Intro

We are back for Part 2 of Shayle’s double header conversation with the veteran energy analyst Nat Bullard, dissecting his annual presentation on the state of decarbonization.

If you missed it, we recommend you go back and listen to Part 1, which was released last week.

In this episode, Shayle and Nat shift their focus from data centers to exploring other intriguing trends found in the data that Nat assembled—from the surprising resilience of clean energy stocks to the rising costs of solar installations in the US.

Shayle and Nat dig into more topics including:

• Why the S&P Global Clean Energy Transition Index outperformed the S&P 500 and Nasdaq last year

• The steep drop in U.S. energy startup investment—from $8 billion in 2022 to just over $2 billion in 2025—and why Shayle thinks 2026 will see a massive rebound

• The impacts of an enormous oversupply of oil

• China’s skyrocketing share of global vehicle production

• The remarkable pace of residential battery storage adoption in Australia

  
  

  Resources

• Nat Bullard’s full 2026 presentation

• Catalyst: 2026 trends: Gas turbines, Texas’ load queue, and China electrifies

• Catalyst: 2025 trends: aerosols, oil demand, and carbon removal

• Catalyst: More 2025 trends: DeepSeek, plug-in hybrids, and curtailment

• Latitude: The year resiliency investment began to go mainstream 
  Credits: Hosted by Shayle Kann. Produced and edited by Max Savage Levenson. Original music and engineering by Sean Marquand. Stephen Lacey is our executive editor.

Catalyst is brought to you by Uplight. Uplight activates energy customers and their connected devices to generate, shift, and save energy—improving grid resilience and energy affordability while accelerating decarbonization. Learn how Uplight is helping utilities unlock flexible load at scale at uplight.com. 

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