188. US/Petrostate vs EU/Electrostate – a joint episode with Open Circuit
On July 7th, Gerard and Laurent were invited to appear on the U.S. podcast Open Circuit, alongside Jigar Shah, Katherine Hamilton, and Stephen Lacey. It was an emotional reunion—Jigar and Katherine were part of the original Energy Gang, the very show that inspired us to create our own.We had a rich, two-part conversation. The first part revisited the Spanish blackouts, a topic we had already explored in Episode 185. The second part delved into Europe’s energy security and the evolving dynamic between “Petrostates” and “Electrostates”—the main focus of this episode.Twenty years ago, Europe and the U.S. shared a broadly aligned energy landscape. But the rise of American energy dominance has since driven a wedge between the two, contributing to today’s political fractures across the Atlantic.Together, the five of us explored the implications of this growing misalignment—and where we might go from here. It was a passionate and thought-provoking discussion.
--------
32:08
--------
32:08
187. Texas: Power Surge or Power Splurge? - Jul25
Texas is an oddity in the western electricity world: fastest growing load, ultra-low prices, crazy development of renewables. Texas consumes now more power than France, despite having only half the population. Prices are a factor 4 lower compared to 20 years ago. And 90% of additional load has been provided by Wind and Solar, despite the permanent attacks from the fossil fuel lobby.To make sense of the current situation in Texas, and also talk about the future, with unbelievable projections, full of AI and Datacentres, we have the pleasure of welcoming Arushi Sharma Frank.Arushi Sharma Frank is an energy policy expert with deep expertise in distributed energy resources (DERs) and virtual power plants (VPPs). She pioneered ERCOT frameworks for grid-integrated VPPs and the integration of batteries on the Grid, while at Tesla where she worked between 2020 and 2024. Arushi was a key architect of the Texas Public Utility Commission’s Aggregated DER pilot, enhancing grid resilience post-Winter Storm Uri. The Lone Star State is at the crossroads: will the additional load arrive? Are the renewables in danger? Can fossil fuels make a come-back, or are we seeing this wrongly, as the new model suggest that it is all about flexibility.Finally, the best source for information on renewable energy in Texas is Doug Lewin: www.douglewin.com
--------
26:25
--------
26:25
186. Power under Pressure: Fortum’s CEO on Datacenters’ growth and Russian Attacks (Eurelectric)
Laurent had the pleasure and privilege of sitting down with Markus Rauramo, CEO of Fortum, during the Eurelectric “Power Play” conference in Brussels this June. Fortum, the Finnish energy company also active in Sweden and Poland, finds itself right on the front line when it comes to tensions with Russia—not exactly your average utility boardroom drama. The conversation kicks off with Markus’s recent election as President of Eurelectric, taking over from none other than Leo “the Great” Birnbaum, CEO of E.ON.We talk about the challenges Markus has faced so far, including how Fortum managed to steer through the stormy waters of the Ukraine war, and what’s ahead for the industry. Spoiler: it’s not all doom and gloom—there’s strategy, resilience, and some surprisingly good teamwork. Markus rolls out Eurelectric’s Manifesto centred on customers, security of supply and digitisation (AI). Markus introduces his vice-presidential duo: Georgios Stassis (CEO of PPC) and Catherine MacGregor (CEO of Engie). According to him, it’s a well-balanced trio—think energy world’s version of the Avengers, but with spreadsheets and grid stability. He also gives kudos to Kristian Ruby, Secretary General of Eurelectric, and the Brussels team for their stellar behind-the-scenes work.The chat then shifts to the Baltics, one of the rare places in Europe where electricity demand is actually growing. Fortum’s been ahead of the game there too: Markus reveals they now have over 1.3 GW of capacity lined up and ready to power new datacenters.Of course, we couldn’t ignore the constant cyber-attacks and sabotage attempts coming from Russia. Markus shares how Fortum has learned to deal with them—let’s just say they don’t flinch easily anymore. And finally, a public mea culpa: Laurent repeatedly referred to Finland as part of Scandinavia. A common slip-up. For the record: Finland is next to Scandinavia, but it’s not in it. The Finns are Nordic, not Scandinavian—but much like their neighbours to the west, they handled the mix-up with trademark cool. No sauna ban issued. We thank Kristian Ruby and all the Eurelectric team for organising this recording and putting together such a great summit.
--------
24:31
--------
24:31
185. Blackouts - Jul25
What Really Happened During the Iberian Blackout This Spring? And How Should We Make Sense of the Conflicting Reports? To shed light on the events, Gerard and Laurent are joined by global energy expert Steve Berberich, who served as President and CEO of the California Independent System Operator (CAISO) from 2011 to 2020. Steve led CAISO through the August 2020 blackout in California and now serves as President and CEO of Onward Energy. We begin by placing the Iberian blackout in a broader context—comparing and contrasting it with major grid failures from recent years: South Australia 2016, California 2020, Texas Uri 2021, Ireland 2024, Louisiana 2025 and of course Iberia 2025. We examine both the long-term systemic weaknesses and short-term triggering events behind each case—identifying patterns, divergences, and the reforms that followed in their aftermath. Then we turn our full attention to Spain. Unlike the other blackouts, the Iberian event did not stem from extreme weather. Instead, Steve—along with Gerard and Laurent—dives deep into the underlying structural vulnerabilities of the Spanish grid. From regulatory gaps and design flaws to operational mistakes, we scrutinize the entire system and arrive at a set of clear, evidence-based conclusions. Link to Gerard’s substack https://www.linkedin.com/pulse/spains-grid-blame-blackouts-bureaucracy-gerard-reid-tiqre/ Link to the Energy Institute Report https://www.energyinst.org/statistical-review
--------
24:50
--------
24:50
184. Market dynamics and Pricing of Battery Materials - Jun25
Six years ago, Simon Moores, CEO of Benchmark Minerals Intelligence shook the world in a now legendary testimony in front of the US Senate. Then, Simon predicted the exponential growth of batteries and the control that China was starting to exert of the supply chains.Fast forward today, we bring in, Caspar Rawles, Simon’s trusted lieutenant, and COO of Benchmark Mineral Intelligence to assess how Simon’s predictions panned out. What was prophetic and what never materialized. Benchmark Mineral Intelligence, a London-based Price Reporting Agency (PRA) founded in 2014, specializes in lithium-ion battery and EV supply chains, offering IOSCO-accredited price assessments, supply-demand forecasts, ESG analytics, consultancy, global events, and policy influence.It focuses on critical minerals and recently expanded with Rho Motion, valued at $500M. Caspar talks about the growth of BMI, about the importance of its agreement with ICE, and how he sees the future.Laurent and Gerard conclude on Lithium and Rare Earths. Not really what you expect.
Two investment bankers weekly explore how tech, finance, markets and regulations are radically redefining the world of energy: Renewable Energy, Electric Cars, Hydrogen, Battery Storage, Digitisation...Your co-hosts: from Berlin, Gerard Reid and from London, Laurent Segalen.Our LinkedIn page: https://www.linkedin.com/company/redefining-energy/X handle: @Redef_Energy
Brasil