The Infrastructure Podcast

In today's podcast we dive into the rapidly evolving world of infrastructure investment — a space that has moved from the periphery of specialist portfolios to the centre of global capital markets.Once the preserve of a relatively narrow group of pension funds and specialist investors, infrastructure has now become a truly universal asset class, attracting sovereign wealth funds, institutional investors, private equity houses and retail capital. And it’s an asset class that promises stable, long-term returns while underpinning the physical and digital systems that our economies depend upon.Joining me to today to help understand why we are seeing these huge and profound changes – and why they matter - is Charlotte Madden, Partner and Co-Head of the Infrastructure Sector at global law firm Clifford Chance. Charlotte specialises in advising private equity and infrastructure funds on complex domestic and cross-border M&A, often involving highly regulated transactions. She has helped deliver the deals that make critical infrastructure happen, from the earliest structuring stages through to completion.And in the UK, the stakes could not be higher. The government has set out an ambitious £725 billion infrastructure pipeline, with more than half of that expected to come from the private sector. From energy security and clean transport to housing and digital connectivity, these projects are central to national growth plans — yet the tension between private investment and public service delivery remains a live and often polarising debate.It's a complex subject so let’s dig in …ResourcesClifford Chance infrastructure 10 year infrastructure strategyUK infrastructure PipelineNISTA websiteUK National Wealth Fund

In today's episode we’re diving into cement – a material that underpins every road, every railway, every school, hospital, bridge, and home we build.Because without it, the UK’s infrastructure ambitions would, quite literally, crumble!My guest today is Dr Diana Casey, executive director for cement, energy and climate at the Mineral Products Association (MPA). As she knows only too well, cement may not grab headlines in the way that high-speed rail or offshore wind does, but it is the backbone of our built environment.And right now, the UK faces a major challenge.As the Labour government pushes ahead with its ambitious target to deliver 1.5 million homes over the next five years, alongside a significant infrastructure pipeline, the question is simple — do we have the cement we need? And if not, where will it come from?The Mineral Products Association, representing the UK’s cement producers, warns that domestic manufacturing has become increasingly uncompetitive in the face of high costs, leading to imports tripling over the past two decades. Relying on overseas supply exposes us to volatile global markets, supply chain disruption, and the risk of project delays.It also means losing out on skilled, well-paid jobs in the regions where cement is made.So, what needs to change to secure the UK’s cement future? And to secure it with the all important lower carbon footprint demanded by our net zero targets.From a watertight Carbon Border Adjustment Mechanism to fairer public procurement, and from support for carbon capture technology to a clearer industrial strategy, the debate is as much about national security and economic resilience as it is about decarbonisation.So let’s find out out more.ResourcesMineral Products Association websiteMPA cement factsDecarbonising UK Concrete and CementCarbon Border Adjustment Mechanism (CBAM)MPA This is concrete campaign

In today's bumper post summer special episode we return to the HS2 project - infrastructure’s poster child for delay and cost overrun – as we discuss the content of a brand new book examining how this project went, as the title suggests, so badly Off the Rails.Few infrastructure projects in British history have generated as much debate and scrutiny as HS2; becoming a lightning rod for wider conversations about the UK’s ability to deliver major infrastructure on time, on budget, and with public trust.And as we heard in episode 122 with James Stewart, for many, the project was flawed from day 1, with questions hanging heavy over its value for money, environmental impact, and the opportunity costs of such vast investment.Yet supporters hail it as a vital means to rebalance the UK’s economy, boosting connectivity and capacity and securing the nation’s greener transport future. My guest today is journalist and author Sally Gimson who has spent the last few years getting stuck into the history, politics and personalities of the project. She has delivered it all up as “Off the rails” a compelling and informing read that gets under the skin of the project and attempt to make sense of the madness that has surrounded the project.From spiralling costs and shifting political priorities to the complex realities of engineering one of the most ambitious transport schemes in Europe, Sally has explored why HS2 has faced challenges at every stage. To be fair, few observers have had the time—or the courage—to dig into the full story, unpicking the web of decisions, ambitions, and compromises that have shaped HS2’s journey. Sally has done just that, revealing what the project says about the UK’s infrastructure machine. It’s a story that blends ambition and caution, engineering brilliance and political miscalculation, and one that goes far beyond a single railway line. In short, it's a fascinating and compelling read.ResourcesOff the Rails by Sally GimsonThe Stewart Review: The HS2 ExperienceMark Wild's CEO first 100 days review of HS2HS2 website

In today's episode we revisit the subject of project commissioning - a vital, often underestimated stage of infrastructure delivery. What is commissioning – well in a nutshell it’s the complex process of preparing an asset to operate exactly as intended from day one. So to be clear, it's not testing!And to discuss this we are back with Paul Turner, chief executive of the newly renamed Institute of Commissioning & Assurance. This time last year Paul had just launched what was then the Industrial Commissioning Association – ICxA - a Canada-based organisation with a global mission to raise commissioning standards across infrastructure, industrial, and process sectors. Since then, it’s expanded rapidly – growing to over 4,300 members, forming 27 local chapters, establishing a Board of Directors, and convening an Advisory Council to guide strategy and outreach. And changed its name – more on that later I’m sureIn its second year, ICxA has moved from advocacy into delivery. It has launched two new global standards – one defining best practice in commissioning, the other focusing on outcome assurance, helping to reduce the all-too-common risks of delayed openings, unexpected failures, and spiralling costs.On top of that, ICxA has created a commissioning certification framework and a career development pathway to support both current professionals and the next generation of project leaders So let’s hear more about how the association has matured, and about how these new standards and certifications can transform project outcomes.ResourcesICxA website: www.icxa.netICxA Podcast ICxA Free MembershipICxA CertificationInfrastructure Podcast episode 82 - Commissioning for Success

In this episode we’re focusing on the management of nuclear waste; one of the most complex, long-term, and often misunderstood aspects of the UK’s energy future.Because while nuclear power is increasingly seen as a vital part of the transition to a low-carbon energy system, - and the UK government has just committed tens of billions of public pounds to accelerating its development - the question of what we do with the waste it produces remains both a technical and social challenge.At the heart of the UK’s approach is Nuclear Waste Services, part of the Nuclear Decommissioning Authority. The organisation is charged with safely managing the UK’s radioactive waste — waste that includes the low level materials generated today by nuclear power stations through to the legacy waste from decades of energy production, reprocessing, and defence activity. It’s a huge task, requiring not just robust infrastructure and rigorous safety standards, but also long-term thinking, innovation, and trust.Joining me to help make sense of this challenge is Mike Pigott, Director of Waste Operations and Sites at Nuclear Waste Services. Mike brings deep experience across the full lifecycle of the nuclear industry — from working on operational power stations and nuclear new builds to reprocessing and, now, long-term waste disposal. He’s also worked as a regulator, advisor, and duty holder in the UK and overseas. He currently oversees the UK’s Low Level Waste Repository, where over 750,000 cubic metres of radioactive waste has already been disposed of.All of which make him well placed to explain the UK’s current and future approach to nuclear waste management!ResourcesNuclear Waste Services websiteLow Level Waste DepositoryNuclear Decommissioning AuthorityGovernment announcement to invest in new nuclearGeological Disposal Facility

In today’s episode we’re diving into one of the most pressing – and controversial – sectors in UK infrastructure: water.Following years of public outrage over pollution, poor service and rising bills, the water industry in England and Wales now faces a once-in-a-generation reckoning. That reckoning arrived this month with the publication of the final report from the Independent Water Commission, chaired by Sir Jon Cunliffe. Backed by over 50,000 responses and extensive consultation, the report sets out 88 recommendations to overhaul the way water is regulated, governed and delivered.It proposes sweeping reforms: replacing Ofwat with a new integrated water regulator, creating regional water planning authorities, mandating compulsory water metering, and embedding a new “public benefit” duty into water company licences. It also calls for a National Water Strategy and much tighter regulation of company ownership, governance and long-term resilience. In short, no one comes out of this review smelling of roses – not the government; not the regulators; not the water companies. As Sir Jon puts it “This sector requires fundamental reform on all sides”.Meanwhile, Ofwat’s PR24 price review landed with a heavy thud at the back end of last year, demanding a 21% uplift in investment over AMP8, challenging companies with tough efficiency expectations and a step change in renewing creaking assets. The sector faces the daunting task of transforming itself while remaining affordable, investable – and trusted.  To unpack the Commission’s findings and explore the future direction of the sector, I’m joined today by Blair Mitchell, Managing Director for Water at WSP. Blair has spent three decades working across all sides of the water sector – as a client, as a supplier and advising on everything from resilience and regulation to long-term asset strategy. So I’m hoping he will be able to put some context to what is clearly a landmark moment for everyone involved in the water sector.  Let’s find out ….ResourcesThe Cunliffe ReviewThe Cunliffe interim reviewOfwat PR24 Price DeterminationScottish Water strategic planWSP website - water

In today's podcast we delve into the fast-evolving world of infrastructure investment - an area that has never been more critical to delivering the economic growth, national resilience and transition to a net zero future demanded by the UK government.As we saw in the latest 10 year Infrastructure Strategy and in the Industrial Strategy that sits behind it, public infrastructure underpins the ambitious long-term plans that are set to boost connectivity, create jobs and raise living standards, From digital networks and clean energy to sustainable transport and social infrastructure, the demands on our infrastructure systems are growing - and so too is the pressure to deliver them faster, smarter and more sustainably.So private sector investment is becoming increasingly key to supporting the delivery of this public ambition.But how? Well in this episode, I am joined by Mark Gilligan, who leads the rapidly growing €3bn infrastructure equity platform at AXA IM Alts - one of Europe’s most active institutional investors in infrastructure.With a pan-European investment strategy focused on decarbonisation, electrification and digitalisation, Mark and his team have built a diversified portfolio across subsectors like energy storage, fibre networks, offshore and onshore wind, district heating, and even Europe’s only green locomotive fleet. In fact, last month, AXA IM Alts announced major investments in a large-scale battery project in Scotland and a pan-European solar energy platform - reinforcing its leadership in the energy transition space.So how is the investment future looking – not least in the context of the UK’s new £725bn 10-year infrastructure plan. Well let’s find out.Resources10-year infrastructure strategyAXA IM AltsCoalburn battery storage projectILOS solar power project National Infrastructure and Service Transformation Authority (NISTA)Planning and Infrastructure Bill

In today’s episode we are focusing on the government’s latest - and long awaited - 10 year infrastructure strategy.Because after decades of underinvestment, fragmented planning, and inconsistent delivery, the government has finally published what is perhaps the most comprehensive and ambitious infrastructure strategy in a generation. Backed by at least £725 billion of public funding over the next decade, the new 10-Year Strategy for Infrastructure aims to chart a long-term path for economic renewal, regional growth, and national resilience.So it’s quite a moment!And to discuss this milestone document I am joined by James Corrigan, managing director for infrastructure at consultant Turner and Townsend,At T and T, James ‘s day job is working with clients to turn this kind of aspiration into reality, making him well placed to guide us through this new strategy and explore the challenges and opportunities it presents.There’s a lot in it!  How to reshape the way the UK plans and delivers infrastructure; how we address critical issues like climate change, digital connectivity, housing, and economic growth, and what it all means for investors, local authorities, and communities.Let’s get into itResources10-year infrastructure strategyTurner & Townsend websiteNational Infrastructure and Service Transformation Authority (NISTA)HS2 Stewart ReviewPlanning and Infrastructure Bill

In today' podcast we are focusing on the UK’s new nuclear power ambitions and specifically, exploring the Sizewell C project.As I said a few weeks ago on the podcast, it’s perhaps one of the most significant moments for the UK’s nuclear industry in over a generation.Last month, the government announced a multi-billion investment to drive forward this ambition with £14.2 billion committed to accelerate construction of the Sizewell C project. Alongside this comes backing for Small Modular Reactors and investment in fusion research - all part of a landmark commitment to clean energy, jobs, and long-term energy security. So the message is clear: this is the start of what the government calls a "golden age of nuclear." Discuss.Well Sizewell C certainly sits at the heart of this new ambition - a twin-reactor power station on the Suffolk coast - a carbon copy of the Hinkley Point C reactor now under construction in Somerset – sitting alongside the Sizewell B station which was, of course,  intended as the start of the last nuclear golden age 30 years ago.When operational in the mid 2030s, Sizewell C will power six million homes with low-carbon energy for the next 60 plus years as the UK’s first fully British-owned nuclear project in decades – and apparently a keystone in delivering both net zero energy and national resilience. But ambition is just the beginning of course. Turning that vision into reality will mean overcoming a long list of challenges — from regulatory hurdles and construction risk, to workforce capacity and public trust.Joining me today to unpack all of this is Julia Pyke, Managing Director of the Sizewell C project. Lot’s to talk about when it comes to identifying what the government’s investment really means in practice and how Sizewell C fits into the wider nuclear revival.And of course, what it will take to deliver this project on time, on budget. So let’s crack on…ResourcesSizewell C project websiteGovernment press release on Sizewell CHinkley Point C websiteGreat British Energy - NuclearNuclear Industry Association release on nuclear investment The Stewart Review: The HS2 Experience

Today’s podcast takes a deep dive into High Speed 2 via the recently published Stewart Review, a detailed piece of work which attempts to help government to learn lessons and take stock from this much discussed project.And I’m pleased to say that to help me with this task today I am joined by the report’s author, James Stewart, long-standing infrastructure finance and delivery expert who I know will guide us first hand through his report. A bit of background. As we know, the HS2 project was conceived as a once-in-a-generation investment in the UK’s rail infrastructure — a high-speed line that would transform north-south connectivity, unlock capacity across the network, and drive long-term economic growth. But more than a decade on, the vision has been dramatically curtailed, costs have escalated, and delivery timelines continue to slip. Following James’ report, government has now confirmed that completion will stretch beyond 2033, and that costs will be significantly higher than anticipated. All of which means hard questions must be asked — not just about what went wrong, but how we do things differently next time.James’ Stewart Review offers a forensic assessment of HS2’s delivery challenges, with a particular focus on governance, assurance, capability, and the wider system in which such projects are planned and delivered. The comprehensive report highlights what really went wrong, what needs to change, and, crucially, how the UK can rebuild trust in its ability to deliver major projects.Lots to discuss so let’s get stuck in...ResourcesThe Stewart Review: The HS2 ExperienceMark Wild's CEO first 100 days review of HS2HS2 websiteAgile Infrastructure PartnersThe 10 year Infrastructure StrategyThe Industrial Strategy