Redefining Energy

The podcast discusses the backlash facing the ESG movement, with concerns over greenwashing and political pressures. It explores the challenges of different ESG standards and regulations, as well as the outperformance of ESG funds. The conversation also covers the differences between European and American investors in ESG demands, and the future of investing in ESG with a focus on active vs. passive management.

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:Record global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levelsSolar and wind push global renewable electricity generation to another record levelOngoing Ukraine conflict cements gas rebalancing in Europe  Dependence on fossil fuels in major advanced economies is likely to have peakedGrowth 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

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.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_appWe thank Amundi for supporting our show. EU Largest Asset Manager and leader in Green investing.

Laurent interviews Georgios Stassis, PPC’S CEO, during Eurelectric Power Summit 24.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?

David Fishman, an expert in China's Energy Transition, discusses the rise of renewables and coal use in China, the impact of command-and-control measures vs market forces, and the country's progress in wind, solar, batteries, and EVs. The podcast aims to debunk cliches about China's energy transition and highlights the drivers behind it, such as human capital and energy security. Fishman suggests China may have already reached peak emissions, signaling a positive shift away from coal and fuels.

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/

Experts discuss the increasing electricity demand from data centers and AI. Google's Senior Director of Energy talks about their efforts to use green power. The conversation covers energy efficiency improvements, fostering green energy purchases, and the impact of AI on future energy demand.

Dave Jones from Ember discusses the Global Electricity Review 2024, highlighting the rise of renewables to 30% of global electricity supply. Solar generation grew by 23%, wind by 10%, while fossil fuels saw a minimal increase. The shift towards clean energy sources and the impact of electrification and data on global electricity demand are key topics of discussion.

The podcast delves into the challenges faced by distribution grids due to the rise of electric cars and heat pumps. It emphasizes the importance of digital technologies, storage, and grid control to ensure grid stability. The conversation also explores the shift towards new business models and technology adoption in utility companies, as well as the integration of digital technologies like edge computing and smart meters in grid systems.

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.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.--------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.