Energy Evolution

California utility PG&E is studying the impacts of electrification to understand and prepare for a future grid with high levels of distributed energy resources, and significantly higher power demand.  
But although PG&E expects to spend about $25 billion by 2040 on grid upgrades, the distribution portion of customers' electric bills could decrease up to 25% over that period as added revenue from increased power usage more than covers the investment costs.  
In this episode, host Dan Testa speaks with Quinn Nakayama, PG&E's senior director of grid research, innovation and development, about this process and how the utility is deploying technology to make electrification easier for customers, particularly by lowering the cost of upgrades necessary to charge electric vehicles at home.

For several years, Iran, Venezuela, and Russia have relied on a sprawling network of aging tankers—known as the shadow fleet—to keep their oil flowing despite Western sanctions. Now, the EU is proposing its most aggressive move yet: a sweeping ban on maritime services that could cut off insurance, brokerage, and port access for vessels carrying Russian crude.
This comes at a time when the Venezuelan shadow fleet has largely been replaced by mainstream tanker operators, while the US continues to impose new restrictions on Iranian vessels. Both developments raise fresh questions about the future of these rogue tankers.
In this episode of Energy Evolution, host Eklavya Gupte explores whether the shadow fleet can survive tighter sanctions and what the consequences might be for global energy security, trade flows, and environmental safety.
Joining the conversation are Kelly Norways and Max Lin, two journalists from Platts, part of S&P Global Energy, who have been tracking the shadow fleet's evolution over the past few years. They break down the mechanics of this shipping network, explain how the EU's proposed ban differs from the price cap system, and reveal the growing risks posed by a fleet of vessels operating outside international safety standards.
Related content
Shadow Fleet: How illicit shipping networks broke global oil trade
https://www.spglobal.com/energy/en/news-research/videos/crude-oil/230925-shadow-fleet-how-illicit-s…
G7 tankers return to Russia on weak Urals despite security worries
https://www.spglobal.com/energy/en/news-research/latest-news/shipping/011626-g7-tankers-return-to-r…
G7 crude tankers' share in Russia falls to four-month low as EU plans full ban
https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/020926-g7-crude-tankers-shar…
INTERACTIVE: Seaborne trade in Russian oil under G7 price cap
https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/030724-interactive-russia-cr…

The European Hydrogen Bank is meant to be Europe's big enabler for large-scale renewable hydrogen production, so why did the EU's second auction fail to deliver on its promise?
In this episode of Energy Evolution, host Eklavya Gupte speaks with James Burgess, senior reporter at S&P Global Energy Platts, and Matthew Hodgkinson, senior principal analyst at S&P Global Energy Horizons, who explain why so many projects withdrew from the auction process and explore what's next for the EU's flagship model for kick-starting the green hydrogen sector.
Our experts assess the challenges facing the nascent market and take a look at other recent developments across the region, including the latest from the H2Global import auctions and how the EU's Carbon Border Adjustment Mechanism is affecting hydrogen trade.
Related content:
News feature: European hydrogen industry digests failure of second EU auction
H2Global news (Subscriber content): H2Global European hydrogen import auction opens global lot with Eur353/MWh cap
Price assessments (Subscriber content): Spain Alkaline Renewable PPA Derived Hydrogen Eur/kg SARHE00

Offshore wind once looked like a natural play for oil majors: big offshore projects, complex engineering, and familiar operating conditions. But as costs and interest rates have risen, the sector's economics have started to clash with the companies' return expectations. This has revealed a business model where capital is invested upfront, payback is slow, and the competitive advantage often lies in power market and contracting expertise, rather than just offshore execution.
In this episode, host Eklavya Gupte is joined by Alex Blackburne, senior reporter at S&P Global Energy, to unpack the shifting strategies of European oil majors in offshore wind. 

We also hear from Julio Dal Poz, managing director in the energy transition practice at FTI Consulting, who explains why offshore wind has proven to be a challenging fit for companies accustomed to quicker returns and greater upside potential.

As AI-driven electricity demand surges and companies race to decarbonize, environmental commodity markets are growing swiftly.
Host Eklavya Gupte interviews John Melby, CEO of Xpansiv, who provides insight into what it takes to create the digital trading infrastructure for markets ranging from carbon credits to renewable energy certificates and power purchase agreements.
We also hear from Marie-louise du Bois, director for energy transition price reporting at Platts, part of S&P Global Energy, who discusses the challenges of pricing these evolving markets — from the simultaneous fragmentation and convergence of carbon markets to the rise of biomethane and even nuclear certificates.
The discussion also covers how large corporates are managing their carbon footprints as they build AI infrastructure and why carbon-differentiated commodities could reshape global trade.