Today we were thrilled to welcome back Gabe Collins, Fellow in Energy & Environmental Regulatory Affairs, along with his colleague Steven Miles, Fellow in Global Natural Gas, with Rice University’s Baker Institute for Public Policy. Gabe last joined us on COBT in May of 2022 (episode linked here) and has a fascinating background in the economics, policies, and geopolitics of Russia and China, as well as national security-related research and analysis. In addition to his position at the Baker Institute, Steven is a Senior Counsel at Baker Botts and previously was a twenty-year Partner with the firm, serving as the Energy Sector Chair focused on LNG, natural gas, electric power, and renewable energy industries. It was our pleasure to visit with Gabe and Steven for a global energy conversation focused on LNG and Europe. The focus was on one key question: “why isn’t Europe locking in more long-term gas supply?”   The catalyst to our discussion stems from a report co-authored by Gabe and Steven that will be published in the near future. Titled “Eastern Promises or Energy Fantasies: Why Is Europe Not Replacing Russian Pipeline Gas With Long-Term LNG Contracts?”, the report leverages analysis from 600+ LNG contracts over 25 years leading up to the Ukraine invasion. In our discussion with Gabe and Steven, we cover key themes including the inspiration behind writing the paper, the potential role and intentions of China, Europe’s response to its gas shortage and its reliance on spot LNG, potential geopolitical risks, and the potential explanations for Europe’s reluctance to sign long-term gas contracts. We also discuss the concept of funding post-war Ukraine through gas surcharges, Mexico’s growing LNG capacity, how Europe’s decision not to contract LNG longer-term could be hurting the developing world and the climate, and the discrepancy between European policymakers’ optimistic view of hydrogen and renewable energy with the unease among industrial players who see the ongoing demand for gas and the challenges in transitioning away from it. Gabe and Steven also recently wrote an article in Foreign Policy that touches on many of these aspects, linked here.   Mike Bradley kicked us off by highlighting upcoming events and topics of interest. Economically, all attention is on Federal Reserve Chairman Powell’s Jackson Hole speech this Friday for color/clarity on how much higher/how much longer interest rates could stay elevated. In commodities, crude oil remains steady around $80/bbl., with traders seemingly divided on which dynamic will win this year, that being supply (OPEC cuts) or demand (China weakness). He also noted that LNG markets will be closely following this week’s current Australian LNG labor negotiations to handicap the potential for an LNG strike in the coming weeks, which could impact up to 10% of global LNG. From a broader equity market standpoint, equity traders will be intensely focused on NVIDIAs earnings and rounded out the conversation by flagging recent midstream deals with one of the key themes being “controlling the molecules” from wellhead to end user/markets. He also highlighted a Permian E&P merger this week between two mid-cap E&Ps, which is leading investors to contemplate whether an acceleration of public-to-public deals could be forthcoming, and whether they’ll be done at premiums. Arjun Murti highlighted the spillover effects of how policies from the EU will have ramifications for the rest of the world, comparing key themes from Gabe and Steven’s report to recent Super-Spiked themes. Todd Scruggs chimed in to share LNG trends including the short-term extremely tight supply-demand balance in Europe and longer-term potential for the US to become

Today we had the very exciting and highly interesting opportunity to visit with Dr. Hongcen Wei, Commodities Strategist in Global Investment Research at Goldman Sachs. Hongcen joined Goldman two plus years ago from the University of Chicago where he taught math for many years and completed his PhD in Economics. Hongcen and his team have led the effort in re-launching Goldman’s global macro coal research coverage. We have long been interested in hosting a show focused on coal and were thrilled to connect with Hongcen to discuss his team’s research, global coal markets, coal consumption and related trends all around the world, and coal’s huge impact on the energy transition. In our conversation, Hongcen first shares details about his background and personal interest in coal and commodities in particular as the “in-between” of economics and finance. Hongcen then provides context for Goldman’s decision to re-launch coverage including coal’s role in the energy transition discussion, global coal demand and the obvious implications for natural gas use, and the revival of the coal market in the midst of an energy crisis. We discussed the global coal export/import market (about 1 billion of the 8 billion tons consumed annually) and its unique dynamics and major players, coal grade variations and the implications for emissions and power plant efficiency, and coal price volatility (especially in recent years). Hongcen walked us through a mini presentation outlining Goldman’s three main coverage themes: “reroute, rebalance, and revival” (slides linked here). We also discuss the data challenges of forecasting coal prices, the potential risks including shifts in domestic prices, changes in export dynamics and long-term climate policy concerns, the trajectory of coal demand with China’s significant influence over the next decade, and more. Hongcen was more than patient with our plethora of questions and we greatly enjoyed the discussion. We have been remiss in not talking more about coal on COBT so we were elated to have this important discussion. Mike Bradley kicked us off by highlighting that this was a light economic calendar week with traders mostly focused on July retail sales, which printed a little hotter than expected and are keeping bonds yields elevated, pressuring the Federal Reserve to keep interest rates higher for longer. Shifting to commodities, he flagged that crude oil prices have been under pressure this week due to weaker than expected economic stats out of China which looks to be temporarily reversing 2H’23 global oil “supply” deficit concerns back to near-term “demand” concerns. He also discussed the spike in European natural prices (+30%) over concerns of a possible Australian LNG worker strike in coming weeks which could affect 10% of global LNG exports. From an equity market standpoint, he highlighted that most of the S&P 500 companies have already reported Q2 results, and that this week would be dominated by large box retailers, which would provide a look at the health of US consumers. He rounded out the conversation by highlighting the huge relative performance disparity between global coal prices and a basket of US coal equities over the last two years. Arjun Murti prepared us for the discussion with Hongcen with a historical view of coal’s supply and demand dynamics, drawing parallels between coal and the oil and gas sectors and highlighting lessons oil and gas companies can learn from coal. Thanks again to Hongcen for joining us today and our best to you all!

Today we were delighted to host Bob Maguire, Managing Director and Co-Head of Carlyle International Energy Partners, along with Parminder Singh, Managing Director of International Energy, with The Carlyle Group at our office in Houston for a broad discussion on international energy investments. Bob is a seasoned international investor and has participated in global energy markets since 1986. Par brings prior experience in industrial sector investments and joined the Carlyle team in 2008. The Carlyle International Energy Group Fund is comprised of two funds which total approximately $5 billion of capital dedicated exclusively to international E&P. As we all ask ourselves where the world’s oil growth is going to come from, we were thrilled to visit with these two experts from the international arena.   Bob and Par first share their insights on Carlyle’s recent Neptune Energy deal (press release linked here) including background on the deal, motivations behind the sale, and the changing landscape of international energy investments. We discuss the potential for strategic buyers to enter the market, the importance of having a solid understanding of the markets and regions in which you invest, the advantages of having international experience and networks, and the value of operational expertise in maximizing investment returns. Bob and Par highlight how Carlyle’s approach to asset selection and team collaboration has shaped their success. We discuss the changing nature of oil and gas markets with a shift towards international opportunities and increased interest from European players, the importance of having a well-rounded and diverse portfolio to mitigate risk, and the influence of inflation in services. We also cover traditional acquisition and exploitation strategies in the energy sector, how private equity approaches can be very appealing, the potential for value creation through reducing carbon intensity, the concept of responsible ownership, European energy policy, the changing landscape of energy financing, international onshore opportunities, and more. We ended with asking Bob for his vision of the future energy landscape in ten years. It was our total pleasure to visit with Bob and Par and we want to thank them for stopping by.   Mike Bradley kicked us off with his insights on current market conditions, highlighting shifts in market sentiment from a demand problem to supply constraints. He mentions the impact of Chinese data on crude oil prices and flags upcoming CPI & PPI data releases. Mike also notes changes in the market’s behavior and highlights trends in crude oil pricing, production, and refining activity. Arjun Murti prepared us for the discussion with Bob and Par by highlighting the historical context of international energy investments and how it has evolved over the years, including a shift from a focus on US shale to increased interest in international opportunities and the challenges and opportunities associated with international investments.   We hope you enjoy the conversation with Bob and Par as much as we did. Our best to you all!

It was our honor today to welcome Harold Hamm, Executive Chairman and Founder of Continental Resources, on the date of the official debut of his new book entitled "Game Changer: Our Fifty-Year Mission to Secure America’s Energy Independence." Harold is an acclaimed and veteran wildcatter, an American Patriot, an advisor to four Presidents on American energy policy, a visionary entrepreneur, and a loyal Oklahoman. He has made sizable contributions to the industry while also leading nonprofit efforts in health, education, and energy industry advocacy. "Game Changer" sheds light on the energy industry’s history, challenges, and potential solutions for securing America’s energy independence and prosperity. We were incredibly thankful to have the good fortune of visiting with Harold on this exciting day – the official release date for "Game Changer." His is a uniquely American story, as it takes us from his time as a five-year-old boy who lived in rural Oklahoma without power to being Executive Chairman of one of America’s leading oil and gas companies. This book is a reminder of what can only happen in America.   As you will hear in today’s episode, we covered a broad range of topics. Harold first shares his inspiration for writing the book and how his childhood sparked his interest in the oil industry. We touch on his experiences in the 1970s and the energy policies and challenges faced by the US in that decade, the importance of adopting effective and balanced energy programs in Washington, and the changing attitudes of environmentalists towards using oil from certain regions along with the need for education to address misunderstandings about energy sources. Harold shares his insights on going public and then back to private with Continental and the benefits of being a private company, including longer-term planning and reduced pressure from quarterly reports. We also cover the significance of natural gas in reducing emissions, the challenge and necessity of lifting the ban on the export of American oil, Continental’s progress in carbon capture technology, building a company culture that is fun and focused, what it means to run on "Hamm-time," and more.   Apart from his contributions to the energy sector, Harold’s philanthropic pursuits are equally significant, and we discuss his efforts to bring down the cost of insulin and prescription drugs. In his support for education, the Harold Hamm Foundation, together with Continental Resources, established the Hamm Institute for American Energy at Oklahoma State University, serving as the nation’s premier institute for security, innovation and growth for all forms of energy. We are struck by Harold’s ability to tackle challenging or impossible missions (what you’ll hear as the "culture of the possible") and turn them into successes. We are immensely grateful for the time he shared with us today.   Mike Bradley kicked us off by highlighting that this week would be a very heavy week of earnings, with roughly 35% of the S&P 500 companies reporting, and to expect some trading volatility. He also flagged that this week was a light week for economic stats and that the bond market has temporarily bought into a US soft landing scenario, which has pushed the 10-year yield above 4 percent. Also, with Harold Hamm being today’s guest and a key proponent of an alternative to the WTI crude oil contract, we highlight the American Gulf Coast crude oil contract that he has advocated, which is trading at ~$82.50/bbl. and ~$1.25/bbl. premium to WTI. Mike rounded out the discussion by noting this also would be a heavy reporting week for the energy sector, particularly US & Canadian E&Ps, Midstream and Refiners. Arjun Murti built on Mike’s comments with two key themes that oil demand has not peaked and is still growing, especially with global demand growth from countries like India and continents like Africa, and that desp

Today we had the pleasure of hosting Nancy Jacobson, Founder & CEO, and Ryan Clancy, Chief Strategist, from No Labels. No Labels is a non-profit organization based in Washington, D.C. dedicated to seeking common sense, bipartisan solutions to America’s most pressing issues and advocating for policies that benefit the American people. Since their establishment in 2010, No Labels’ congressional allies have played a significant role in shaping important legislation including the $900 billion COVID-19 relief bill, the infrastructure investment and jobs act, and the bipartisan safer communities act. Today, No Labels is preparing for the possibility of nominating a third-party candidate to run in the 2024 Presidential Election through a unity ticket.   From our perspective, one of the factors that is always a big variable in energy is the political world’s ability to lead thoughtfully around energy, which is also directly related to the political world’s ability to cooperate, debate, and come to good answers with all objectives and all considerations at the table. We’re interested in how the policy debate changes, which is directly influenced by the country’s leadership. We were thrilled to visit with Nancy and Ryan to hear about their team’s latest efforts.   In our discussion, Nancy provides background on No Labels’ ongoing efforts to secure a ballot line in every state, which would enable them to present a unity ticket option in the 2024 Presidential Election. As you will hear, No Labels recently released the “Common Sense Policy Booklet” (linked here), which presents 30 ideas they believe most Americans agree on. Nancy and Ryan share the extensive surveying and work that went into crafting the booklet as well as the prevalent dissatisfaction among the public with the political system. We discuss the importance of civic education, reactions No Labels has received from other groups in Washington, support and criticism they’ve encountered, the challenges with America’s primary system, and No Labels’ social media strategy. Nancy and Ryan also share No Labels’ measures for success and their overall goal to get both parties to listen to the common sense majority and offer alternative ideas that resonate with a broader base of Americans. We learned a lot about No Labels’ efforts and hope you find the discussion as fascinating as we did.   For further reading, we found this article (linked here) by Joe Lieberman in the Wall Street Journal about No Labels particularly interesting.   Mike Bradley kicked us off by highlighting Wednesday’s FOMC meeting, where the FED is expected to raise interest rates by 25 basis points. He flagged that WTI crude price was closing in on $80/bbl. which is well above the high end of its recent 3-month trading range. He also highlighted that WTI price has blown through its 200-day moving average (the first time in roughly 12 months) and that Brent & WTI crude oil time spreads (prompt & 12-month spreads) have moved into steeper backwardation signaling a tighter "physical" crude oil market. He further highlighted that trader sentiment has quickly shifted from one of serious oil market "demand" concerns to one of supply concerns, which is a much better setup for investors. Mike also mentioned that over the last few weeks, equity market breadth has broadened to S&P sectors that have lagged this year. He rounded out the discussion by noting that this week will be heavy on Q2 energy results across a broad range of energy & mining subsectors including natural gas E&Ps, onshore & offshore oil service, US oil majors, coal & metal miners and leading US solar companies. Jeff Tillery chimed in with his observations and ques

Today we were delighted to host James Calaway in our office in Houston for a broad discussion on mining, solar energy, and the energy transition. James is a solar and lithium industry veteran with a unique background centered on his desire to help the world reduce emissions and as he describes, “save the planet from killing itself.” He is the former chairman of Orocobre, has considerable experience with Chilean solar projects, and is currently the Executive Chairman of Ioneer. Ioneer is advancing the Rhyolite Ridge Lithium-Boron project in Nevada, which is projected to help power upwards of 50 million electric vehicles. We were thrilled to visit with James.   In our conversation, James first walked us through his fascinating background that started with an interest in arms control and traversed co-founding Space Industries, entering the oil business, studying battery technology, investing in Orocobre, a lithium company in Argentina, which became Allkem after its successful growth and merger with Galaxy, retiring from Allkem after its successful growth, and becoming involved with Ioneer. We discuss the difficulty of building on Federal lands and the cost of construction in the US versus China, the future of battery technology, how to approach mining projects from an economic standpoint, and the potential for a future supply-demand issue for lithium around 2028. James shares his experience securing a loan for Ioneer through the US Loan Programs Office and the company’s experience with the community and government surrounding their project in Nevada. We also discus responsible mining globally, the opportunities and challenges with hydrogen, James’ experience with solar and hydrogen in Chile, and his desire to see the oil and gas industry lower emissions and fully participate in the energy transition. It was a fascinating and wide-ranging conversation and we greatly appreciate James for sharing his time and perspectives.   Mike Bradley kicked us off with an update on the markets, noting the major driver this week has been the exceptional earnings from banks and brokerages and that equity markets seem to be in a bit of a “Goldilocks” phase, where the DJIA, SP& 500 and Nasdaq are all approaching record levels last seen in December 2021, despite 2-year yields increasing by 400 basis points. He highlighted that a “soft landing” scenario is gaining consensus and that equities are experiencing a bit of a “fear of missing out.” Mike also reiterated that crude oil markets have repriced back to backwardation and that the recent move higher in crude price is more a reflection of improving demand sentiment. He wraps up by discussing recent news including last week’s Denbury and Exxon merger announcement, the irony of BlackRock naming Aramco’s CEO to its board, the beginning of oil service earnings season this week with several oil service leaders reporting, and flags that next week’s reporting will be heavy natural gas levered E&Ps. Jeff Tillery added to Mike’s earnings comments and mentioned the tendency to over-interpret pricing reductions during activity hiccups and differentiating between realized pricing and anecdotal pricing in Q2 results and Q3 guidance. He also highlighted the need for a more nuanced discussion around inventory degradation and that the bar for the oil service sector is set higher for the upcoming earnings season after performing well over the past three months.   We hope you enjoy the conversation with James as much as we did. Our best to you all!

Today we had the pleasure of hosting Dr. Sama Bilbao y León, Director General of the World Nuclear Association ("WNA"). Sama joined the WNA as Director General in late 2020 and has had an extensive career in nuclear with over 20 years of experience in nuclear engineering and energy policy, serving in industry, academia, and international organizations. The World Nuclear Association represents the global nuclear industry to promote the industry and importantly, provide authoritative information to key organizations and political authorities. We were delighted to connect with Sama for a global nuclear discussion. It was spectacular and wide-ranging and we so enjoyed Sama’s practical nature and worldwide perspective.   To start the discussion, Sama outlined the organization’s history and current member base of over 190 members in 44 countries. The WNA’s members are responsible for most of world uranium mining, conversion, enrichment and fuel fabrication; all reactor vendors; major nuclear engineering, construction, and waste management companies, and much of the world’s nuclear generation. We discuss how the perception of nuclear energy has changed since Sama joined in 2020 and the organization’s key areas of focus including working with policy makers and market designers globally to develop pragmatic policies for low-carbon energy sources, engaging the finance community to support profitable nuclear projects, and developing a strong global supply chain and talent pool. Sama shares her perspective on the state of nuclear in almost every part of the world, the opportunities for nuclear beyond electricity, financing and funding, novel applications, and the global supply chain. During the discussion, Sama mentions the periodic forecasts the WNA performs (the World Nuclear Association Fuel Report), linked here. Sama is one of the original founders of the North American Young Generation in Nuclear (linked here) and we touch on the importance of drawing new talent and fostering diversity, inclusivity and equity within the global nuclear community. We also cover nuclear power in the developing world and the opportunity for nuclear power to serve as a catalyst for social and economic development with collaboration between nuclear organizations and development banks. For more nuclear news, the World Nuclear News website is linked here. The entire discussion with Sama left us more bullish on the potential for greater use of nuclear power globally.   The Veriten team kicked off the show: Mike Bradley highlighted two key economic stats this week (June CPI & PPI) which could influence interest rate policy at the July 26th FOMC meeting. He also noted the recent trade higher in WTI crude oil price (higher end of its recent $65-$75/bbl. trading band) due to OPEC’s & Saudi’s commitment to maintain their respective production cuts through August as well as China taking additional economic stimulus steps. He noted that these actions have shifted both Brent and WTI structure from contango back to backwardation. Mike flagged last week’s energy equity sector outperformance and noted a few recent interesting equity market developments including an upcoming Nasdaq 100 rebalance (July 24th) which could result in temporary weakness in several of its largest AI/Tech equity members. He also noted another construction setback for the Equitrans Mountain Valley Pipeline and wrapped up by highlighting Oklo Inc. (an advanced fission technology company) announcing a deal to go Public via Merger with AltC Acquisition Corp. (a Sam Altman led SPAC). Oklo’s press release is

We are very pleased today to be sending you a special 4th of July COBT. For our Canadian friends, we hope you had a fantastic Canada Day this past Saturday. For all of you celebrating the 4th today, we hope the baseball, hot dogs and apple pie are all flowing! With some grilling of course!   For today’s special show, we were delighted to host our dear friend Rob West. Rob is the fascinating Founder and Lead Analyst at Thunder Said Energy. His background includes research at Redburn and Stanford C. Bernstein before he struck out on his own in 2019 to start Thunder Said. He has some of the most unique impressions, observations, and analysis on the changing energy world and we were delighted to have him. What we can also add is that we had the great honor of visiting with him live in Estonia on Sunday as part of the lead-in to today’s discussion. Getting to know Rob has been and continues to be great fun.   Today’s crew included Mike Bradley and Arjun Murti. With this being a critical half-year mark, Mike took some time in the lead-in to review market and energy sector statistics, changes in oil and natural gas rig counts, OPEC’s plans for cuts in production, and the significant market cap of tech giants compared to energy. Arjun chimed in and told his family’s remarkable story of coming to America and living the American dream. The story resonates as loud as ever on a day like today. Arjun also reminded us all of how "the energy transition needs to transition" to being one focused on the many billions of people outside of America, the US and Canada seeking the freedom and prosperity that comes from available reliable energy. Overall, Mike and Arjun really got us going as we turned to Rob.   The discussion with Rob today centered around a handful of key topics. First, his continued concern that we need to achieve energy surplus if we are ever going to achieve real decarbonization. His fear now, like ours, is that we are not only not heading towards energy surplus but we are instead headed for more energy shortages. Second, we discuss his latest thinking around AI and how it might be the answer to many of the world’s supply chain and logistical and even technological problems. AI is clearly the new new thing and it was really fun kicking it around with Rob. As a third big topic, Rob has more than a few thoughts about his adopted country Estonia, including the latest from its neighbor Russia. He tells the gripping story of how the recent events with Wagner were perceived in Estonia, and reminds us all how Estonia resisted EU efforts to get the country to switch to Russian natural gas back in the day. As we wrapped up, and as part of our 4th of July and overall "freedom and independence" theme, we reference a paper Rob penned on how energy (oil) supply determined the fate of so much of World War Two (available here). On this day when we pause to say thank you for our freedom, reflecting on the role of energy in national security seemed super appropriate. Rob’s article on the war and oil’s role is fantastic.   As you might recall, Rob has joined us on COBT before. The first time on January 4, 2022 (episode linked here) and more recently on November 20, 2022 (episode linked here). We don’t expect you to go back and listen/watch those, but some of you are becoming COBT history buffs so we at least want to give you that chance!   The first half of the year has been both eventful and stimulating. We count 32 COBT segments, 26 Super-Spiked pieces from Arjun, 8 Gener8 podcasts with Brett and Jeff, and 25 Market Wraps from Mike. Every week we feel like we get a little bit

Today we had the pleasure of hosting John Bear, CEO of MISO (Midcontinent Independent System Operator), for a fantastic discussion. John has served as CEO since 2009 and joined the organization in 2004. In his 30+ years of executive leadership in the utility industry, John formerly served as the President of Reliant Resources, on the President’s Nuclear Energy Advisory Council, and is currently the Chair of the Board of Directors for the Energy Systems Network along with other notable board positions including EPRI. MISO is a non-profit organization with a unique member base that serves 45 million Americans and Canadians from the Gulf of Mexico to Manitoba. We were thrilled to visit with John to learn more about MISO’s history and future, along with getting John’s perspective on what it’s like to operate a grid of MISO’s scale today.    John first provides background on the team at MISO, their market, envisioning the grid of the future, and operating reliably and efficiently. We discuss the diversity of use in their coverage area and the advantage of diversity in weather, how operating and managing a grid has changed, John’s perspective on adding large amounts of solar and wind, and the regulatory and supply chain issues delaying installation of new assets. We cover MISO’s current energy supply mix and the risks associated with shutting down dispatchable plants too quickly when adding intermittent sources to the mix, the new seasonal MISO capacity market, growth in electricity demand over the next twenty years, MISO’s Reliability Imperative program to address generation and transmission challenges, and the role for natural gas in MISO’s future. We also discuss the paramount importance of reliability and affordability and the potential of advanced nuclear supply. It was a thought-provoking discussion and we’re thankful to John for joining us and to the team at MISO for the important work they’re doing.   Mike Bradley kicked us off by highlighting the chaotic events in Russia over the weekend. He flagged strong economic stats yesterday (new home sales and consumer confidence) as examples of what may lead to further FED rate increases. He noted crude prices are currently dominated by economic issues rather than geopolitics and that 12-month time spreads (Dec-Dec) are at their lowest backwardation levels this year, which could be predicting a 2H’23 supply deficit not as wide as many hoped. He wrapped up by highlighting a trend where major electric utilities are divesting/selling their unregulated renewables businesses to focus exclusively on their regulated electric utility business. Jeff Tillery chimed in with his observations following the Russian events and noted the increasing awareness the general population has about the importance of grid operators.   Thanks again to John for a wonderful discussion and thanks to you all!

Today we had the very interesting opportunity to visit with Professor Jesse Jenkins of Princeton University. Jesse is an Assistant Professor with a joint appointment in Mechanical and Aerospace Engineering and the Andlinger Center for Energy and Environment. He has an extensive background in engineering systems and technology, getting his Ph.D. at MIT and his undergraduate degree in Computer and Information Science at the University of Oregon. He leads Princeton’s ZERO Lab (Zero-Carbon Energy Systems Research and Optimization Lab), a research group focused on evaluating carbon-free energy systems using optimization modeling in terms of policy, engineering, and economics. We were thrilled to spend time with him and get a chance to better understand what has gone into the team’s work as well as the outputs (by energy flavor) their work implies is possible. Importantly, Jesse and his team believe we can rebuild and expand our electricity system by 2050 but still do so within the acceptable boundaries of reliability and cost. Jesse and his team also believe (and highlight) we can avoid a significant amount of premature deaths associated with air pollution by embracing the future suggested by their energy models.   In our conversation, Jesse first provides background on his research focus and the modeling tools his team has built to understand how to best push the energy system forward using new technologies and how to develop policies that push our energy system towards a zero-carbon outcome in 2050. Jesse and his team’s research have been highly influential in the climate and energy policy debates that led to the passage of the IRA, so it was truly a thrill to connect with him. His team has identified five pathways to Net-Zero, all with significant reliance on wind and solar and to varying degrees of other flavors. We discuss reliability and cost, the challenges and execution risks involved in implementing new technologies at scale, and the sensitivity analysis Jesse’s team conducted to identify key factors driving the cost and composition of the system. We touch on considerations around efficient spending and the scale of investment required, the difficulty of states managing their energy infrastructure differently, “accountability” when the power isn’t available, the role of hydrogen and its potential impact on the grid, as well as the Clean Hydrogen Production Tax Credit. We had a hard time ending the discussion and, for our final question, asked Jesse what technology he is most excited to see make progress in the next ten years. As you will hear, he is very excited about the potential for EVs. Please take a minute and review these pieces of work to better understand the scenarios Jesse describes. We can’t thank him enough for joining us and greatly enjoyed the conversation. We also told him to send some of those energy-curious Princeton grads our way!   Mike Bradley kicked us off by highlighting the FED could be pressured to continue hiking rates based on strong economic reports and noted crude oil prices continue to trade in a tight range due to an ongoing battle between financial and physical crude markets. He further mentioned that broader equity market volatility is low and that equity markets are technically overbought as momentum investors continue to chase for fear of missing out. He then flagged several key events and recent M&A deals, as well as ERCOT’s warning to residents to conserve power this week. Brett Rampal also joined and added his power perspective to the discussion.   Thank you, as always, for your support and friendship!