Amid surging gas prices, many countries in Europe and beyond turned to the dirty fuel in an attempt to keep a lid on prices. But the increased demand for the dirty fuel triggered a massive rise in global coal prices, which in turn was boon to illegal transport of the commodity in South Africa. Recently, train operator Transnet issued a warning about the rise in so-called "ghost trains", or unchartered, off-timetable shipment of coal to the port of Richard's Bay. Listen to a discussion of the phenomenon and potentially how much of the fuel has found its way to Europe.Host: Richard Sverrisson, Editor-in-Chief, MontelGuest: Laurence Walker, Gas and Coal Editor, Montel

There have been mounting concerns over the stability of the global banking system after the failure of Silicon Valley Bank and the rescue of Credit Suisse. Listen to a discussion on the causes of the turmoil and what may happen next. Are we in danger of a broader banking crisis, and what could the consequences be for the energy sector and the rollout of renewables? Host: Richard Sverrisson, Editor-in-Chief, Montel Guests: Thina Margrethe Saltvedt, Chief Analyst, Sustainable Finance, Nordea and Lucy Eve, Senior Strategist, Eurasia Group

Many market participants expressed relief that the European Commission did not meddle with the marginal price-setting mechanism in its proposals for energy market reform. But plans to protect customers from volatile and soaring prices through encouraging long-term contracts and a capacity mechanism will impact the internal energy market. Listen to a discussion on plans for virtual trading hubs and why this complex but innovative idea will be challenging to implement.Host: Richard Sverrisson, Editor-in-Chief, Montel Guests: Michela Beltracchi, Senior Advisor Public & Regulatory Affairs, Nord Pool; Georg Zachmann, Senior Fellow, Bruegel

The European Commission has loosened state-aid rules in a bid to compete with the US Inflation Reduction Act in providing subsidies for green technology. The move comes in the wake of several high-profile European battery manufactures having indicated they are considering building factories in the US. Listen to a discussion on the main hurdles facing the battery and storage sector and how fresh regulation may spur manufacturers to stay in Europe.Host: Richard Sverrisson, Editor-in-Chief, MontelGuest: Giorgio Corbetta, EU Affairs Director, Eurobat

Ahead of the publication of the European Commission's proposals for energy market design, there are concerns that some recent interventions will be permanent. Listen to why the wholesale markets need to retain the marginal pricing model, avoid a patchwork of national regulation and provide incentives to boost the energy transition. What are the lessons learnt from the energy crisis and the resulting flurry of policy measures aimed at protecting consumers? Host: Richard Sverrisson, Editor-in-Chief, Montel Guest: Jérôme Le Page, Director, European Electricity Markets, Efet

The European Commission recently laid out rules that will define green hydrogen as part of its renewable energy directive. They will provide clarity on what makes hydrogen renewable, define additionality and potentially boost investments into the fuel. Listen to a discussion on what this will mean for the sector and whether labelling nuclear as renewable is possible or even desirable.Host: Richard Sverrisson, Editor-in-Chief, MontelGuest: Catherine Banet, Professor of Law, Head of Department of Energy and Resources Law, University of Oslo

It’s been a year since Russia’s invasion of Ukraine. This week's pod chats to residents of Kyiv – a gas analyst and a top manager at Ukraine's utility DTEK – about the current situation in the city, while living under the constant threat of attack. Listen to a discussion about how Russia targets the energy system and how Ukraine repairs bombed infrastructure. We also talk about cross-border power flows and the outlook for the country’s gas and electricity sector amid the ongoing war. The pod finishes quite dramatically, so make you keep listening right to the end.Host: Richard Sverrisson, Editor-in-Chief, MontelGuests: Yuriy Onyshkiv, Senior Gas Analyst, LSEG                  Dmytro Sakharuk, Executive Director of DTEK

This week’s pod discusses the outlook for Europe’s gas market for the coming months, as prices have fallen to around EUR 50/MWh – still historically high, but far below those of last autumn. Do low prices spell the end of the energy crisis, or should we expect further supply disruptions. Listen to a discussion on current market dynamics, what it would take to trigger a price surge and why the price cap is pointless.Host: Richard Sverrisson, Editor-in-Chief, MontelGuest: Wayne Bryan, Director European Gas Research, LSEG

Stephen Woodhouse, Director at Afry Management Consulting and an expert on market design, dives into the complexities of the European energy market. He discusses the European Commission's proposed reforms aimed at balancing affordability and supply security. The impact of renewable energy, the shift towards Contracts for Difference (CFDs), and the evolving role of national governments are examined. Woodhouse highlights the need for innovative strategies to enhance market efficiency amid the current energy crisis.

European carbon prices have climbed since mid-January, with the benchmark contract threatening to breach EUR 100/t before falling on Thursday. Has the upturn been driven by a return of speculators or are companies buying to balance their books ahead of the deadline on 30 April? Listen to a discussion on current market dynamics and whether prices could hit EUR 100/t? In addition, we debate the complex web of policies that will impact the market in the months and years to come.Host: Richard Sverrisson, Editor-in-Chief, MontelGuest: Ingvild Sørhus, Lead EU Carbon Analyst, Greenfact