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211 afleveringen, van nieuw naar oud
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152. Energy Transition – the Global Investment Guide
30 september 2024 · 33 min
Gerard is live on the Wisdom Tree Commodity Exchange podcast and delivers a masterclass on how to invest in the Energy Transition: Renewables, Equity, Innovation, Commodities. Lees meer
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Laurent will be keynote speaker at ReSource Amsterdam 24-25/10/24. Come say hello https://resource-platform.eu/events/re-source-2024-event/
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We also salute the latest edition of Mycle Schneider World Nuclear Industry Status Report. Essential to understand what is going on in the Nuclear Industry beyond the headlines and the lobbying – More than 500 pages of data and facts.
https://www.worldnuclearreport.org/World-Nuclear-Industry-Status-Report-2024 -
151. Peak Fossil Fuels - Sep24
23 september 2024 · 25 min
ExxonMobil forecasts 2050 Oil demand be the same as today. We believe that they are just “talking their books.” Lees meer
To discuss the future of the Energy system as well as the fight against Climate Change, we bring in a very respected expert and friend of the show: Kingsmill Bond, Energy Strategist at RMI. Kingsmill has been digging deep into the data and has realized that the fossil fuel cohort simply cannot fathom the speed of the Energy Transition.
Gerard and Laurent have a lengthy debate about the trends, the adoption of clean energy, not only in the OECD, but also what is now referred as the “Global South” and deliver an optimist message about the future.
In the present, the pessimists always sound smarter, but in the long-term optimists are always right.
-------RMI is a global NGO transforming the global energy system to secure a clean, prosperous, zero-carbon future for all.
RMI: https://rmi.org/the-world-re-energized/
RMI report: https://rmi.org/insight/the-cleantech-revolution/
Nick Eyre work: https://link.springer.com/article/10.1007/s12053-021-09982-9?utm_source=substack&utm_medium=email -
150. The new Valuation of Wind Assets
16 september 2024 · 14 min
As Europe has reached 270GW wind power (vs 150GW USA), corresponding to a value of 500bnEUR, we dig into the value of those assets. Gerard being out, Laurent brought his friend Mortimer Menzel, Managing Partner of Augusta Co, one of the most seasoned investment bankers in the wind sector. Lees meer
After describing the past gloom (interest rates, inflation, supply chain, Ukraine), we analyse the fundamentals of the market and turn out to be very optimistic for the years ahead, both onshore and offshore.
Mortimer talentedly explains how the risks and markets have evolved over time and what impact they will have on future valuations. Overall, he is bullish as ever.
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I will be chairing a free Seminar on the future of Green Energy procurement with Ofgem, KPMG, S&P Global and Renewabl, the award-winning platform I seat on the Board of, at the law firm Wedlake Bell, on Thursday 3/10 at 4pm. In the City of London. Super technical.Link to Register.
Renewabl day: The future of renewable energy procurement · Luma -
149. Hydropower in a 24/7 Clean Energy System - Sep24
9 september 2024 · 30 min
As wind and solar become ubiquitous, the value of hydropower goes up. Hydropower is becoming the ultimate clean energy, as it is flexible and easily dispatchable.
Hydropower is concentrated in certain geographies (China, Brazil, Canada) and is almost entirely developed by State-Owned Utilities that can stomach and support the very long construction time. Bost costs and value should be measured in decades, not in years.
Unfortunately, Climate Change is impacting the reliability of hydro; we have recently witnessed a succession of dry years and wet years, which have created stresses in the American West, Brazil and China… So, how to make the best of it? How to optimize this valuable resource? Lees meerThat is the life’s mission of Janice Goodenough, CEO of HYDROGRID. With a master’s degree in Applied Mathematics and over 15 years of experience in the hydropower sector, Janice Goodenough is a dedicated advocate for leveraging the complete potential of hydropower amidst the evolving energy landscape. HYDROGRID Insight is an integrated water management & production planning platform for proactive hydro teams, providing comprehensive, predictive capabilities such as plant monitoring, predictive production planning, optimal trading, as well as constraint and maintenance management under a single hood.
We love hydro, but they need to stop snoozing. Wake up!
We thank AMUNDI for supporting the show
Transcripts https://www.spreaker.com/podcast/redefining-energy--3170008
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148. Batteries: the Great Consolidation
2 september 2024 · 12 min
“Summer has come and passed / The innocent can never last / Wake me up when September ends”. Like John Wick, Laurent thinks he is back.
So we have a very energetic Minutes to start September. With Gerard, the co-hosts focus on one of the key trends of 2024 which they call “Batteries, the Great Consolidation”. A lot of great experts are helping shape our view.
To name a few Aaron Wade, Tom Tsogt, Cormac O’Laoire, Christopher Chico, Chris Berry, Benchmark Minerals Intelligence/Rho Motion (Iola Hughe and all Simon Moores’ team). We are thankful for their relentless drive to show us the future.
So, what is the “Great Consolidation” in Batteries. First consolidation in the supplier's landscape, with CATL and BYD trashing the competition and indirectly eliminating a lot of promising startups (We list the cancelled Gigafactories). Then, consolidation in Chemistry, it’s all about LFP now. Finally consolidation in form factor, with prismatic becoming the staple.
At the end of the episode, we salute the King of Solar in Pakistan, Sulaiman ur Rehman.
And also invite on our podcast Mr Faraz Ahmad, one of the Top Energy guy at Amazon, as we are very curious about his attempts to rewrite the rules for accounting for Carbon Emissions. We want to know more. Faraz, you are welcome! Lees meerTranscript
https://www.spreaker.com/podcast/redefining-energy--3170008 -
147. Decarbonising buildings - Aug24
26 augustus 2024 · 31 min
How to decarbonise buildings? That’s an important topic because that sector accounts for 37% of all emissions, making it one of the three pillars of decarbonisation next to electricity generation and transportation. Lees meer
Progress has been mixed. If lighting is an incredible success, heating and cooling remain a complex proposition with certain countries adopting new technologies much faster than others. Energy efficiency is sometimes a hard sell, as pay back periods can be counted in decades. Energy efficiency can be active, passive, “behind the meter” or at system’s level.
Laurent and Gerard wander though that landscape with Vincent Petit, who runs Schneider Electric Sustainability Research Institute. Vincent has overseen the company’s prospective on the Climate and Energy Transition since 2017. Digital and behind the meter (solar, batteries) open new horizons even if regulators get confused between sticks and carrots.
Furthermore, the famous “Jevons Paradox” seems to indicate that energy efficiency gains trigger a rise in energy consumption. We discuss options to decarbonise buildings, a long and winding road, but nevertheless critical to solving climate change. We debate about the value of sticks and carrots and the efficiency of public policy support. Is there a winning formula?
We thank Amundi for supporting the show
Transcripts available here: https://www.spreaker.com/podcast/redefining-energy--3170008
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146. NREL: “Our Renewable Energy Future” - Aug24
19 augustus 2024 · 31 min
A special interview with one of the great minds of the Energy Transition. Dr. Doug Arent is the Executive Director of Strategic Public– Private Partnerships at the National Renewable Energy Laboratory in Golden, Colorado, U.S and Distinguished Fellow, World Economic Forum. Lees meer
He just published a book called “Our Renewable Energy Future: The Story of How Renewables will become the Basis for Our Lives.” “Our Renewable Energy Future” focuses on clean energy technology evolution and where our energy system is going. While its foundation is technology innovation, the book brings a unique perspective that technology alone is not what has brought about the explosive growth of renewable energy.
Laurent and Gerard have a stratospheric conversation with Dr Arent about the options in front of us. Digitisation and intelligent networks are going to revolutionize the way we produce and consumer energy.
About NREL: Originally called the Solar Energy Research Institute, NREL began operating in July 1977 and was designated a national laboratory of the U.S. Department of Energy (DOE) in September 1991. It runs a budget of 1bnUSD/y making it one of the world’s (if not the) most impressive R&D institutions when it comes to Renewable Energy.
LINK TO BOOK
https://www.worldscientific.com/worldscibooks/10.1142/q0441#t=aboutBookWe thank Amundi for supporting the show
Transcripts available here: https://www.spreaker.com/podcast/redefining-energy--3170008
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145. Clash of Titans (Barnard vs Martin) – Industrial Heat Redefined
12 augustus 2024 · 1 uur 30 min
During Summer season, we bring you back the best of our sister show, Redefining Energy TECH, where host Michael Barnard invites Paul Martin for a very long and geekie conversation about innovative solutions for industrial heat. Two titans of our industry.
Paul Martin, a seasoned chemical engineer, share his profound insights on the electrification of industrial heat processes. Here’s a brief summary of the conversation:
The discussion kicked off with a critical analysis of the inefficiencies associated with using fire for heat generation compared to electricity. Paul emphasized that electricity not only offers cost advantages but also enhances safety. A significant portion of the conversation was dedicated to the concept of exergy, highlighting its crucial role in the energy transition towards decarbonization. Paul underscored the potential of direct electricity usage for heating processes, moving away from traditional methods of burning chemical energy.
We also delved into the advancements in battery technology, discussing how these innovations are revolutionizing energy storage and management. Paul provided fascinating insights into the practical applications of batteries in industrial settings, particularly for short-term high-power requirements.
The episode further explored the diverse heat requirements in industrial food preparation, comparing the efficiency of natural gas with other energy sources. Paul highlighted the practicalities and benefits of heat pumping in industrial processes, stressing the importance of understanding different heat metrics for efficiency calculations.
In addition to these technical discussions, Paul addressed the challenges and misconceptions surrounding the technology readiness levels and market readiness of heat pumping applications. He also explained the significance of temperature lift in heat pumping and its applications below 200 degrees Celsius. Paul Martin shared insights on various types of industrial heat, including cemen… Lees meer -
144. Bill Gates and Energy (2/2) – the Investments / Breakthrough Energy Ventures
5 augustus 2024 · 19 min
In episode 143, Gerard, Laurent and Michael have discussed the philosophy of Bill Gates when it comes to the Energy Transition, and the root causes of his flawed thesis. Let see now if this transpires in his main investment vehicle, Breakthrough Energy Ventures (BEV). Lees meer
Michael Barnard is quite blunt: “To be clear, Gates is still highly resistant to the reality that we have almost all of the solutions we require, and that Breakthrough Energy Ventures is mostly invested in distractions.”
As we are about to celebrate the 10th anniversary of BEV, we dive into its successes and failures. And it is a complex picture. BEV has invested in more than 100 companies which is a feat in itself. For a 3.5bnUSD portfolio, that’s an average of 40mUSD/ticket.
When you dig into the portfolio, you will get the Good, with promising ventures (such as Antora, Rondo, Boston Metals, Brimstone, TS Conductor, Fervo, Natel, Pachama, Kobold), the bad with ginormous boondoggles (nuclear, carbon, Hydrogen planes, LDES…), and the Ugly, when BEV (but they are not alone) manage to offload failed ventures via SPACs (Heliogen, QuantumScape, ESS) or Public Money (Carbon Engineering).
So, Breakthrough or Break down? Glass half full or half empty? A lot of Silicon Valley billionaires have emulated BEV, with absurd amount of money chasing impossible or totally uneconomic ventures. To name a few, Sam Altman, Khosla Ventures, Patrick Collinson (CEO Stripe) Bezos, Benioff. So, Bill is definitely not alone.
And BEV, with a string of smart choices, is probably the least bad, or best of them all.
Michael Barnard unleashed in Cleantechnica https://cleantechnica.com/2024/07/04/breakthrough-energy-ventures-has-bad-investment-theses-therefore-bad-investments/
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143. Bill Gates and Energy (1/2) – the Thesis
29 juli 2024 · 20 min
Bill Gates is sucking a lot of oxygen in the Energy Transition. Is he a force for good, or a nuisance? What is his thesis and where does it come from? And is the thesis still valid in 2024 or obsolete? Lees meer
In this episode, we will not analyse Breakthrough Energy Ventures, his VC fund celebrating its 10th anniversary. That will be the topic of Episode 144, next week.
Laurent, Gerard and Michael are going to analyse Bill Gates fascination for Vaclav Smil and David MacKay. We will dissect how their theories have been consequential in the shaping of Bill Gates’ vision.
We will delve into Smil’s errors, namely the Primary Energy Fallacy, the refusal to consider wind, solar and batteries as viable alternatives and the impact they have had on Bill Gates thinking, and - probably worse - investments.
We will discuss how the Oil Industry has found an ally (probably unwilling, but certainly powerful) in their quest for immobility. Elon Musk might be controversial, but at least he has made the journey in practice, not in theory.
A very heated discussion. And we are not going to make friends here. That’s OK. Country above Party.Bill Gates on Smil
https://www.gatesnotes.com/Numbers-Dont-Lie -
142. Batteries vs Hydrogen (Gerard is Live at EcoSummit 2024)
22 juli 2024 · 16 min
This week, it is a solo by Gerard Reid. Lees meer
This is the audio of its remarkable presentation at EcoSummit Berlin in June 2024. The topic is “Batteries vs Hydrogen”
Link to the YouTube https://www.youtube.com/watch?v=aAbr4byi414
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141. Texas, California: From Renewable Energy developer to IPP - Jul24
15 juli 2024 · 29 min
Texas and California have witnessed a crazy growth in Solar and Batteries in recent years. In 2024 California has 24GW of Solar and 9GW of batteries on its grid; Texas has grown even faster with 31GW of Solar and 10GW of batteries. Lees meer
When it comes to the Energy Transition, you can make the following analogy: public policies are the land and financial markets are the rain. But the seeds are battle-hardened entrepreneurs. Laurent and Gerard love to invite such heroes of the development of Renewables. They don’t build pipelines of projects. They built projects.
One of those American Heroes is Sheldon Kimber, CEO of Intersect Power. In the past 8 years, Intersect has delivered 4GW of Solar and 2.5GWh of batteries. By focusing on a few huge projects, by developing a unique expertise in both Texas and California. Along the way, the Company has closed $5B in project financings and raised nearly $1B in corporate equity (TPG, CAI, Trilantic) to support the buildout of the Base Portfolio and additional growth projects. But Sheldon’s success is also linked to the development of a secure and efficient supply chain.
The conversation is so rich that we didn’t have time to delve into his plan to develop e-fuels for Taylor Swift private jet.
And, as Daniel said: “Stumpf ist Trumpf”.We thank DLA Piper for supporting the show
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140. SolarPower Europe introduces the "Flexibility Revolution"
8 juli 2024 · 12 min
After a crazy Intersolar in Munich which welcomed more than 120,000 visitors, the pace of Solar deployment in Europe is going exponentially. Lees meer
Gerard and Laurent bring in Walburga Hemetsberger, CEO of Solar Power Europe, to discuss the development of Solar, and through the new report “Mission Solar 2040”, how we are on the cusp of a Flexibility Revolution.
The Report is available here: https://www.solarpowereurope.org/insights/thematic-reports/mission-solar-2040-1
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139. The ESG label is outdated. What now? - Jul24
1 juli 2024 · 31 min
Glencore’s CEO Gary Nagle has once described ESG as “some person in the basement in office number 27 engaged in a box-ticking exercise.” And a lot of fossil fuel companies – while being less explicit – share the same opinion on ESG… and have voiced their hostility indirectly through complicit media outlets.
The ESG movement is facing a significant backlash. On the one hand there has been too much greenwashing, on the other hand, ESG has become a political punching ball in certain US States dependent on the fossil fuel industry. Some European Oil companies want to list in NY to get a better valuation and are complaining about too much sustainability scrutiny. And Larry Fink, Blackrock CEO, went in the last four years from hero to zero of the ESG wave.
Going back a few years a lot of the ESG popularity was linked to an overweighting of Tech and Luxury stocks which performed wonderfully, a trend partially reversed by the war in Ukraine and the rise of interest rates. In 2024, we have seen outflows in ESG labelled funds from a peak three years ago. Still, they represent, according to the FT, a 7tnUSD pot of money, so it is a big industry. Lees meerWe’re not experts… but a system that rates ExxonMobil higher than Tesla on ESG raises eyebrows.
To add insult to injury, there is a multiplication of standards and regulations (CSRD, SFDR) which make the whole ESG universe very confusing. There are byzantine debates about passive vs active management. There are endless conversations about the adequacy of “engagement” and if shareholders should behave as activists. And finally, there is a clear transatlantic drift when it comes to that issue.
We are totally lost!
To try to understand better if ESG is dead, or if it will have to reinvent itself, we bring in Jean Jacques Barberis Deputy CEO and Head of Institutional and Corporate Clients Division & ESG at Amundi. Amundi is EU’s largest EU Asset Manager and a leader in Green investing. Jean-Jacques Barbéris is currently responsible fo…
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138. The Energy Institute’s Statistical Review of World Energy
24 juni 2024 · 15 min
We bring in Nick Wayth, CEO of Energy Institute (EI), for the release of the 73rd Edition of the Statistical Review of World Energy. The Energy Institute Statistical Review of World Energy™ analyses data on world energy markets from the prior year.
Previously produced by bp, the Review has been providing timely, comprehensive and objective data to the energy community since 1952. The Strategic Review is now a collaboration between the EI, KPMG, Kearney and Heriot University. Five key stories emerge from the 2023 data: Lees meerRecord global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levels
Solar and wind push global renewable electricity generation to another record level
Ongoing Ukraine conflict cements gas rebalancing in Europe
Dependence on fossil fuels in major advanced economies is likely to have peaked
Growth economies struggle to curb fossil fuel growth, but renewables accelerate in China
Although we disagree on the message and question the concept of Primary Energy (super misleading), we salute the consistency and comprehensiveness of that Report. Keep them coming.
https://www.energyinst.org/statistical-review
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137. Subsea interconnectors: new horizons - Jun24
17 juni 2024 · 28 min
UK is at the nexus of the subsea interconnector’s new economy. Great Britain is connected to Continental Europe by 8 interconnectors representing up to 15% of its power consumption. Lees meer
Subsea cables are now a growing industry because of the benefits they bring to the grids, such as resiliency, capacity, lower prices, and renewable energy balancing. Alongside batteries and pumped Hydro, interconnectors are the best flexible green infrastructure currently available on our road to net-zero.
How has the technology evolved over the recent years? What are the economics in terms of CAPEX and OPEX? What are the revenue models? Is there a role for infrastructure investor? What are the technological challenges? How are the permitting and regulatory frameworks? How far and how deep will we go in the development of interconnectors, as we start hearing about transcontinental projects.
To answer all those questions, we have invited Rebecca Sedler, aka “The Mother of Interconnectors” (reference to Games of Throne). After a long career at E.ON and EDF, Rebecca is Managing Director of the Interconnectors business for UK National Grid. We will start by the Viking Link, her more recent achievement, linking GB to Denmark with a 750km cable and only 3.7% loss. Finally, we will talk about the bright future of subsea interconnectors.
“We are going to America” www.nato-l.org
https://www.cnn.com/2024/06/26/climate/green-energy-wars-undersea-cables-intl?cid=ios_app
We thank Amundi for supporting our show. EU Largest Asset Manager and leader in Green investing.
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136. Special Eurelectric with PPC’s CEO Georgios Stassis
10 juni 2024 · 18 min
Laurent interviews Georgios Stassis, PPC’S CEO, during Eurelectric Power Summit 24. Lees meer
PPC, the Greek Utility, is a remarkable turnaround story: from a soviet-style dinosaur a few years ago, PPC has become a thriving forward-looking profitable modern Utility.
With Georgios, we discuss the investment in renewables, the phase out of lignite, digitisation, the investment in new segments (Datacenters, E Mobility, Demand Response…) and share an overview of regional integration with interconnectors and the successful acquisition of Enel Romania.And, to crown it all, a Quiz: Eurelectric or AC/DC?
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135. 2024: A pivotal year for the Energy Transition in China - Jun24
3 juni 2024 · 30 min
In April, we did Ep129 Minutes about China and announced the interview with a real expert. Here it is.
With David Fishman, an American based in Shanghai, we dig deep into China’s Energy Transition. We try to reconcile the rise of renewables and the rise of coal use. We try to decipher what is decided locally and nationally. We investigate what is the result of command-and-control measures vs market forces. We cover wind, solar, batteries, EVs. Our goal is not to give good points or bad points, our mission is to share with our listeners the fascinating but complex picture of what is happening in China. And we debunk a lot of the cliches that we read in the Western media.
To paraphrase Churchill: “A riddle wrapped in mystery inside an enigma”.
As the US and the EU are becoming more and more wary and protectionist in relation to China’s progresses in clean technologies, we try to stay neutral when it comes to subsidies, “overcapacity” and real advances made by China Inc.
Beyond those cliches, we talk about human capital and the fundamental concern about energy security which are powerful drivers boosting the Chinese energy transition. In David’s opinion, China is turning the corner on Coal and Fuels, and we might already have seen peak emissions. And we like that! Lees meerFor institutions which would like to partner with our show, please ask for our media kit.
We thank Amundi for suppiorting our show.
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David Fishman is an economic consultant at the Lantau Group specializing in the Chinese power sector. His work includes regulatory and commercial intelligence for Chinese nuclear power, solar, wind, and distributed energy markets. His specific experience includes Chinese power market and policy intelligence and forecasting, solar and wind pricing forecasts, renewable asset transactional due diligence, China business matchmaking, and green power procurement planning and execution for multinationals with factories in China. Check David Fishman o… -
134. EcoSummit Preview
27 mei 2024 · 8 min
Last week, Laurent was in Athens for the spectacular Eurelectric Summit (we will talk more about it in 2 weeks’ time, with a special Episode) meanwhile, we bring in our friend Jan-Michael Hess, organiser of the Berlin EcoSummit 4-5 June to discuss Clean Tech and his annual gathering of more than 100 Start-Ups and hundreds of investors.
If you don’t have your tickets (yet) https://ecosummit.net/ Lees meer -
133. AI, Datacenters and Energy - May24
20 mei 2024 · 30 min
"McKinsey, BCG and S&P Global Commodity Insights project electricity demand tied to data centers to increase at a CAGR of 15% through 2030." “Booming AI demand threatens global electricity supply (FT)”. Media and consultants have recently raised the alarm about the unquenchable energy thirst of AI and datacentres. Can we believe those predictions or is it another scaremongering wave like we saw 15 years ago, when prophets predicted that the internet would soon consume 50% of the world power? Lees meer
Laurent and Gerard prefer to go directly to the source. So, we have invited Michael Terrell, Senior Director Energy and Climate at Google. Google is one of the Top 5 purchasers of Green Electricity in the world, and Michael is one of the key architects for providing 24/7 green power to their 28 datacenters around the world.
With Michael, we analyse why datacenters consume so much energy. We also discuss why the overall grid has not melted down despite ominous predictions a decade ago, as energy efficiency improvements have been spectacular. We talk about fostering the purchase of green energy and especially 24/7. We discuss new tech, whether software (Tapestry) or hardtech (geothermal, nuclear, LDES) and why Google and others BigTech are fostering them. Finally, we discuss the development of AI and its impact on the future demand.
All in all, a great discussion but more importantly a very optimistic dialogue, where we see that we – the Energy Transition Brotherhood – are a force for good and we will defeat – easily – the old guard of fossil fuel lobbyists and scaremongers.
We thank Amundi for supporting our show
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132. Ember’s Global Electricity Review 2024
13 mei 2024 · 11 min
We bring in the star of the week, Ember’s Dave Jones, to discuss the Global Electricity Review 2024, published last week.
Main take aways (thank you Nat Bullard): Lees meerRenewable sources (hydro, wind, solar, geothermal, biomass) are now 30% of global electricity supply.
Solar generation increased 23% yoy; wind 10%.
Fossil fuel generation increased 0.8%.
If not for a decline in hydro production, renewables would have met almost the entirety of the global increase in electricity demand.
We are entering a new era of electricity with three great flexors acting on a complex and growing supply mix:Continued growth of wind+solar increasing global clean electron supply
Variations in hydro and nuclear production
Demand driven by electrification, data, and global wealth
https://ember-climate.org/insights/research/global-electricity-review-2024/
We partner with EcoSummit Berlin, the annual unique gathering for startups and investors to discuss to decarbonise our economy and save our climate. Berlin 4-5 June. If you don’t have your tickets (yet) https://ecosummit.net/
Finally Happy Anniversary to Paul Chapman and his excellent podcast HC Insider who is about to change name to HC Commodities podcast. 200th episode. Really if you are interested in Commodities markets, from Oil to Power to Metals to Ags, Trading , they are the best.
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131. The future of distribution grids - May24
6 mei 2024 · 32 min
Distribution grids are facing new challenges. On the one hand, they experience a growth of local demand, with EV charging, heat pumps and datacenters. On the other, they must accommodate with the fast deployment of decentralised energy such as rooftop solar and batteries.
How to reconcile those challenges while maintaining grid stability? And how can Utilities, hooked up on rates and CAPEX start thinking differently and adopt new technologies? Beyond the regulatory changes and technical investments, some cultural shifts need to be implemented. And a lot of solutions are digital.
That’s the job of our guest, Robert Denda. Robert is CEO of Gridspertise, a new company carved out two years ago out of ENEL. Previously, he was Head of Innovation & Industrialization (since June 2021) at the Enel Global Infrastructure and Networks and Head of Network Technology and Innovation (since June 2015) at the same business line of the Enel Group, leading the development of and application of digital grid technologies at the largest privately-owned international operator of power distribution grids, serving 74 million customers. Lees meerGridspertise today is an independent company jointly controlled by is a 50/50 JV between Enel and investment fund CVC Capital Partners, valued almost 1bnEUR, headquartered in Italy but also present in Spain, Brazil, USA, Germany and Scandinavia the Nordics. Its Enterprise Value was valued 625M EUR at the time of the transaction, with potential deferred payments that could bring the enterprise value up to 1bn EUR.
Our conversation encompasses several themes, from smart meters to sensors, from cyber security to AI, from performance to business trends. Solutions are being implemented daily to speed up the Energy Transition.
We thank Amundi, EU largest Asset Manager, for supporting the show
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130. EVs: Has Tesla lost its Mojo?
29 april 2024 · 12 min
We hear conflicting messages regarding the status of the EV market. On the bright side, IEA predicts 17mEV to be sold this year, EV and Hybrids reach 50% market share in China for Q1, more than 500 EV models are currently on the market. On the dark side, Tesla and BYD deliveries were down in Q1_24, Tesla revenues were down 9% compared to Q1_23 and the price war has cut the EPS in 2. Lees meer
Has Tesla lost its mojo or will Elon refocus and reboot. Lots of announcements, but also a 10% cut in the workforce, and a depressed share price. Meanwhile the “Oil Street Journal” and other publications have been repeating ad nauseum (but falsely) that the EV Story is over.
In fact, EV sales in Q1 2024 were 21% higher than Q1 2023. China led the way with at 31% growth with the US and Canada at 13%, and EU and EFTA trailing behind at a 7%. Removal of the BEV subsidies in Germany showing their full impact there.
There are also a lot of questions about protectionism, as Elon Musk just declared that “Chinese automakers would "demolish" most of the world's other car companies if there were no trade barriers. Our observation is generally that the Chinese car companies are the most competitive car companies in the world,"
To discuss this and the future of the EV market, Laurent brought James Carter. James is a friend of the show and one of the top Auto experts in the world based in Toronto, Canada.
And Gerard will be back with us next week. He was simply too busy successfully selling our German Rooftop Solar company Febesol to Thermondo. But that is a story for another day.
The pod has just been named number 1 Energy Transition show. Thank you, guys. We love you all.
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PS: when referring to our friend Roger Atkins, Laurent said “Shanghai Auto Show”. Oooops its was Beijing Auto China from which he brings back wondrous stories, including a meeting with the legend Robin Zheng, CATL founder.
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129. Should the West fear or emulate China?
22 april 2024 · 10 min
Laurent and Gerard have a rapid overview of what’s going on regarding the Energy Transition in China and its political implication in the West.
Record production of this, record production of that, overcapacity everywhere…
We babble a lot, rant a bit, and conclude that we need to invite a real expert on the show. Lees meer -
128. Tracking and Trading Green Electrons 24/7 - Apr24
15 april 2024 · 32 min
What is the value of green electrons? Hard to say. Depends where, depends when. What is sure is that, in view of recent regulations and corporate commitments, they must be tracked. Lees meer
From an annual basis, we are now moving to an hourly basis, under the thrust of corporate initiatives like the GhGProtocol, RE-100 and EnergyTag. Behind this movement, BigTech such as Microsoft and Google see a need to track those green electrons as their energy consumption is on the way up… and it has to 24/7.
Enter new innovative digital companies that are providing those complex and data-hungry services. Some platforms go even further, proposing to trade the green attributes of electrons. Renewabl is one of them.
Lead by the charismatic JP Cerda, Renewabl is one of the most advanced of those startups. The company is the recent winner of the "2024 Energy Tech Challengers Award" in the FinTech category
JP Cerda has a long history of trading green commodities, first at Shell and Orsted. Then a few years ago he managed to create Zeigo, the premier PPA auction platforms which he then successfully sold in 2022 to Schneider Electric. JP and his team really know what they are doing when it comes to designing and developing leading edge digital market places in the green sector.
We thank Amundi for supporting our show
Disclosure: Laurent is an investor in Renewabl
A good article on the GoO market
https://auroraer.com/media/guarantees-of-origin-market-set-for-growth-trajectory-projected-to-reach-3-7-bn-e-by-2030/ -
127. Live from Berlin – “Are Renewables still an Infrastructure Play” with Markus Wandt, CIO Aquila Capital
8 april 2024 · 22 min
This week, Gerard and Laurent have been invited to a private event organized by Aquila Capital in March 2024, during the Global Infrastructure Conference, where they debate with Markus Wandt, CIO Aquila if “Renewables are still an Infrastructure play?” Lees meer
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126. Grid-Enhancing Technologies - Apr24
2 april 2024 · 31 min
The main hindrance to the development of renewables is the connection queue. Basically, grid operators tell developers “Sorry guys, we’re full”. A recent study by RMI has proven that this is simply not true. Grid operators are either too conservative or not incentivized to take more load. Old solutions. Old thinking.
Grid Enhancing Technologies (GETs) are hardware and software solutions that are deployed within the existing transmission system, helping increase the capacity, flexibility, and efficiency of the current grid. They can perform functions such as rerouting power flows to avoid congested lines and providing data on real-time conditions that could enable more power to flow through a line when conditions allow — thus increasing our ability to best utilize the transmission infrastructure we already have.
But beyond a better digital management, new technologies of cables are emerging, incorporating the best Material Science has to offer. New conductor technologies could triple grid capacity with structures in the existing rights of way, while also reducing line loss by half.
To talk about GETs and new conductors, we bring in Jason Huang, Co-founder and CEO of TS Conductor Corporation. Jason is PHD in material science and started his career in the aviation industry, working on civilian and military programs such as A350 and F35. TSConductor, supported by Breakthrough Ventures, NextEra and UK National Grid, is now rolling out a revolutionary new technology that will debottleneck the Grid and speed up the Energy Transition.
We thank our new partner AMUNDI, largest European Asset Manager and really committed to the Energy Transition
PS: 2nd minute - Laurent got “TO” wrong: it’s Topography Optimisation, not Technology Optimisation
The RMI report is here:
https://rmi.org/insight/analyzing-gets-as-a-tool-for-increasing-interconnection-throughput-from-pjms-queue/
The story about Amazon and AI is here
https://www.pv-magazine.com/2024/03/08/amazon-says-us-utility-can-c… Lees meer -
125. From Houston to Berlin (via Bilbao), Better Days!
25 maart 2024 · 11 min
This week, Gerard and Laurent talk about the 3 big energy gatherings that happened this week. Houston (CERAweek), Bilbao (WindEurope) and Berlin (Global Infrastructure Summit). Laurent and Gerard were in Berlin and report what they saw and heard.
In a simple sentence à la John Wick “Yes, I think I’m back” Lees meer -
124. The challenging Energy Transition of Japan - Mar24
18 maart 2024 · 30 min
“It’s hard to play a good game when you have been served weak cards”. This is the perennial challenge of Japan when it comes to the Energy Transition. And the game is getting harder when your two main choices, nuclear and hydrogen, are proving extremely costly in a world of cheap renewables. Lees meer
How robust is a business model based on a protected internal market with high margins and limited competition allowing Japan Inc. to expand abroad at super competitive prices, but stifling innovation and diversification? Japan is “Prisoner of its geography” (to quote Tim Marshall); thankfully its answer has been a world class level of engineering allowing to partially overcome its shortcomings.
And Gerard, during his recent trip to Japan, has witnessed some extraordinary achievements in the energy transition in the downstream sector, with extreme energy efficiency, retail innovations, and digital developments.
We have the pleasure to welcome Shuichiro Kawamura, who heads one of the rare investments’ funds focusing on the Energy Transition. Established in 2006, Energy & Environment Investment (EEI) is Japan's first VC firm solely dedicated to the energy and environment sectors. They support startups with innovative technologies and services in this space, aiming to drive sustainable growth and positive global impact. As of Q1_24, the AUM of EEI is around US$500MM, with more than 130 portfolio companies. There is no easy formula in Japan. Only the smarts will survive.
We thank our friends and partners AQUILA CAPITAL for supporting our show.
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123. Conferences and Exhibitions
11 maart 2024 · 9 min
This week, Gerard and Laurent talk about Conferences / Exhibition that they recently attended and what they have learned there. Gerard was in Germany’s E-World while Laurent was in London’s Energy Storage Summit. Lees meer
And they act as mirror opposites: "back in business" in Germany while the storage in London realises that the Champagne year of 2022 cannot easily be repeated. The storage industry nevertheless rejoices at the fall in price of batteries while the classic Utilities are being challenged by new innovations such as “balcony solar”
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122. The EV fast-charging revolution - Mar24
4 maart 2024 · 30 min
The two limiting factors for a faster deployment of EVs are the price of vehicles and “range anxiety”. While the former is being addressed by an ever-growing number of cheaper models available on the market, the latter is also experiencing a revolution.
You would believe that such an opportunity would be grasped by Utilities. Surprise! They didn’t move. Oil companies have started investing, but at their slow pace. In the Automotive sector, only Tesla has seized on the challenge, and how brilliantly! So, the passivity of incumbents has created an overture for talented and dynamic entrepreneurs. We have decided to invite one of them.
Our guest is Toddington Harper, CEO of Gridserve, a leading UK charging network. Gerard, Laurent and Toddington discuss all recent developments in EV charging from technology to software to interoperability. We are going to talk about Electric Super Hubs, Electric Retail Hubs and the industry-leading Electric Forecourts®.
In the coming years, the whole EV charging landscape will totally change and petrol stations will be looked at like we look at CDs and Cassette Tapes. At the heart of the revolution, focus on a consumer-centric approach and a new way of thinking holistically called “sun-to-wheel”. Charging is not a commodity, it’s a service, and only the best service providers will emerge as winners. Lees meerWe thank AQUILA CAPITAL for supporting the show.
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121. Data, data and data
26 februari 2024 · 10 min
This week, Gerard and Laurent talk about three great reports that have recently been published and deliver some world-class data about past achievements, current status and the direction of travel. As a sign of things to come, European Carbon has lost 36% since the beginning of the year. Lees meer
We are here saluting Ember and their power/emission statistics – European Electricity review https://ember-climate.org/ https://ember-climate.org/insights/research/european-electricity-review-2024/
Then the new bible, from Nat Bullard, available here. Everything Climate and the Energy Transition in 200 slides. https://www.nathanielbullard.com/presentations
And for the battery buffs, the encyclopaedia in everything batteries, which comes from the Volta Foundation https://www.volta.foundation/annual-battery-report
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120. The new value of green power and PPAs - Feb24
19 februari 2024 · 31 min
To discuss everything that’s going on in the PPA market (and a lot of things are happening), Gerard and Laurent bring back the excellent Luca Pedretti, CEO and co-founder Pexapark. Pexapark is the leading swiss-based intelligence platform on PPA in Europe.
With Luca, we have an extensive conversation about the recent evolutions in the PPA market. Trends, duration, size, shapes, types of contracts, risk-sharing arrangements... We try to lay out how the market prices the following risks: capture risks, cannibalization risks, curtailment risks, settlement risks, credit risks…
Then the discussion moves to the Tech titans and their unquenchable thirst for green power are reshaping the market for green electrons. How new innovations like hourly Green Certificates (GoOs, REGOS) are appearing and adding some transparency in the price discovery process?
We finally debate about those soviet-era industrial policies in term of fuel choices (nuclear, hydrogen) that seem to ignore the permanent technological innovations (batteries), the need for flex, and the power of the market signals.
A lot of those themes are also detailed in Pexapark annual PPA report available below Lees meerWe thank our friends and partners of Aquila Capital for supporting the show.
Link to Pexapark 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐏𝐏𝐀 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 2024 Report
https://pexapark.com/european-ppa-market/In this report you’ll find:
💡 A 360° 𝐫𝐞𝐯𝐢𝐞𝐰 𝐨𝐟 𝐏𝐏𝐀 𝐝𝐞𝐚𝐥-𝐦𝐚𝐤𝐢𝐧𝐠 in 2023: Top PPA countries, buyers & sellers, and more thought-provoking data-driven insights
💡 𝐍𝐞𝐱𝐭 𝐟𝐫𝐨𝐧𝐭𝐢𝐞𝐫𝐬 on the rising: Hybrid PPAs, 24/7 green procurement, PPAs for Green H2 Production, Multi-buyer PPAs
💡 𝐌𝐚𝐜𝐫𝐨 𝐭𝐡𝐞𝐦𝐞𝐬 setting the rhythm: PPA pricing, market fundamentals and risks, regulatory environment, CfDs vs PPAs
💡 Distilment of our 𝐓𝐨𝐩 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 2024 -
119. The decarbonization of the shipping industry
12 februari 2024 · 10 min
This week, Gerard is out, so Laurent does the Minutes with Michael Barnard, host of our sister show Redefining Energy – Tech.
On the menu this week, an overview of the decarbonisation of shipping.
What will be electrified? What role for Hydrogen, Green Ammonia, Methanol and Biodiesel? And the answers are hybrid and multi-fuels. Lees meerLinks to Michael’s articles on the subject in Forbes
https://www.forbes.com/sites/michaelbarnard/2023/12/05/how-will-climate-action-change-the-face-of-global-shipping/
https://www.forbes.com/sites/michaelbarnard/2023/12/29/hydrogen-half-truths-keep-shipping-fuel-hopes-afloat/
https://www.forbes.com/sites/michaelbarnard/2023/12/11/different-segments-of-the-shipping-market-have-different-climate-fixes/
https://www.forbes.com/sites/michaelbarnard/2023/12/17/how-much-shipping-can-just-use-batteries-for-energy/
https://www.forbes.com/sites/michaelbarnard/2023/12/20/shipping-still-has-efficiency-levers-to-pull-for-climate-action/
https://www.forbes.com/sites/michaelbarnard/2023/12/27/what-energy-will-ships-that-cant-electrify-use-including-wind/
https://www.forbes.com/sites/michaelbarnard/2024/01/05/2023-was-year-of-methanol-for-shipping-but-that-likely-wont-last/ -
118. Doubling Energy Efficiency - Feb24
5 februari 2024 · 28 min
At COP28 was endorsed the concept of “tripling renewables” – all good, but a lot of people forgot to mention the rest of the sentence which is “and doubling of Energy Efficiency”. In the latest IEA report, there is a 400bnUSD Energy Efficiency pie, almost at the level of Oil Upstream, and more than into Grids. Nobody talks about it. Buildings, Industrial, Transport. Electrification, Heat Pumps. Lees meer
So, Laurent and Gerard thought that is was time. There are very few specialist of Energy Efficiency like Jonathan Maxwell.
Not only has he authored an extraordinary book called the EDGE, but he also manages Sustainable Development Capital SDCL, a multibillion Energy Efficiency fund. Efficient and decentralised generation of energy (or ‘EDGE’) solutions represent the largest, fastest, cheapest, and cleanest source of greenhouse gas emission reductions and energy security.
Datacenters, Lighting, Building, Heating, that’s the unknown world we are going to dive into. And it is a fast growing sector. Persistent tails winds such as energy security, decarbonisation and costs are powerful drivers for a continuous expansion of that sector.
We thank Aquila Capital for supporting our show
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117. Infrastructure Investing, the consolidation
29 januari 2024 · 11 min
Why has the fund raised by infrastructure fund drastically collapsed in 2023. Is it linked to lackluster returns in a high interest rate environment?
At the same time, we have seen numerous acquisitions of mid size infrastructure specialists by larger global asset managers, case in point the very spectacular purchase of Global Infrastructure Partners by Blackrock (or is it a reverse take over?).
Where is the infrastructure investing going? That’s what on the menu of this week’s Minutes Lees meerJoin Laurent and Gerard in Berlin – 20/21 March 2024 – Global Infrastructure Summit https://www.peievents.com/en/event/infrastructure-investor-global-summit/
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116. Cleantech100 – the Hangover
22 januari 2024 · 12 min
After two years of irrational exuberance, we are back to earth when it comes to Cleantech investment. Lees meer
On the menu this week, Gerard and Laurent are reviewing the Cleantech 100 report (15th edition). The overall ecosystem is down 40% yoy, but it has also cleaned the foam and is now revealing the future.
We discuss the 5 sub-sectors (agriculture, transportation, materials, resources, and energy) Our conclusion is that the sector has digested its excesses and is on a path to a new start.
Link to the report https://www.cleantech.com/the-global-cleantech-100/
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115. The future of Yieldcos (listed Infrastructure Funds) - Jan24
15 januari 2024 · 32 min
Long term renewables assets portfolios provide stable returns. In most of the world, they are held by pension funds, insurance companies or big infrastructure funds. We have the exception of the UK with listed Infrastructure funds, also known as Yieldcos. For more than a decade, Yieldcos have been the backbone of the Energy Transition investing.
To explain what are listed Infrastructure funds, we bring in Colette Ord, Director, Investment Companies Research Property & Infrastructure at DBNumis. Deutsche Numis is a leading UK-focused investment bank leader in the UK market, the adviser of choice for listed companies, including one-fifth of the FTSE 350 index, with an average market capitalisation of £1bn, and has acted on the most UK IPOs over the past decade.
Colette Ord has analysed the listed infrastructure and renewables investment company segment of the London market since the launch of the first fund in 2006, so we dig into what was the thesis behind their launch 10 years ago.
We investigate how they delivered in terms of performance. We then dig deep into the key metrics of NAV (Net Asset Value). What is NAV, how it is calculated, how is it consistent. Then we analyse the interaction between free-risk interest rates and valuation of Yieldcos.
We conclude on their future, especially how they are progressively morphing into IPP (independent Power Producers) Lees meerAn Episode powered by AXPO
Link to Bruce Huber’s paper on Yieldcos. https://www.linkedin.com/pulse/yieldco-fallout-bargain-zombie-category-bruce-huber-jnbie/
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114. Nuclear, Offshore Wind and Cummins
8 januari 2024 · 14 min
First Episode on the Redefining Energy MINUTES on the main channel. Lees meer
On the menu this week, an update of nuclear and offshore wind, two important (but minor) sources of carbon-free energy.
And some news on the scandal at Cummins, and their pollution cheating device, costing them 1.6bnUSD.
https://www.reuters.com/business/autos-transportation/cummins-take-about-204-bln-charge-fourth-quarter-2023-12-22/
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113. Our Predictions for 2024 - Jan24
2 januari 2024 · 29 min
Happy new year to all our listeners. Lees meer
It has become a tradition for the first episode of the year: Gerard and Laurent present their 2024 Predictions in the Energy Transition. And we brought in our friend (and co-host of our sister show RE TECH) to spice up the conversation: Michael Barnard. Michael also acts as referee to score the predictions that were made a year ago.
Record installation of everything Energy Transition: Solar, Batteries, Heat Pumps, EV (Gerard)
Massive consolidation in the EV sector – Toyota will buy Panasonic (Laurent)
Volatility in the Energy market is here to stay (Gerard)
New alternatives to Li-Ion in Stationary Storage (Laurent)
The Energy Transition has no plan, it just goes (Gerard)
Nuclear: Westinghouse takes over Europe (Laurent)
Well, the result was that Gerard won (but Laurent is considering filing a reclamation)
Now, to 2024. Our 6 predictions are:
Stellantis will outsource its EV production in China
Politics: Elections in 2024 could derail the Energy Transition
Oversupply of everything energy related – Prices are going down
Stronger top-down governance of Transmission and Interconnection
The return of Clean Energy shares
China will gain massive international market in Wind and EVs
We thank our partner AXPO for supporting the show.
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112a. Redefining Energy Awards for 2023 (incl. Book of the Year)
26 december 2023 · 13 min
Final Episode of 2023 (and last one for the MINUTES on their own channel). All episodes will be on this channel going forward. Lees meer
Here are the Redefining Energy Awards for 2023:
Company of the Year - BYD
Start Up of the Year - PV Case
Deal of the Year – Tesla and NACS
Trade of the Year – Short Gas TTF
Scandal of the Year – Venture Global and the 200 LNG cargoes heist
Person of the Year – Jigar Shah
Stupidest Quote of the Year - Kim Kardashian
LINK TO THAT COMMERCIAL https://youtu.be/9EASYmElZuU?si=ygpWeT5FeUsQ0e26
Book of the Year: How Big things get done – Bent Flyvbjerg & Dan Gardner
Happy New Year to all our Listeners.
Thank you for your unwavering confidence!
And we will see you again on the 2nd of January 2024 for our famous Predictions 2024! -
112. Weaponizing of energy: the end of innocence - Dec23
15 december 2023 · 34 min
Last episode of the Year. And what a year. We passed 1m downloads since inception. In 2023, we will have 470k downloads up 34% compared to 2022. Lees meer
Gerard and Laurent saw the Weaponisation of Energy coming: two years ago in Oct 2021, we did Episode 60 called “the Natgaspocalypse”. That was 5 months before the invasion of Ukraine.
Two years into weaponizing energy, it is time to look back and assess. What were the immediate impacts of that crisis. How to evaluate the short-term responses (market, supply chain, government, behaviour, fuel choice). Did the Energy system show resilience, or have we just been lucky?
To make sense of all of this, we brought Andy Sommer on the show. Andy is head of Fundamental Analysis, Modelling & Meteorology at Axpo, a major Renewable Energy Producer and Trader. Andy is responsible for Axpo’s short and mid-term analysis of all global energy markets, from oil to gas and coal, all the way to European power and emission markets.
With Andy, we debate how did that shock impact the eternal debate Climate vs Security of Supply vs Affordability. And beyond the short-term consequences, what are the long-term impacts and the change of mindset that will give more emphasis on Energy Security.
Gerard (the Dove) and Laurent (the Hawk) come with different conclusions, but nevertheless agree on the path forward where Energy Security aligns with the Energy Transition.
We thank Aquila Capital for supporting our show. They have been great partners since inception.
Announcement:
Big changes coming in 2024. We go weekly.
In fact, we are merging the main show, this show, with our second show called Minutes. We created the sister-show Minutes two years ago as a separate experiment, and we have been pleased by its progression, so it is time to go mainstream.
So, in 2024, we will have our main show, not the first and 15 of each month, but the first and third Monday of each month. And then we will have a new revamped minutes (less than 10mns) where we will fre… -
111a. Special Episode - Live from COP28 in Dubai. With Bruce Douglas, CEO Global Renewable Alliance, on 3xRenewables
10 december 2023 · 11 min
This Sunday, a Special Episode. We are going live to COP28 in Dubai. Lees meer
Our special guest is Bruce Douglas, CEO Global Renewable Alliance, who is spearheading the effort around the key message “Double down, Triple Up” or how we will decarbonise by tripling renewables by the end of the decade.
Bruce tells us how it is on the ground, how he is having the busiest week of his life, and how the positive message is now being relayed by hundreds of Heads of State and key business decision makers.
"COP28 text finally agreed - this is HUGE! Massive gratitude to everyone who made this possible 🙏 - proudest moment of my career so far... 😍
“The inclusion of tripling renewables in the final COP28 text is unprecedented and signals the start of a massive clean energy revolution. It is the first time all nations have recognised renewable energy as the main solution to the climate crisis, representing a paradigm shift in the energy transition." -
111. The Grand Master of Energy Storage - Dec23
1 december 2023 · 30 min
In the past 5 years, we have seen an incredible rise of Energy Storage (ESS) on numerous Grids. Those markets, whether in Europe (10GW) or in the USA (16GW), have been created by the magic formula where entrepreneurship blended with new technology. Lees meer
For Laurent and Gerard, there is not better guest to discuss the phenomenal growth of the ESS than Dr Alex O’Cinneide. Alex is the Founder and CEO of Gore Street Capital, a London based fund which now manages a portfolio of 1.2GW of batteries in GB, Ireland, Germany, Texas and California. Seven years ago, he was working out of a telephone booth with his laptop on his knees.
Alex explains the value of a geographical portfolio approach, how tech is evolving, how supply chains are reacting, what is similar and what is different in all those markets. An energy transition story which is also a personal journey of a very talented entrepreneur whose success has been recognised by the Industry as Alex has been recently received the prestigious “Man of the Year” award by Solar Media.Alex describes the investment in batteries (compared to wind or solar) as the most challenging, but also the most important and rewarding.
And as we say on the show, it is all about harnessing “space and time” or in a more market angle “Long Flex – Short Vol”
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This podcast is powered by Axpo an international leader in providing sustainable energy solutions for the future.------
This podcast is done in partnership with the Energy Storage Summit 2024The Energy Storage Summit (20-21 February, London) is the biggest, busiest, and most innovative networking event for energy storage, uniting stakeholders to exchange knowledge, learn and establish crucial industry connections. Taking place at the Novotel London West in Hammersmith, the Summit has become Europe’s annual must-attend energy storage event for the entire value chain.
You don’t want to miss this one – book your ticket using code RE15 for a 15% discount. Following two sold out editio…
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110. French Nuclear “Oh la la” - Nov23
15 november 2023 · 31 min
Why should the 97% of non-French listeners of the podcast be interested in the fate of the French nuclear fleet?
With 60GW and 56 reactors, the French nuclear fleet is critical to the very existence of a European Power market as it represents 10%-15% of the electricity consumed on the continent and much larger share if you only account for zero carbon sources.
And its “health” is a key component of Europe’s Security of Supply and Energy price levels. Furthermore, beyond Europe, a well-functioning French nuclear fleet reduces the need for LNG imports.
20 years ago, EDF was the most powerful utility in the world, producing 420TWh of carbon free power and about to be privatised to reach a 200bnEUR valuation. 20 years later, plagued by debt, major outages, financial losses, and poorly timed government interventions, EDF had to re-nationalised.
Rather than relitigate the past or engage into sterile discussions about whether nuclear is THE solution, A solution or NOT A solution, we have to live with simple facts: a) for the past 30 years, French nuke has been the backbone of the whole European Energy system b) it almost imploded in 2022 (half of the fleet down at some point) as the worst possible moment: when Russia invaded Ukraine.
Going forward, can Europe still rely on the French nuke fleet for Security of Supply? Can nuclear continue to provide cheap power or will it become uncompetitive? How does nuclear cope with an increasingly volatile power markets where the key word is now “Flexibility”?
We bring in a Breton sailor, Emeric de Vigan. Emeric is a former trader at EDF Energy where he oversaw the short-term power trading of the entire nuclear fleet. He is now head of Kpler Energy, a leading subscription-based data and analytics platform delivering real-time market intelligence for diverse commodities and their transportation.
In summary, Emeric really knows what he is talking about.
With Gerard and Laurent, Emeric delivers a dispassionate, clinical, and sometimes t… Lees meer -
109. Top Trends in Climate Tech - Nov23
1 november 2023 · 27 min
We hear a lot about Climate Tech, and the VC investments about to revolutionize and accelerate the Energy Transition. Gerard and Laurent wanted to know more. And there is no better place than Silicon Valley to hear it directly from the source. Lees meer
What are the trends? Where to invest? What strategy?
There is no better guest than Dr. Carolin Funk, Partner at Blue Bear Capital, to provide an exceptional vision of the current Climate Tech environment.
Blue Bear is a Silicon Valley- based venture capital and early growth equity firm driving the expansion of digital technologies into multibillion-dollar verticals across the energy, infrastructure, and climate industries. Blue Bear's portfolio covers operational AI, IoT, and cybersecurity technologies, all deployed with enterprise customers to drive connectivity and efficiency across the world's most critical industries.
We deep dive into Blue Bear’s investments thesis, how they analyse hundreds of opportunities per year to select only 4-6 investments. What quality are they looking for in terms of TAM, teams and what exits are possible. Blue Bear is not your regular VC fund which strategy is sometimes described as “spraying and praying”. Their investments are highly concentrated and the added value to management is second to none. Blue Bear is royalty when it comes to Climate Tech. Having Blue Bear at your cap table gives you an additional aura when you’re an entrepreneur.
We thank our most faithfull partner Aquila Capital, one of the most successful infrastructure fund in Europe-----
Finally, we have put an intro music (The Persuaders - 1971)
Tell us if you like it or not. We love all our listeners. -
108. Wind: the necessary Reset - Oct23
16 oktober 2023 · 31 min
Honestly, we have struggled to find a suitable title for this Episode. We thought of and then abandoned catchier titles such as “Withering Wind”, “Have we reached peak wind?” and even “Wind – WTF”. Finally, we settled for a more optimistic headline. Lees meer
Still, after a great decade, the Wind industry is facing serious head winds. After 2020 and 2021: record years – almost 100GW (incl 10% - 20% offshore), 2022 saw the market shrink down to 77GW. Dominated by China, US, EU, Brazil. Wind is now four times smaller than solar.
Struggling OEMs, social licenses, slow grid connections, supply chain inflation, botched auctions, write downs, rising interest rates, local content requirements… the list goes on and on.
Wind trends seem to have massively decoupled from the thriving duo Solar + Battery. How deep is the Wind Energy crisis? 1TW has been reached and there are massive plans that don’t seem to correspond to the current health of the supply chain. Have we reached peak wind?
We bring on our friend Rosie Barnes, one of the top wind observers in the world, and we try to categorize each issue, analising which are cyclical and which are structural. Can we endlessly grow the size of the Turbines? Not only from a technical point of view, but also from a logistical aspect and a financial perspective. Is there a real Chinese challenge?
We tackle all those points in a heated conversation where opinions are hard to reconcile. We agree only on a few things: the race towards bigger sizes must stop. OEMs must regroup and accept to pause any innovation, deliver longer series, and reconstitute their profitability. The wind industry needs to have a hard look at itself so as to re-emerge stronger in the coming years, as it will transform itself from a growth industry to a value industry
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An episode done in partnership with Wind Europe.
WindEurope is an association promoting the use of wind power in Europe. Based in Brussels it has over 600 members, which are active in over 50 countr… -
107. Electrifying islands with Cleantech innovations (Jamaica) - Oct23
2 oktober 2023 · 30 min
The smaller the grid, the higher the price. Islands have been plagued forever by a higher price of power. This is an inherent consequence of their small scale. Add on the top some natural catastrophes, and you end up with a poor and costly service for consumers.
The good news is that there is a new generation of Utility managers which has started to tackle the problem. Of course, results are unperfect, as for one Hawaii there is one Puerto Rico. It is not just about money; it is about changing the culture and the rapid adoption of new technologies.
To illustrate what can be done at reasonable budgets, we have invited Steve Berberich, CEO of Jamaica Public Service Company Limited (JPS). After running the California ISO for a decade, he has opted for a new challenge rather than enjoy a well-deserved retirement. Jamaica’s energy system is highly dependent on high cost imported fossil fuels; petroleum imports account for over 80 percent of electricity production. Furthermore, electricity theft is a massive problem. Finally, Jamaica is always at the mercy of a devastating hurricanes.
Jamaica Public Service Company Limited (JPS) is a privately held integrated electric utility company and the sole distributor of electricity in Jamaica. The Company is engaged in the generation, transmission, and distribution of electricity, and also purchases power from a number of Independent Power Producers (IPPs). The change of attitude is to present this stable island of 3m as a perfect testing ground for all possible technological innovations. JPS invites all innovations to be rolled out in Jamaica, which then can leapfrog some legacy part of the industry.
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This Episode partners with Bruce Douglas’ Global Renewables Alliance Let’s triple renewables in the next ten years.
https://globalrenewablesalliance.org/
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The Episode is sponsored by PV CASE. PV CASE is the ultimate design software for solar PV developers from the earliest stages of planning all the way to the procuremen… Lees meer -
106. Chasing Methane leaks - Sept23
15 september 2023 · 31 min
At Cop26 was launched the Global Methane Pledge to catalyse action to reduce methane. The problem is that no one really knew how much methane leaked nor who emitted what. Even the emitters didn’t have a clear view of the problem. Lees meer
First came satellites, that provided a regional assessment of the problem. But they only solved a fraction of the equation. In order to get more granular and be able to precisely identify methane leaks and attribute them, new technologies had to be applied. Sensors are now carried by planes, drones or are stationary. And their constant monitoring finally allows the methane to be tracked at a micro level. The combination of those different technologies has revolutionised the tracking of methane leaks and help fix them.
We have the pleasure of welcoming an old friend of the show, Gregg Rotenberg, a 20-year clean tech veteran and CEO Kairos Aerospace. Kairos is the global leader in mitigating methane emissions. Kairos and alongside others like MIQ, is firmly leading the methane chase.
And it’s just the beginning, because, if the US is starting to fix the problem, other countries like Venezuela, Mexico, Turkmenistan, Iraq or Libya couldn’t care less and are totally irresponsible when it comes to methane. Certainly, a good subject of discussion for COP28.
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Useful links;
https://kairosaerospace.com/
https://www.basinwide.org/----
The Episode is delivered in partnership with the Energy Institute. www.energyinst.org
A supporter of the Methane Guiding Principles and Aiming for Zero initiatives, the Energy Institute and its industry partners are working to make energy lower carbon, safer and more efficient.------
The Episode is sponsored by PV CASE. PV CASE is the ultimate design software for solar PV developers from the earliest stages of planning all the way to the procurement phase.
https://pvcase.com/RedefiningEnergy -
105. Geothermal: Earth, Wind and Fire - Sept23
1 september 2023 · 30 min
Geothermal has been around for decades and always considered part of the Energy Transition. Unfortunately, its development has been limited to very specific geographical location (US West Coast, Iceland, Japan, Philippines, Indonesia), basically the Ring of Fire. Those historical techniques, called “hydrothermal” have proven quite niche and, in the US, only represented 4GW of capacity or less than 0.32% of the global fleet.
We believe the whole sector is on the cusp of an exponential growth, as new drilling techniques are now arriving at maturity. “Advanced geothermal”, based on the Oil & Gas expertise in fracking and horizontal drilling can be installed pretty much everywhere. It aims to provide much-needed 24/7 clean electricity and heat at competitive costs and small footprint. The recent successes of a start up called Fervo Energy have been very publicized.
There are also space-age new technologies like plasma and loop. Such a great universe of possibility. Lees meerOur guest, Cindy Taff is a seasoned geothermal developer who leads a startup called Sage Geosystems. Sage is a Houston-based technology company focused on energy storage and geothermal solutions for a sustainable energy future. Their long-duration energy storage solutions are ready to scale now at a cost that beats pumped hydropower storage and lithium-ion batteries. Prior Sage, Cindy had a 35-year career in the O&G industry, most recently as VP of Shell's global Unconventional Wells operations where she led a team of over 350 Shell staff and 1,200 contractors across five countries.
Alongside Wind and Solar, Geothermal was the missing piece to recreate Earth, Wind and Fire, the holy trinity of renewables. But it’s all going to change from now on.
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