nuclear experience. Whatever the final cost — and, for reasons that remain remarkably consistent, that cost always seems to go up — these SMRs are likely to happen.
But the really fascinating story is the private SMR market. Today, it counts roughly 50 developers, 130 designs, 20 publicly listed companies, and more than $10 billion of private and corporate capital. Yet only a much smaller number of technologies are genuinely approaching commercial deployment.
Some have made it to the stock market: NuScale, Oklo, X-Energy, Nano Nuclear. Their share prices all peaked around twelve months ago. Since then? Down 50% to 80% from their highs. Perhaps the public markets are beginning to tire of an industry that has delivered an extraordinary number of promises — and comparatively few reactors. Meanwhile, the executives and early shareholders of some of these companies have managed to cash out hundreds of millions of dollars.
Then comes the small detail of economics. With nuclear CAPEX estimates somewhere around $15–20/W — your guess is probably as good as ours — and brutally long lead times, nuclear has to compete with hydro at around $10/W, gas at roughly $4/W (up from about $1/W), wind at $2–5/W… …and solar plus batteries at around $0.40/W. That is an uncomfortable competitive landscape.
And we haven't even discussed the fuel. Russia still controls roughly 40% of the conventional nuclear fuel supply chain — and effectively 100% of the HALEU capacity required by some advanced SMR designs. So much for energy independence.
Laurent then tackles another increasingly abused acronym in the nuclear world: FOAK — First Of A Kind. What does it really mean? And, more importantly, how many times can a technology be “first of a kind” before investors start asking when the second one is coming?
All of this — and much more — in our yearly deep dive into nuclear: the technology, the economics, the geopolitics, the promises, and the increasingly uncomfortable gap between them.
----- Link to S&P report on nuclear
- https://www.spglobal.com/energy/en/commodity/electric-power/nuclear
- Michael Barnard articles on SMRs
- https://www.linkedin.com/pulse/scaling-examples-pt-1-small-modular-nuclear-reactors-smnrs-martin
- https://nbmediacoop.org/2022/07/31/smnrs-riddled-with-high-costs-among-other-unresolved-problems/
- And of course World Nuclear Industry Status Report 2026 (WNISR2026)
- https://www.worldnuclearreport.org/World-Nuclear-Industry-Status-Report-2026
- Finally, the full text of 1953 Memo By Admiral Hyman Rickover https://whatisnuclear.com/rickover.html
250. Inside the US Datacenter exuberant buildout - Oct26
The current datacenter buildout is the biggest GDP bet in America since the railroads 150 years ago. We have never seen a frenzy quite like this. The system is running on overdrive—and the cracks are starting …
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The current datacenter buildout is the biggest GDP bet in America since the railroads 150 years ago. We have never seen a frenzy quite like this. The system is running on overdrive—and the cracks are starting to show.
While Anthropic and OpenAI announce dizzying financing numbers, measured in the trillions, the markets are beginning to cough: force majeure—effectively a default—at Oracle’s Jupiter datacenter; SB Energy abandoning its IPO; private credit funds restricting redemptions; and certain neoclouds’ bonds being priced as riskier than those of Zambia or Angola.
And still, the buildout goes on.
Yes, half of the announced datacenters may never be built. Yes, local politics are turning increasingly toxic, with moratoriums spreading. And yet the buildout continues—and could move even faster if only the supply chain could keep up.
So, who should we believe: the bulls or the bears? Gerard and Laurent bring on one of the leading specialists in datacenter development, Eugene McGrane, Executive Managing Director at Cushman & Wakefield, one of the world’s largest real estate services firms. Cushman & Wakefield provides specialized real estate, financial, and strategic advisory services to the digital infrastructure and datacenter sector. Eugene’s team works with investors, developers, and technology occupiers on site selection, power procurement, land acquisition, lease negotiations, and project construction.
We have a freewheeling conversation about what hyperscalers really want, the insatiable demand for compute, credit risks, political backlash, and how this industry seems to reinvent itself every few months. Who are the winners? Who is most exposed? And where is this extraordinary journey ultimately heading?
So, is the glass half full or half empty? It depends on your vantage point.
What seems clear is that demand for compute is not slowing down. And the sheer scale of the datacenter buildout is forcing the energy system to mobilize capital, infrastructure, and technology at a pace that could accelerate its modernization.
The AI boom may be chaotic, financially extreme, and politically contentious. But the buildout is still going.
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With the energy industry's largest proprietary dataset, world-class experts and decision-grade models, all powered by Synoptic AI, Wood Mackenzie delivers Intelligence Connected across the energy and natural resources landscape.249. World’s largest VPP - Oct26
The global market for Virtual Power Plants is assessed around 100GW (+/- 20GW). It is a 7bnUSD expected to grow at a CAGR above 20% in the next 5 years to reach 40bnUSD within a decade. VPP are a digitally …
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The global market for Virtual Power Plants is assessed around 100GW (+/- 20GW). It is a 7bnUSD expected to grow at a CAGR above 20% in the next 5 years to reach 40bnUSD within a decade. VPP are a digitally coordinated flexible network of distributed resources: cheaper than central stations. They manage behind the meter assets like Solar, batteries, HVAC, EV…
VPP is a term invented 30 years ago by US economist and finance scholar Dr Shimon Awerbuch, who died 20 years ago in a light plane crash over the Alps. Only aged 51, he leaves a great legacy. His foundational work in 1996 was called “The Virtual Utility” where he demonstrated that Electricity generation must be treated like a financial portfolio. He proved that Renewables (even if they were very expensive at the time) were a powerful hedge against fossil fuel volatility.
In our series about how digital is transforming the how we track, trade, and optimise energy, Gerard and Laurent have invited Marc Rühs, CEO Next Kraftwerke, the world largest VPP with 15GW Capacity. Connecting more than 14,000 decentralised electricity producers, consumers, and storage facilities, the company contributes to grid stability and optimizes electricity production and consumption based on price signals. It trades its electricity on various European exchanges via its own 24/7 electricity trading platform. Next Kraftwerke has been part of the Shell Group since 2021.
We have a deep conversation about how VPP work, their impact on flexibility, and the fact that they used to be ignored or discarded by incumbents. But that is changing with the arrival of AI providing better systems and increased demand.
Along the way, we pop some balloons, such as V2G or Heating management, which work great in theory but are non-significant from a volume point of view. Maybe they will in the next decade. As Shell is reducing its footprint in Clean Energy transition assets, it is reinforcing its position in the VPP market, as Next Kraftwerke is fully integrated into Shell trading organisation.
Marc demonstrates that the future of energy lies in intelligently connecting renewable generation, storage, demand-side flexibility, and trading capabilities to create a more resilient and sustainable energy system.248. Remembering Joe Romm (1960-2026): Clearing the Air on Climate Solutions - Sep26
Joseph J. Romm (1960–2026) was an MIT-trained physicist who became one of the most prominent voices in the U.S. climate movement after serving as Acting Assistant Secretary for Energy Efficiency and Renewable …
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Joseph J. Romm (1960–2026) was an MIT-trained physicist who became one of the most prominent voices in the U.S. climate movement after serving as Acting Assistant Secretary for Energy Efficiency and Renewable Energy at the U.S. Department of Energy in the 1990s.
He founded the Climate Progress blog, authored ten books—including The Hype About Hydrogen and Hell and High Water—and was named a Time “Hero of the Environment” and one of Rolling Stone’s “100 People Who Are Changing America” in 2009.
Later, as a Senior Fellow at the University of Pennsylvania’s Penn Center for Science, Sustainability, and the Media, Romm continued to challenge what he regarded as dead-end technologies and costly distractions, including hydrogen, carbon offsets, and carbon capture. Romm died unexpectedly at the age of 66 on September 14, 2026, in Washington, D.C.
Michael Barnard and Joe shared a long history of friendship and collaboration, strengthened by a memorable conversation 18 months ago following the release of the second edition of Joe’s seminal book, The Hype About Hydrogen.
That conversation between Joe and Michael was a fascinating and uniquely candid dialogue about the real solutions to climate change—and about technologies they believed risked diverting attention and investment from more effective pathways, including hydrogen, carbon capture and storage (CCS), direct air carbon capture (DAC), and some proposed approaches to green steel.
Joe had an extraordinary influence on the climate and energy-transition debate over the past three decades. His rigorous analysis, willingness to challenge conventional wisdom, and ability to communicate complex energy issues shaped the way many of us think about the transition to a clean-energy economy.
He will be deeply missed. He will not be forgotten.247. AI powered EMS behind the meter - Sep26
In our series: How AI is revolutionising Energy, Laurent and Gerard dive deep into the intricate corner of Energy Management system for large industrial clusters. You would believe that legacy providers such as …
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In our series: How AI is revolutionising Energy, Laurent and Gerard dive deep into the intricate corner of Energy Management system for large industrial clusters.
You would believe that legacy providers such as Siemens, Schneider Electric or Hitachi would provide such solutions. They are not. Indeed, they provide legacy Scada systems which are hardware linked and bottom up. There is no glue to optimise them as a group and deliver access to Energy markets.
Two young Belgian engineers have decided to address this blind spot and come up with a new generation of software: AI powered EMS. That is what Companion Energy has achieved. We bring in its CEO Thomas Vyncke.
Most of the European energy conversation still focuses on front-of-the-meter flexibility: batteries, renewables and other assets participating in wholesale and balancing markets. Thomas’ thesis is that an equally important — and much less developed — opportunity sits behind the meter, inside large industrial and commercial companies.
The problem is complexity. Every enterprise site is different: different tariffs, contracts, generation assets, batteries, EV fleets, boilers, industrial processes, grid constraints and operating requirements. The opportunity therefore isn't simply to buy cheaper electricity or optimise one battery. It is to continuously optimise the entire energy system of the site against its operational and financial reality.
That is what Vyncke and co-founder Jonas Verstraeten are building with Companion.energy, founded in 2022. The platform provides transparency on energy costs and automates optimisation across complex behind-the-meter environments.
The company says it currently optimises more than €500m of energy spend and 350+ MW of assets across Belgium, the Netherlands, Switzerland and Romania, working with companies including Proximus, TotalEnergies and Port of Antwerp-Bruges. It recently raised a €7.8m seed round to support international expansion.
And it is just the beginning…
With the energy industry's largest proprietary dataset, world-class experts and decision-grade models, all powered by Synoptic AI, Wood Mackenzie delivers Intelligence Connected across the energy and natural resources landscape.246. From Excel Sheets to AI: the new way for Corporates to procure and report Energy - Sep26
There is simply too much greenwashing happening. Environmental reporting has become a meaningless bureaucracy feeding a fictional reality through glossy reports that nobody reads anymore. But things are …
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There is simply too much greenwashing happening. Environmental reporting has become a meaningless bureaucracy feeding a fictional reality through glossy reports that nobody reads anymore.
But things are changing; the impact of climate change (heatwaves, floods) is hitting back at governments trying to ignore it. Some BigTech, historically in favour of renewable energy are now busy building the biggest gas plants in the world for their datacenters, while pretending still to be on track for their “net zero” commitments.
They maintain the fiction through carbon accounting tricks, maximisation of loopholes and heavy PR campaigns run by the American Petroleum Institute and McKinsey.
Fortunately, there are a lot of companies which start to see the direction of travel: a more granular way of accounting for Energy and Emissions. Not by the year, where summer solar can be accounted for winter consumption, but by the month and soon by the hour. Hourly matching is new, tough, but far from unsurmountable. That is what new companies such as Renewabl are enabling: by cutting though the bureaucracy and Excel Sheets, and helping the forward thinkers to present, report and optimise their energy and emissions profile.
Laurent and Gerard have the privilege of receiving Carolyn Addy, Head of Commercial at Renewabl, to talk about the new trends, the innovations, and how progressively, we are entering a more transparent and efficient world.
We talk about immediate non-regret solutions and the impact of AI in the process. We also dive into how hourly PPAs are progressively making their way into the market, and whatever perceived additional work they require, in fact they provide better hedges against volatile energy costs.245. BESS: Who is making money? - Sep26
Where Are BESS Making Money? Gerard and Laurent had the pleasure of welcoming Ed Porter Director Europe at Modo Energy for an insightful discussion on battery profitability and the evolving economics of Battery …
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Where Are BESS Making Money? Gerard and Laurent had the pleasure of welcoming Ed Porter Director Europe at Modo Energy for an insightful discussion on battery profitability and the evolving economics of Battery Energy Storage Systems (BESS).
Modo Energy is a fast-growing data analytics and market intelligence platform helping energy professionals benchmark asset performance, forecast revenues and evaluate investments in renewable energy and grid-scale battery storage.
Ed outlines three stages in the development of a battery market:- Stage 1 – Pre-saturation: Batteries can achieve attractive payback periods, sometimes as short as three years, primarily through ancillary services.
- Stage 2 – Wholesale market competition: As ancillary service revenues become more competitive, batteries increasingly rely on wholesale market opportunities, as seen in Australia, Texas and Great Britain.
- Stage 3 – Sophisticated grid services: Once wholesale markets become saturated, batteries move towards more advanced and specialised grid services (voltage, inertia...).
From Australia to PJM, ERCOT and CAISO, and across Great Britain, Spain and Germany, we explore the fundamentals driving battery profitability in different markets. With CAPEX around $500,000/MW, a decent return might be in the region of $70,000–80,000/MW. Yet the picture varies dramatically by market. Poland can deliver around $300,000/MW, while ERCOT and Australia's NEM are currently below $30,000/MW.
These differences highlight why investors need to look beyond headline revenues and consider market structure, competition, saturation, technology and future revenue cannibalisation.
We also discuss Long Duration Energy Storage (LDES) and explore the deeper market and technological levers that can make batteries a profitable long-term investment. A compelling conversation on where BESS is making money today—and, perhaps more importantly, where the opportunities may lie tomorrow.
With the energy industry's largest proprietary dataset, world-class experts and decision-grade models, all powered by Synoptic AI, Wood Mackenzie delivers Intelligence Connected across the energy and natural resources landscape.244. AI Transforming Distribution Grids - Aug26
There is no shortage of discussion about the role of AI in the energy transition. Yet while many talk about the future of intelligent grids, only a handful of industry leaders are delivering solutions at scale …
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There is no shortage of discussion about the role of AI in the energy transition. Yet while many talk about the future of intelligent grids, only a handful of industry leaders are delivering solutions at scale.
One of them is Alberto Méndez Rebollo—an executive, investor, and entrepreneur dedicated to accelerating the energy transition. Throughout his career, Alberto has held senior leadership positions at Siemens Gamesa, Vattenfall, XCharge, and other organizations, overseeing multi-million-euro initiatives across renewable energy, power grids, and electric mobility.
Today, as Co-Founder and CEO of Plexigrid, he is leading the development of next-generation technology designed to prepare electricity networks for a rapidly changing energy landscape. Plexigrid, a deep-tech company headquartered in Sweden and Spain, develops intelligent software that helps utilities optimize and digitize electricity distribution networks. At the core of its platform is a real-time digital twin of the distribution grid, enabling operators to monitor capacity, detect anomalies, and make better operational decisions.
The company's AI-powered technology automatically coordinates energy consumption and manages flexible assets such as EV chargers, shifting demand away from peak periods. This allows utilities to alleviate congestion, increase grid resilience, and unlock additional network capacity—without the need for costly and time-consuming infrastructure upgrades.
The market response has been remarkable. Operating on a software-as-a-service (SaaS) model, Plexigrid has expanded its commercial pipeline from €8 million to more than €150 million in just four years, consistently winning competitive tenders against some of the industry's most established players. Its growing client base includes leading utilities and energy innovators, with notable partnerships such as EDP and Piclo focused on advancing real-time grid orchestration. The company has also raised approximately €15 million across multiple funding rounds, providing a strong foundation for continued growth and innovation.
Beyond the technology, however, this is a story about transformation at warp speed. It is about how critical infrastructure can evolve—not only technically, but culturally—to embrace new technologies and operating models. As electricity networks become increasingly decentralized, digital, and dynamic, organizations like Plexigrid are demonstrating how AI can move from a promising concept to a practical tool that helps utilities adapt, modernize, and thrive in the energy transition.
“Today’s show is supported by the BMW Foundation Herbert Quandt. The BMW Foundation unites leaders across sectors to develop solutions that foster an innovative economy and a future-proof society. A key focus is "Energy Transition & Climate Change," where the Foundation drives "International collaboration to accelerate the energy transition." With rising energy demands from AI and data centres, new partnerships, effective collaboration, and the exchange of science-based solutions and strategies are essential.”243. From EVs to BESS: Why capital is flowing to batteries - Aug26
Recorded at the SolarPower Summit in Brussels this conversation between Laurent Segalen and Jonathan Gifford examines why batteries have become one of the fastest growing and most strategically important …
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Recorded at the SolarPower Summit in Brussels this conversation between Laurent Segalen and Jonathan Gifford examines why batteries have become one of the fastest growing and most strategically important technologies shaping the global energy transition. Jonathan Gifford is the co-founder of Climate Copy and a wonderful storyteller.
Laurent unpacks how rapid battery innovation is transforming electric mobility, renewable energy markets, charging infrastructure, and the future operation of electricity grids.
It has been only nine years since Hornsdale (Tesla – South Australia) 100MW-130MWh made of EV batteries cracked the code. Six months later in China the Jiangsu Zhenjiang first 100MW LFP battery was installed. In Europe and the US, the first large LFP batteries were installed in 2021-2022. Now, LFP has a 95% market share in BESS around the world. For EVs, it is 55% LFP – 45% NMC (80% in China).
By the end of 2026, we will reach 500GW globally and great forecasters like Jan Rosenow expect 1,000GW by 2030. We see longer duration and the advent of sodium batteries.
Laurent outlines why electrification is entering a new phase of acceleration. He highlights how falling battery costs, rapid improvements in electric vehicle technology, and the widening economic gap between electricity and fossil fuels are reshaping expectations across the transport sector. This shift is not limited to passenger cars; it increasingly extends to commercial fleets and heavy-duty trucking, where electric trucks are becoming more competitive thanks to lower operating costs, reduced maintenance needs, and improving charging infrastructure.
He also discusses the growing importance of stationary battery storage in enabling high-power EV charging, increasing grid flexibility, and supporting higher penetration of renewable energy.
Finally, he explained why Hydrogen will never work in long haul transportation. Simply too expensive.242. HVDC & the Grid of the future - Michael Barnard - Aug26
Michael Barnard welcomes Cornelis Plet, CTO of Grid Systems Integration at GE Vernova, about the technologies reshaping modern power systems and the practical realities of building an electrified future …
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Michael Barnard welcomes Cornelis Plet, CTO of Grid Systems Integration at GE Vernova, about the technologies reshaping modern power systems and the practical realities of building an electrified future.
High-voltage direct current (HVDC) transmission, once a specialist solution for narrow use cases, is now becoming a standard building block of the global grid. Increasingly standardised designs are enabling large-scale transfer of renewable power over long distances, yet the industry is still grappling with how to align control systems and operational standards across different vendors and regions.
A central theme of the conversation is the rise of grid-forming inverters. As traditional synchronous generation retires and is replaced by wind, solar, and batteries, the grid is shifting from mechanical inertia to power electronics. While technical progress is rapid and new grid codes are emerging, true interoperability between systems remains a work in progress, with different implementations still complicating integration at scale.
The discussion also touches on geopolitics and market dynamics. Investment patterns are evolving, regulatory environments are uneven across regions, and supply chains are adjusting after a period of rapid expansion. Yet across all of this, one constraint stands out more than any other: people. The shortage of experienced power engineers, particularly in system design, protection, and control, is becoming the defining bottleneck of the transition.
Ultimately, the episode is not only about HVDC or inverters, but about the broader system that surrounds them—standards, institutions, skills, and the accumulated expertise required to keep a highly complex, rapidly changing grid stable. It is a reminder that the energy transition is as much a human and organisational challenge as it is a technological one.241. The Great Oxford Debate: “Energy and Aristotle" - Aug26
In March 2026, Laurent was invited by Jan Rosenow at Oriel College, Oxford, for a public debate on the energy transition. Held in the College's historic library, the discussion brought together contrasting …
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In March 2026, Laurent was invited by Jan Rosenow at Oriel College, Oxford, for a public debate on the energy transition. Held in the College's historic library, the discussion brought together contrasting perspectives on one of today's defining challenges. Jan Rosenow, Professor of Energy and Climate Policy, is renowned for his work on energy efficiency, electrification, and the transition to net-zero energy systems.
Laurent opened by introducing the "Aristotelian Triangle" of the energy debate—Ethos, Logos, and Pathos—arguing that values, evidence, and emotion all shape how people interpret energy issues. Responding to Jan's distinction between energy addition and energy transition, Laurent made two key points.- First, history shows that energy forecasts have repeatedly underestimated transformative innovations, from shale gas and LEDs to solar, electric vehicles, batteries, and AI-driven data centres. His conclusion: humility is essential when predicting structural change.
- Second, Laurent presented his "Diocletian Tetrarchy of Energy," pairing Vaclav Smil with Clayton Christensen to represent continuity versus disruption, alongside Daniel Yergin and Michael Liebreich to illustrate the roles of markets, geopolitics, and industrial transformation. He described himself as roughly 70/30 in favour of technological disruption while acknowledging the inertia of existing energy systems.
Although the formal debate lasted just over an hour, the conversation continued long afterwards. This episode captures part of those fascinating exchanges.240. The CHINT Blueprint, or the Chinese Solar revolution from the inside - Aug26
During Intersolar (The Smart E), Gerard sat down with Dr Chuan Lu, CEO Astronergy and Director of Chint Group to discuss, from the inside the Chinese Solar revolution. 2026 was Dr Lu and Chint 15th …
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During Intersolar (The Smart E), Gerard sat down with Dr Chuan Lu, CEO Astronergy and Director of Chint Group to discuss, from the inside the Chinese Solar revolution. 2026 was Dr Lu and Chint 15th participation to that massive European Exhibit that epitomise the growth of renewables. 18 halls the size of a football fields and more than 100,000 visitors.
CHINT is a vertically integrated Chinese energy conglomerate whose solar business is profitable, mid-growth, and margin-focused rather than driven by hyper-scale manufacturing. Its portfolio includes Astronergy (modules), CPS (inverters), CHINT Solar (EPC/IPP), and CHINT ANNENG (residential PV), generating approximately $650–700 million in operating profit and implying a valuation of $12–16 billion. Annual growth of 15–20% trails peers but reflects CHINT's focus on profitability, diversification, and disciplined capital allocation. The result is a stable, globally active, Tier 1-certified solar group that operates more like an integrated industrial compounder than a scale-at-all-costs PV manufacturer.
The modern Chinese solar industry began to take shape around 2006 as a predominantly export-oriented manufacturing sector, driven by demand from Europe and other international markets. As a privately held enterprise, CHINT has operated within a unique ecosystem where entrepreneurial initiative has been complemented by government policy support. A pivotal moment came in 2012 with the introduction of China's Feed-in Tariff (FIT) programme, which stimulated domestic demand and transformed China into the world's largest solar market, creating significant opportunities for companies such as CHINT to expand beyond export manufacturing.
CHINT's development has also been shaped by China's regional economic and cultural differences. Originating in the entrepreneurial, resource-poor southeast of the country, the company embodies a private-sector culture that contrasts sharply with the coal-dependent, state-controlled industrial base of northeast China.
Looking ahead, management recognises the challenges posed by overbuilding and excess manufacturing capacity in the utility-scale solar market. In response, CHINT has diversified aggressively into distributed generation through its residential rooftop solar business, CHINT ANNENG, which has installed more than 60 GW of capacity across over 1.2 million rooftops throughout China, positioning the company to benefit from a broader and more resilient mix of solar market opportunities.
A great thanks to Jonathan Gifford of Climate Copy for organising the recording.239. Space PPAs for satellites - Jul26
Laurent and Gerard set out to explore one of the biggest ideas emerging alongside the excitement around the SpaceX IPO: datacenters in space. To refuel those satellites emerged the concept of an orbital grid …
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Laurent and Gerard set out to explore one of the biggest ideas emerging alongside the excitement around the SpaceX IPO: datacenters in space. To refuel those satellites emerged the concept of an orbital grid where beams are directed to provide electricity to space crafts, like a gas station in space.
It may sound like science fiction, but it is rapidly becoming a medium-term engineering challenge being tackled by some of the brightest minds of our generation.
One of those pioneers is Andrew Rush, CEO of Star Catcher, a company building what will become the world's first orbital energy grid—a network of satellites capable of wirelessly transmitting power to other spacecraft on demand hundreds of kilometres away. Andrew is the man for the mission: he previously served on the Technology, Innovation and Engineering Committee of the NASA Advisory Council, helping advise NASA's Administrator, the Office of the Chief Technologist, and its Mission Directorates. Before founding Star Catcher, he successfully built and exited two leading space companies: Redwire and Made-In-Space.
His vision is ambitious: create an "energy-as-a-service" platform for space.
Rather than forcing every satellite to carry increasingly large solar arrays and batteries, spacecraft could draw power from a shared orbital network whenever they need it. If successful, this infrastructure could become as fundamental to the space economy as the electrical grid is on Earth.
Investors are taking notice. Star Catcher has raised approximately $88 million to date, including a recent $65 million Series A led by B Capital, Shield Capital, and Cerberus Ventures. Andrew believes SpaceX's reusable rockets have dramatically reduced the cost of reaching orbit, unleashing an explosion in satellite deployment. The next major bottleneck, however, is no longer launch—it's power. Star Catcher aims to build the energy infrastructure that enables the next generation of space-based industries.
In this conversation, we explore what's real, what's possible, and what's still myth when it comes to energy in space. We also discuss why technologies that once seemed decades away may arrive much sooner than most people expect. The future of the space economy isn't just about getting to orbit—it's about powering everything that comes next.
Live long and prosper.238. Revealed: CIP’s Playbook (Live from DLA Piper) - Jul26
In June 2026, Gerard and Laurent recorded a live episode at DLA Piper’s Charging Up Capital 2026 Global Energy and Digital Investments Forum with Rowan Parkhouse, Managing Director at Copenhagen Infrastructure …
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In June 2026, Gerard and Laurent recorded a live episode at DLA Piper’s Charging Up Capital 2026 Global Energy and Digital Investments Forum with Rowan Parkhouse, Managing Director at Copenhagen Infrastructure Partners (CIP).
CIP has emerged as one of the world's leading specialist energy transition investors, ranking among the top infrastructure fund managers globally by both assets under management and fundraising. So, what is CIP’s Playbook?
We explore how infrastructure investing has evolved over the past five years—what has become easier, what has become harder, and where the biggest opportunities now lie. The conversation covers data centres, batteries, grids, transmission, renewables, EVs, independent power producers, and CIP's relationship with Ørsted.
We also discuss some of the most important questions shaping energy infrastructure today: the impact of AI-driven power demand, whether grid constraints have become a bigger bottleneck than generation, the changing political priorities around energy security and competitiveness, the rationale behind CIP's acquisition of Ørsted's European onshore business, and the future of energy storage.
A fascinating deep dive into how one of the world's most successful energy transition investors is helping build the infrastructure of the future.
We would like to thank Natasha Luther-Jones and Nicolas Stofenmacher for a flawless organisation and the impressive array of talents around the table.237. Datacenters: "Let’s get Physical" with Quinbrook - Jul26
Gerard and Laurent first welcomed David Scaysbrook to the podcast in Episode 66, back in January 2022, for a conversation about the future of 24/7 power. Four years later, it felt like the right moment to …
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Gerard and Laurent first welcomed David Scaysbrook to the podcast in Episode 66, back in January 2022, for a conversation about the future of 24/7 power. Four years later, it felt like the right moment to reconnect and take stock of how profoundly the market has evolved.
Since then, Quinbrook Infrastructure Partners has continued to establish itself as one of the leading specialist investors in the energy transition, orchestrating and deploying billions of dollars of capital through project finance structures and platform companies. As of today, the firm has participated in more than $27 billion of transactions, developed or acquired over 240 projects, and built a portfolio exceeding 40 GW across the United States, the United Kingdom, and Australia.
Our discussion traces Quinbrook's own transformation alongside that of the broader energy landscape. We revisit the firm's strategic exit from wind generation, marked by the sale of its Scout platform to Brookfield in 2023 for more than $1 billion, and explore how its focus has shifted toward utility-scale solar and long-duration energy storage across the United States and Australia.
More fundamentally, David explains how Quinbrook has moved beyond the era of single-technology investment funds. Instead of financing isolated generation assets, the firm now builds integrated, multi-technology platforms designed to solve specific customer problems. The objective is no longer simply to inject generic electrons into the grid, but to work backwards from the needs of large electricity consumers—particularly hyperscale datacenter operators—and develop bespoke energy solutions around them.
This philosophy is illustrated by Rowan, Quinbrook's datacenter development platform, which attracted a $1 billion co-investment from Blackstone. As hyperscalers race to deploy new computing capacity, speed has become the defining constraint. Waiting for the grid is no longer an option, making "bring your own power" an increasingly compelling proposition.
The conversation also explores how advances in software and long-duration energy storage are improving behind-the-meter performance, allowing energy infrastructure to become more resilient, flexible, and economically attractive.
Ultimately, David argues that we are witnessing a profound shift in thinking. In a world increasingly captivated by virtual technologies and digital intelligence, the greatest opportunities may lie in investing in the physical infrastructure that makes them all possible.
“Let’s get Physical”236. The Bankability of Energy Storage (Solar Power Summit) - Jul26
In May 2026, our co-host Laurent Segalen had the privilege of chairing a high-profile panel hosted by SolarPower Europe at its annual Solar Power Summit in Brussels, one of the leading gatherings for the …
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In May 2026, our co-host Laurent Segalen had the privilege of chairing a high-profile panel hosted by SolarPower Europe at its annual Solar Power Summit in Brussels, one of the leading gatherings for the European solar and energy storage sectors.
In this episode, we bring you highlights from the hour-long conversation, featuring two distinguished industry leaders: Fredrik Andrén Sandberg from RWE and Hanna Kunzmann from EQT. Between them, their organisations oversee more than 10 GW of battery storage projects either in operation or under development, offering a unique perspective on the realities of financing and scaling storage assets.
The discussion addressed one of the most important questions facing the energy transition today: the bankability of battery storage investments. As battery deployment accelerates across Europe and beyond, investors, developers, and policymakers are increasingly focused on understanding the risks and opportunities that will determine the sector's long-term attractiveness.
The conversation examines battery bankability through four interconnected dimensions. First, technology risk: are batteries still exposed to meaningful technological uncertainty, or have the key challenges shifted towards commercial execution? Second, commercial risk: how should investors evaluate revenue models, merchant exposure, and the growing role of hybridisation strategies? Third, regulatory risk: what policy and market-design uncertainties could affect future returns, from evolving capacity mechanisms to unexpected rule changes? Finally, digital risk: how critical are cybersecurity, battery management systems (BMS), and energy management systems (EMS) in safeguarding performance and protecting asset value over the long term?
The session attracted a packed audience in Brussels and has since been widely praised for the quality, depth, and practical insights of the discussion. Whether you are an investor, developer, policymaker, or simply interested in the future of energy storage, this episode offers a valuable window into how some of the industry's leading players assess risk and opportunity in one of the fastest-growing sectors of the energy transition.235. European Sovereign Neocloud - Jun26
Gerard and Laurent welcome Michel Boutouil, co-founder and CEO of Polarise, a leading European AI infrastructure provider and NVIDIA Cloud Partner based in Berlin. After discussing about what happens outside of …
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Gerard and Laurent welcome Michel Boutouil, co-founder and CEO of Polarise, a leading European AI infrastructure provider and NVIDIA Cloud Partner based in Berlin. After discussing about what happens outside of a datacenter, it is time to dive inside one.
Polarise is one of the few genuinely European NeoCloud companies — essentially a European counterpart to CoreWeave — specializing in GPU infrastructure for AI inference. Through its partnership with NVIDIA, Polarise designs its datacenters around the GPU rack itself, using liquid cooling from the outset rather than starting with a traditional real estate-first approach. The company has already developed AI factories in Germany, Norway and the UK.
In the conversation, we explore the growing commoditization of large language models and why the real long-term value may lie in AI factories — facilities that are fundamentally different from conventional datacenters. Given Europe’s notoriously long grid-connection timelines, Polarise focuses on refurbishing brownfield sites with under 50MW of grid access instead of pursuing massive gigawatt-scale campuses. It’s a pragmatic “pod” strategy: adapt to the grid’s constraints rather than try to reshape the entire energy system.
We also tackle the thorny issue of digital sovereignty. With the U.S. CLOUD Act allowing U.S. authorities access to data managed by American tech companies, it is fair to ask what hyperscalers are doing with European data — and whether Europe needs its own sovereign AI infrastructure. Polarise has secured €1 billion in backing from Swiss investor SWI Stoneweg Icona, but even that is modest compared with the hyperscalers’ spending power. For comparison, SpaceX has reportedly invested around $40 billion in Colossus 1 and 2 alone.
So, what does the future of the European AI ecosystem look like? Michel’s answer is clear: Europe should not try to outspend China or the United States head-on. Instead, it should play to its strengths — smart execution, agility, flexibility, and the ability to learn quickly from the mistakes being made elsewhere.
“Today’s show is supported by the BMW Foundation Herbert Quandt. The BMW Foundation unites leaders across sectors to develop solutions that foster an innovative economy and a future-proof society. A key focus is "Energy Transition & Climate Change," where the Foundation drives "International collaboration to accelerate the energy transition." With rising energy demands from AI and data centres, new partnerships, effective collaboration, and the exchange of science-based solutions and strategies are essential.”234. Engie, the remarkable turn around (live from Eurelectric Power Summit) - Jun26
At the Eurelectric Power Summit 2026 in Helsinki, Laurent had the opportunity to sit down with Catherine MacGregor, CEO of ENGIE and Vice President of Eurelectric, for a wide-ranging discussion on the key …
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At the Eurelectric Power Summit 2026 in Helsinki, Laurent had the opportunity to sit down with Catherine MacGregor, CEO of ENGIE and Vice President of Eurelectric, for a wide-ranging discussion on the key issues shaping Europe's energy future.
We began with the themes at the heart of Eurelectric’s agenda this year: security of supply, affordability, competitiveness, and the challenges and opportunities created by the rapid growth of data centres.
One of the most striking insights from our conversation was that Europe does not have an electrification technology problem — it has an electrification coordination problem. This was also the central conclusion of the report Power Couples: Enhancing Industrial Competitiveness through Electrification, launched by Eurelectric and Accenture at Power Summit 2026. The report finds that electrification projects rarely fail because technology is unavailable. Instead, they stall when power economics, grid access, infrastructure delivery, financing structures, and industrial investment timelines are not aligned.
The proposed solution is a new delivery model: “Power Couples”, bringing together industrial players, utilities, technology providers and capital partners to accelerate deployment at scale.
We also reflected on ENGIE’s remarkable transformation under Catherine’s leadership over the past five and a half years. The company’s strategy has been defined by two parallel moves: more than €15 billion of divestments from fossil and legacy assets, alongside concentrated investments in renewables, networks, batteries, and regulated infrastructure — all while maintaining strong financial discipline, with net debt-to-EBITDA around 3.
The results have been impressive. Since 2021, ENGIE has delivered the strongest risk-adjusted equity performance among major European utilities, combining substantial dividend distributions with significant share-price appreciation. With an annualised IRR of roughly 20.5% since January 2021, ENGIE has outperformed the net returns of many leading global infrastructure investors, effectively delivering private-equity-style returns with public-market liquidity.
Our discussion also covered ENGIE’s leadership in power purchase agreements (PPAs), its support for 24/7 Scope 2 accounting, the recent acquisition of UK Power Networks, progress in EV charging infrastructure, and its fully integrated strategy for data centre development.
Finally, we explored ENGIE’s investment plans for the years ahead and the broader structural shift underway across the energy system: the continued transition from molecules to electrons.
Eurelectric Report: Power Couples https://www.eurelectric.org/publications/industrial-electrification-power-couples/233. To predict the future, “In BNEF we Trust” - Jun26
The International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) have made significant progress in recent years. Yet they remain largely top-down institutions shaped by policy …
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The International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) have made significant progress in recent years. Yet they remain largely top-down institutions shaped by policy priorities. When trillions of dollars in investment decisions are at stake, investors and operators increasingly turn to Bloomberg New Energy Finance (BNEF) and its team of more than 400 specialists.
Why does BNEF command such trust? BNEF combines Bloomberg’s unparalleled market data capabilities with deep expertise in batteries, solar, electric vehicles, and electrification. Unlike many international agencies, BNEF operates without a political mandate or advocacy agenda. Its bottom-up analysis provides investors with a more practical view of market realities than traditional top-down forecasts.
In this episode, Gerard and Laurent welcome Albert Cheung, CEO of BNEF, to discuss the findings of the New Energy Outlook 2026. The discussion begins with a review of NEO 2020. BNEF was notably accurate in forecasting the "electrons" side of the transition—solar, batteries, and EVs—while overestimating the pace of hydrogen and carbon capture deployment. Even so, its forecasting record remains among the strongest in the industry.
Looking ahead, NEO 2026 projects a rapidly electrifying global energy system. Solar power, batteries, EVs, and heat pumps are reshaping demand while reducing exposure to fossil-fuel price shocks. Oil demand is expected to decline as EV adoption accelerates. Gas demand may continue growing in the near term to support rising electricity consumption, but both oil and gas fall sharply under stronger net-zero pathways.
By 2032, solar is projected to become the world's largest source of electricity. Battery storage will scale rapidly, enabling more flexible and resilient power systems.
The report also makes clear that, despite substantial progress—especially in China—current technologies and policies are still insufficient to fully achieve global net-zero goals. However, the gap between ambition and reality is narrowing thanks to energy security concerns, declining costs, and continued technological progress.
Overall, it was a thoughtful, insightful, and hopeful conversation. The energy transition is advancing. We are getting there.
Resources New Energy Outlook 2026:
https://about.bnef.com/insights/clean-energy/new-energy-outlook/
BNEF Electric Vehicle Outlook 2026:
https://about.bnef.com/insights/clean-transport/electric-vehicle-outlook/232. GB’s NESO: the “cool” operator - Jun26
Gerard and Laurent have the pleasure of welcoming Fintan Slye, CEO of NESO — Great Britain’s National Energy System Operator. In a lively and wide-ranging discussion, we explored NESO’s governance and its …
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Gerard and Laurent have the pleasure of welcoming Fintan Slye, CEO of NESO — Great Britain’s National Energy System Operator.
In a lively and wide-ranging discussion, we explored NESO’s governance and its critical role across the British energy system: from real-time system operation — balancing supply and demand every second — to whole-system planning, market design, and transmission network operation.
We covered an extraordinary breadth of topics: balancing costs, electricity prices for consumers, energy security, and the challenge of delivering Power 2030 in a system increasingly reliant on renewables. We discussed batteries, the evolution of balancing markets, the explosive growth of datacenters, and the ever-growing grid connection queue — and, above all, how to keep the entire system stable and efficient through this transformation.
One of the most fascinating parts of the conversation focused on datacenters. NESO is currently facing more than 100GW of connection requests, while Fintan estimates that only 8–12GW are likely to materialise. He shared the three key criteria NESO uses to prioritise and filter applications — a crucial issue as electricity demand enters a new era.
Fintan is also a strong advocate for interconnectors. We discussed the strategic value of the current fleet and the long-term vision for expanding connections through the North Sea Islands and potentially even towards Canada.
Throughout the conversation, one message came across clearly: there is a highly competent team at the helm of the GB energy system, and the grid will continue to improve through investment, innovation, and digitisation.
Fintan embodies the calm confidence you want from the person helping run one of the most complex energy systems in the world. The ultimate “cool” operator.
NESO operates today’s electricity system and designs tomorrow’s energy system to deliver reliable, clean and affordable energy for Great Britain. Find out more here: https://www.neso.energy/231. Car Wars: China vs. the West - Jun26
The global auto industry is splitting into two very different worlds — what legendary auto expert Michael Dunne calls “a tale of two countries.” Dunne, CEO of Dunne Insights LLC, has spent decades at the centre …
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The global auto industry is splitting into two very different worlds — what legendary auto expert Michael Dunne calls “a tale of two countries.” Dunne, CEO of Dunne Insights LLC, has spent decades at the centre of the industry, including leadership roles as President of General Motors Indonesia and Managing Director of JD Power China.
On one side stands the United States, increasingly resembling a modern-day Cuba: a market dominated by oversized, fuel-hungry SUVs aimed at a shrinking audience, while legacy automakers squeeze the last profits from internal combustion engines. Last year alone, Detroit’s Big Three wrote off more than $50 billion in EV investments.
On the other side is China, moving at extraordinary speed and scale. The recent Beijing Auto Show showcased the country’s relentless innovation: 38 hectares of exhibition space — roughly 50 football fields — featuring 1,451 vehicles, including 181 world debuts, and attracting 1.3 million visitors, with only 65,000 coming from overseas. It is no longer just about BYD. Chinese giants such as Geely, SAIC, and FAW have caught up rapidly, transforming China into a market where internal combustion vehicles already feel like an afterthought.
Only two foreign automakers still command real respect in China: Toyota and Tesla. Others — including Honda, Nissan, and most European manufacturers — are steadily losing ground.
Meanwhile, much of the rest of the world is accelerating toward electrification as rising oil prices reshape consumer behaviour. Countries such as Thailand, the Philippines, Ethiopia, and Mexico are embracing EVs, while electric vehicle sales continue to surge across Europe.
Battery technology is still advancing, but the next decisive battleground is autonomy. Here, the United States maintains a lead through companies like Waymo and Tesla — though Chinese competitors are closing the gap quickly. 2026 may also mark the tipping point for electric trucks becoming mainstream, with adoption expected to accelerate rapidly once scale economics take hold.
So how can non-Chinese automakers compete? Not through protectionism, but by learning from China’s playbook: moving faster, investing more aggressively in next-generation technologies, and, in some cases, partnering directly with Chinese firms.
Yet another major challenge looms over the industry: excess manufacturing capacity. Factories in both Europe and China are currently operating at only around 50% utilisation, with the United States performing only slightly better.
Dunne’s upcoming book, Car Wars, due out next year, explores this seismic shift in detail. It tells the story of how China built the world’s most powerful EV ecosystem — and whether Western automakers can survive the collision.230. The growing complexity of battery fleet management - May26
The BESS market is growing at a phenomenal pace. You would think battery management is becoming easier. The reality? It is becoming increasingly complex. Between data risks, a growing number of suppliers …
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The BESS market is growing at a phenomenal pace. You would think battery management is becoming easier. The reality? It is becoming increasingly complex.
Between data risks, a growing number of suppliers, vertically disintegrated component chains, and constantly evolving software stacks, investors can quickly lose control of their battery fleets.
Only a handful of companies truly operate in the fast-maturing field of battery analytics. And we are not talking about market optimisation focused on financial returns, but deep predictive analytics: understanding what happens inside the system itself, with expertise in battery health, performance, and safety.
Laurent and Gerard have the privilege of welcoming Stephan Rohr, CEO of TWAICE, one of Germany’s leading battery analytics companies.TWAICE has become a major player in recent years: more than 100 employees, including battery scientists, chemists, software engineers, and data scientists, with operations across Europe, the US, and Asia.
The company has raised over €60m in equity from leading investors including Energize, Coatue, and Creandum (early investor in Spotify), alongside €25m in debt financing from the EIB.
With Stephan, we explored the new complexity of battery fleet management — all the way down to the individual cell. Why BESS is a completely different beast from solar? Why is the excellence in operations becoming the real competitive edge? How to address hardware and software sovereignty challenges? And ultimately, the 20-year question: these assets will remain on the grid for decades. You need to build the operational infrastructure for that reality today — not patch it together later.
A highly informative — and delightfully geeky — conversation about managing battery fleet complexity.229. Climate Tech reinvented: from green molecules to green electrons - May26
Where is Climate Tech heading? Certainly not dead — but constantly reinventing itself. So much so that you begin to wonder whether the label itself has outlived its original meaning. Laurent and Gerard welcome …
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Where is Climate Tech heading? Certainly not dead — but constantly reinventing itself. So much so that you begin to wonder whether the label itself has outlived its original meaning.
Laurent and Gerard welcome Kim Zou, co-founder and CEO of Sightline Climate, the data and research platform mapping the climate-tech economy, and author of some of the sector’s most influential newsletters, including CTVC and the newer Powerstack. Sightline has become essential reading for investors, utilities, corporates, and policymakers trying to understand where capital is flowing and how the energy system is evolving.
Together, they explore how Climate Tech has transformed over the past decade. Decarbonisation alone is no longer the central narrative. Today, AI, energy security, and industrial resilience dominate the conversation — often pushing sustainability itself into the background.
The discussion traces how funding has shifted from venture capital toward infrastructure and large-scale project finance. The spotlight has also moved away from “green molecules” — hydrogen, SAF, and carbon management — toward “green electrons”: virtual power plants, grid-enhancing technologies, and the race to accelerate datacentre construction.
They also examine the contrasting innovation models shaping global competition. In China, much of the breakthrough innovation happens inside corporations themselves, with companies like BYD employing more than 110,000 R&D staff, and CATL relying on a 20,000-engineer workforce. The United States, meanwhile, benefits from unparalleled access to capital and world-class universities and research centres. Europe sits somewhere in between, attempting to combine industrial policy with scientific excellence.
Finally, the conversation turns to one of Sightline’s newest areas of focus: tracking data-center construction. The company currently follows 140 sites representing roughly 16 GW of announced capacity. Yet only about 6 GW are actually under construction — a reality check that has sent a chill through Wall Street.
And Laurent goes on a rant of epic proportion against certain Hyperscalers!!!
Useful links:- Sightline website: https://www.sightlineclimate.com/
- Capital Stack and New Funds report: https://www.sightlineclimate.com/request-report?report-id=Dry-Powder-and-New-Funds-2026 ·
- Data Center Q1 outlook report: https://www.sightlineclimate.com/request-report?report-id=data-center-outlook-q126 ·
- 2025 climate tech investment trends report: https://www.sightlineclimate.com/request-report?report-id=2025_investment_report ·
- Article on our tour of China's electrostate: https://www.sightlineclimate.com/research/a-tour-of-chinas-electrostate ·
- If people want to stay updated on our latest, they can subscribe to our CTVC climate tech newsletter here or our Powerstack power and data center markets newsletter here
228. Decentralizing Power: The Rise of Behind-the-Meter Energy - May26
The power system is aging and poorly equipped to handle the rapid, large-scale shift toward renewables. According to Philipp Schröder, CEO of 1KOMMA5°, the real solutions lie “behind the meter.” Gerard and …
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The power system is aging and poorly equipped to handle the rapid, large-scale shift toward renewables. According to Philipp Schröder, CEO of 1KOMMA5°, the real solutions lie “behind the meter.”
Gerard and Laurent sit down with Schröder to unpack what it will take to unlock the so-called “Behind the Meter” revolution.
Schröder is among a small group of European founders aiming to build a vertically integrated, consumer-focused clean energy company—something akin to a European hybrid of Tesla Energy and Sunrun. His approach combines hardware (such as solar PV systems, home batteries, heat pumps, and EV chargers), installation networks, intelligent software (including IoT-driven energy management like “Heartbeat”), and active participation in energy markets.
Software is becoming increasingly critical. Grid management and pricing systems remain outdated and inefficient, especially in Germany, where reform has been slow due to entrenched interests and the slow deployment of smart meters. By contrast, countries like Sweden are already moving ahead with more modern approaches.
The company’s growth appears to validate this strategy. 1KOMMA5° now employs over 3,000 people, is approaching EUR1 billion in annual revenue, and has raised EUR400 million from investors including Eurazeo, CalSTRS, and several prominent family offices.
Key questions remain: How does Schröder position 1KOMMA5° against competitors like Octopus, Enpal, Base, and Thermondo? Is he building the next kind of utility—or deliberately staying outside that model? And how does he navigate policy challenges, particularly when engaging with energy leaders in Germany who remain supportive of fossil fuels?
A fascinating conversation with a formidable entrepreneur who gives back literally “Power to the People”.227. Wind + Grids = Energy Security - May26
Gerard and Laurent welcome Tinne Van der Straeten, CEO of WindEurope—the leading voice of the wind industry in Europe, representing more than 600 members across the entire value chain. Tinne brings a …
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Gerard and Laurent welcome Tinne Van der Straeten, CEO of WindEurope—the leading voice of the wind industry in Europe, representing more than 600 members across the entire value chain. Tinne brings a distinctive perspective to the discussion. As Belgium’s Minister for Energy during the 2022 Russian invasion of Ukraine, she experienced an energy crisis firsthand. Her background in policymaking offers a different vantage point from that of investors, shaped by the practical realities and trade-offs of government decision-making.
The conversation highlights that, despite ongoing challenges, wind energy continues to expand rapidly across Europe, with €45 billion in final investment decisions recorded in 2025. There is now a clear opportunity to repower first-generation onshore turbines, which could double installed capacity and potentially triple electricity generation. Offshore wind also stands out as a major growth area, with the North Sea remaining the central hub, while the Baltic Sea is developing steadily and early signs of momentum are emerging in Spain.
At the same time, the discussion points to the persistence of outdated, ideologically driven debates around energy sources—such as gas in Germany or nuclear in France—which increasingly feel disconnected from current realities. Policies like bans on onshore wind in Poland and offshore wind in Sweden illustrate decisions that risk slowing progress.
A central theme is the urgent need to electrify demand, particularly through the adoption of electric vehicles, heat pumps, and the expansion of data centers.
The conversation concludes by emphasizing that the missing piece is a large, integrated pan-European grid—potentially extending to Canada—combined with battery storage. Such infrastructure would accelerate decarbonization, support economic resilience, and help Europe regain control over its energy future.
Sources:- GWEC 2026 https://www.gwec.net/reports/globalwindreport
- WindEurope Wind Energy Statistics and Outlook Report https://windeurope.org/news/europe-invested-45bn-in-new-wind-energy-in-2025-market-tampering-would-put-future-investments-at-acute-risk/
- WindEurope energy system cost study: https://windeurope.org/news/a-renewables-based-energy-system-will-save-europe-1-6-trillion/
226. Energy trends and shocks: from “range anxiety” to “pump anxiety” - Apr26
Ember released its 2026 Global Electricity Review (GER26) last week—an extraordinary report showing that 100% of new global electricity generation has been met by renewables. At the same time, the decade’s …
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Ember released its 2026 Global Electricity Review (GER26) last week—an extraordinary report showing that 100% of new global electricity generation has been met by renewables. At the same time, the decade’s “twin energy shocks” (Russia in 2022 and Hormuz in 2026) are accelerating existing trends.
What do the latest numbers tell us—and what do they mean? Laurent and Gerard are joined by a great friend of the show, Kingsmill Bond, Lead Energy Strategist at Ember, to break it all down.
They begin with the GER’s key findings, looking closely at China, the United States, Europe, and India. The figures are striking: in 2025, wind and solar alone accounted for all net global power growth—roughly equivalent to Japan’s total electricity consumption. And even that may be an underestimate, given likely gaps in data from Africa and behind-the-meter generation.
From there, the discussion shifts from long-term trends to sudden shocks. These shocks act as accelerators. Consumers, responding quickly, are installing rooftop solar and buying electric vehicles at record rates. Governments, by contrast, often move more slowly, seeking to protect incumbents and hoping for a return to the old status quo. But that return is increasingly unrealistic.
Looking beyond the numbers, the episode explores how energy shocks reshape the system. The oil shocks of the 1970s drove gains in efficiency and a wave of nuclear investment. Today’s shocks are pushing electrification, expanding renewables, and speeding up EV adoption.
Four major long-term implications stand out: 1) Asia is set to electrify faster than the rest of the world 2) Transport electrification will accelerate 3) LNG will be pushed out of the power sector 4) The long-anticipated “peak oil demand” is drawing closer.
In summary, we are shifting from a world defined by range anxiety to one increasingly shaped by pump anxiety.
Link to papers.
- Ember GER26 https://ember-energy.org/latest-insights/global-electricity-review-2026/- Twin Shocks https://ember-energy.org/latest-insights/the-new-twin-fossil-shock/225. US Utilities vs Hyperscalers - Apr26
In episode 219, we analysed the relationship between hyperscalers and US utilities from the hyperscaler perspective. To complete the picture, we revisit the debate from the utility’s point of view.Gerard and …
Shownotes
In episode 219, we analysed the relationship between hyperscalers and US utilities from the hyperscaler perspective. To complete the picture, we revisit the debate from the utility’s point of view.
Gerard and Laurent welcome Rajiv Bazaj, VP of Solutions Sales at Constellation, to understand how utilities approach this rapidly evolving landscape. Spun out of Exelon a few years ago, Constellation was initially seen as the “ugly duckling,” but it was sitting on a major advantage: a large nuclear fleet. What was considered a liability in the 2010s has become a strategic asset as hyperscalers search for clean, reliable 24/7 power.
The acquisition of Calpine and its large CCGT fleet turned Constellation into the largest US utility in terms of capacity, with around 60 GW (half nuclear, half gas) and roughly 200 TWh of annual generation—placing the company at the centre of discussions with hyperscalers and data centre developers.
Constellation’s approach remains cautious. The company is only gradually moving into batteries, is bullish on demand response following the surge in PJM capacity prices and is exploring upgrades to its nuclear fleet while remaining sceptical about. Geothermal. where the Company is active, is attractive but seen as difficult to scale.
The overall picture is one of disciplined conservatism. Constellation cannot easily be pushed by aggressive data centre developers because it already has the right generation mix at the right time. Its core objective is simple: maximise fleet load factors and sell MWh at the highest possible price. Gas assets operate in the mid-merit order with strong spark spreads, while nuclear requires higher long-term prices to justify further investment, as illustrated by the Microsoft-supported Three Mile Island restart.
With around 90% of its capacity built in the 20th century, Constellation is focused on upgrading and optimising its existing fleet rather than pursuing large-scale expansion. For hyperscalers, understanding this mindset is key when engaging with utilities.
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