Switched On

The Iran war is redrawing the global energy landscape. Six months of high oil prices and disrupted trade have strengthened the case for technologies that reduce reliance on imported fossil fuels. Chinese exports of solar, batteries and electric vehicles have risen, while markets across Africa, Asia and Latin America are seeing growing demand for clean technologies. But the response varies widely. Some governments are shielding consumers from higher fuel costs, while others are leaning more heavily on domestic fossil fuels as a source of energy security. So has the Iran war changed the direction of the energy transition, or simply its pace? On today’s show, Kamala Schelling is joined by, Ethan Zindler who leads BNEF's countries and policy research. Together they discuss the note “Six Months In: The Iran War’s Global Impact.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Six Months In: The Iran War’s Global Impact - https://www.bnef.com/insights/40249See omnystudio.com/listener for privacy information.

Turkey is quietly becoming a renewables heavyweight. Rapid wind and solar deployment is helping the country meet rising electricity demand while reducing exposure to imported fossil fuels. Turkey ranked among the world’s top 10 markets for new wind and solar capacity in 2025, and it is targeting 120 gigawatts of combined capacity by 2035. But sustaining that growth will require much greater investment in the grid, and meeting government transmission targets would require annual investment to rise roughly fivefold from 2025 levels. So can Turkey turn its renewable energy boom into a broader transformation of its power system and strengthen its energy security along the way? On today’s show, Tom Rowlands-Rees is joined by Abdullah Alkattan, BNEF’s Middle East energy transition analyst, to discuss findings from the “Turkey Transition Factbook 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Turkey Transition Factbook 2026 - https://www.bnef.com/insights/39689See omnystudio.com/listener for privacy information.

America’s data center boom is running into political resistance. Texas, New York and Pennsylvania are moving to slow or pause new projects amid concerns over electricity costs, infrastructure and local impacts. Texas alone accounts for around 20% of the US pipeline, meaning even short delays could cost developers billions. The pushback is increasingly bipartisan, as politicians respond to growing opposition from local communities and overloaded power grids. The result is new uncertainty for developers racing to secure electricity and bring projects online. So has America’s data center boom finally hit the brakes? And what happens next? On today’s show, Kamala Schelling is joined by BloombergNEF’s senior associate for North American policy, Derrick Flakoll, to discuss his recent notes “Texas’ Data Center Pause Could Cost Projects Billions” and “Pennsylvania’s Data Center Pushback Raises Pipeline Risk.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Pennsylvania’s Data Center Pushback Raises Pipeline Risk - https://www.bnef.com/analyst-reactions/tk0z0wt96osi00 Texas’ Data Center Pause Could Cost Projects Billions - https://www.bnef.com/insights/40105See omnystudio.com/listener for privacy information.

The electric vehicle boom is entering a new phase. As China’s market matures and the US steps back from EVs, emerging markets are becoming the new hotspot for electrified transport. At the same time, autonomous and shared vehicles are changing how cars are used. Robotaxis can travel much farther each year than private cars, potentially allowing fewer vehicles to provide the same amount of mobility. So as EV adoption evolves and autonomous driving takes off, what does the next phase of road transport look like? On this episode, Aleksandra O’Donovan and Andrew Grant, who lead BNEF’s EV and intelligent mobility teams, join Tom Rowlands-Rees to discuss the newest edition of the Electric Vehicle Outlook. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Long-Term Electric Vehicle Outlook 2026 - https://www.bnef.com/insights/39553 Executive Summary (free to access) - https://about.bnef.com/insights/clean-transport/electric-vehicle-outlook/See omnystudio.com/listener for privacy information.

Europe’s electrification ambitions are running ahead of its policies. The EU wants electricity to account for 46% of final energy consumption by 2040, but BNEF’s modeling suggests even a maximum-effort net-zero pathway would fall short. Getting closer will require greater support for electric vehicles, heat pumps and industry, while keeping electricity affordable. Much of that challenge will fall to member states, many of which are scaling back incentives or facing tight public finances. Meanwhile, the EU’s latest proposals do little to address the upfront costs of electrification. So what will it take to close the gap between Europe’s electrification targets and reality? On today’s show, Kamala Schelling is joined by BNEF’s head of policy, Victoria Cuming, to discuss her note “EU Electrification Goal Unreachable Without More Support.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: EU Electrification Goal Unreachable Without More Support - https://www.bnef.com/analyst-reactions/tibg16t9njlt00See omnystudio.com/listener for privacy information.

Offshore wind turbines are getting too big for the ships that install them. BloombergNEF estimates more than 30 gigawatts of offshore wind installations could struggle to find suitable vessels through 2035 if turbine growth continues. But building bigger ships takes years and hundreds of millions of dollars, and retrofits have their limits. That leaves the industry facing a choice between expanding its installation fleet or slowing the relentless growth in turbine size. So could a shortage of sufficiently large vessels become offshore wind’s next major bottleneck? On today’s show, Kamala Schelling is joined by BloombergNEF wind team analyst Kajsa Jernetz to discuss her note “Wind Installation Vessels: You’re Gonna Need a Bigger Boat.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Wind Installation Vessels: You’re Gonna Need a Bigger Boat - https://www.bnef.com/insights/40141See omnystudio.com/listener for privacy information.

Europe’s energy supply chains are running out of water. Weeks of heat and drought have pushed Rhine water levels to exceptional lows, restricting barge traffic and sending gasoil freight rates to record levels. That is adding pressure to an already tight market for gasoil, diesel, jet fuel and other middle distillates, while exposing refineries, chemical plants and industries that depend on the river for critical supplies. Companies are responding with smaller cargoes, trucks, rail and shallow-draft vessels, but those alternatives come at a cost. And with warmer, drier conditions expected to persist in the near term, the disruption highlights a broader challenge for Europe: adapting critical energy infrastructure to increasingly severe weather. So how are low water levels on the Rhine disrupting Europe’s energy markets, and how long could the pressure last? On today’s show, Kamala Schelling is joined by BloombergNEF weather associate Jess Hicks and oil associate Claudio Lubis to review findings from their analyst reaction “Freight Rates Skyrocket in EU as Rhine River Runs Low.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Freight Rates Skyrocket in EU as Rhine River Runs Low - https://www.bnef.com/analyst-reactions/tj8l8skk3ny900See omnystudio.com/listener for privacy information.

US solar developers are building projects around batteries, not panels. Federal tax credits for energy storage are reshaping the economics of new solar projects, encouraging developers to install larger batteries and allocate more capex to the storage component. The batteries can then shift low-cost solar power into higher-value hours. As energy storage reduces curtailment and generates revenue from services provided to the grid, batteries are becoming a defining feature of the next generation of US solar projects. On today’s show, Dana Perkins is joined by Cosmo van Steenis, an analyst from BloombergNEF’s solar and storage team, to discuss his recent notes “Solar and Storage Couple Up After US Tax Credit Cuts” and “US Tax Credit Maxxing Via Solar-Plus-Storage Projects.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Solar and Storage Couple Up After US Tax Credit Cuts - https://www.bnef.com/insights/39961 US Tax Credit Maxxing Via Solar-Plus-Storage Projects - https://www.bnef.com/insights/39943See omnystudio.com/listener for privacy information.

Nuclear power is gaining momentum around the globe, but the industry’s path has diverged. China and India are rapidly expanding conventional reactor fleets, while the US and Europe are betting on smaller and more advanced designs to overcome decades of cost overruns and delays. Rising AI electricity demand, energy security concerns and decarbonization goals have all renewed interest in nuclear energy. But turning that momentum into new projects will depend on whether the industry can build reactors faster, more cheaply and with greater confidence than it has in recent decades. On today’s show, Tom Rowlands-Rees is joined by joined by Stephanie Diaz, a senior associate from BloombergNEF’s technology and innovation team, and Chris Gadomski, BNEF’s head of nuclear research, to discuss their note “Nuclear Power Market Outlook 1H 2026: Approaches Diverge.”  Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Nuclear Power Market Outlook 1H 2026: Approaches Diverge - https://www.bnef.com/insights/39881See omnystudio.com/listener for privacy information.

Artificial intelligence is heating up the race to build data centers, and with BloombergNEF projecting 194 gigawatts of demand by 2035, the biggest challenge isn't computing power…. It's electricity. Faced with years-long grid connection delays, developers are turning to on-site gas generation to bring projects online faster, creating a rapidly expanding market for turbines, engines, fuel cells and battery storage. Choosing the right technology is a trade-off between speed, cost, efficiency and emissions. And while on-site generation is often seen as a temporary bridge, developers are also weighing what role those assets could play once permanent grid connections become available. So is on-site gas generation a lasting part of the AI data center boom, or simply the fastest route through today’s power constraints? On this episode, Tom Rowlands-Rees is joined by Musfika Mishi, an analyst from BNEF’s technology and innovations team, to discuss her note “Data Center On-Site Gas Power Costs: Engines Beat Turbines.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Center On-Site Gas Power Costs: Engines Beat Turbines - https://www.bnef.com/insights/39767See omnystudio.com/listener for privacy information.

Artificial intelligence is beginning to transform weather forecasting. New AI models are proving remarkably accurate at predicting hurricane tracks, in some cases matching or outperforming traditional forecasting models while delivering faster results. For energy markets, those gains could be significant. Earlier and more accurate forecasts give utilities, LNG exporters and offshore operators more time to prepare for approaching storms, improving resilience and reducing disruption. Yet AI is unlikely to replace traditional forecasting anytime soon, with meteorologists increasingly using it alongside conventional models to improve confidence in critical decisions. So how is AI changing the way we predict hurricanes, and what could that mean for energy markets as extreme weather becomes more common? On today’s show, Kamala Schelling is joined by Ryan Ward, an associate from BNEF’s weather team, to discuss his note “AI Models Show Edge in Tropical Cyclone Prediction.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: AI Models Show Edge in Tropical Cyclone Prediction - https://www.bnef.com/insights/39679See omnystudio.com/listener for privacy information.

Mexico is entering a pivotal period for its energy system. A new wave of reforms is opening the door to greater private investment in clean power, storage and grid infrastructure after years of subdued activity, creating one of the region's largest energy transition opportunities. The shift comes against a complex geopolitical backdrop. As negotiations over the US-Mexico-Canada Agreement continue, Mexico is balancing its deep integration with North American supply chains against a desire to diversify investment, strengthen energy security and reduce its dependence on imported US natural gas. At the same time, the country is building on its role as a manufacturing hub for technologies ranging from electric vehicles to transformers. So why does Mexico matter to the energy transition now, and what opportunities could emerge as the country reshapes its energy system? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF Latin America associate, Stephan Mothe, to discuss his note “Mexico Transition Factbook 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Mexico Transition Factbook 2026 - https://www.bnef.com/insights/39557See omnystudio.com/listener for privacy information.

Texas is becoming a test case for one of the biggest questions facing electricity markets. As AI-driven power demand for data centers accelerates, grid operators are exploring whether large loads can do more than consume electricity – and instead become a source of flexibility when the power system is under stress. The answer depends on the workload. Cryptocurrency mines have already demonstrated they can respond quickly to wholesale prices, while AI and colocation data centers face much stricter reliability requirements. New policies are now pushing large data centers to demonstrate operational flexibility, even as developers weigh options such as on-site generation and demand response. So can flexible data centers help manage the next wave of electricity demand? And what can Texas teach the rest of the world about building power systems for the age of AI? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF US power analyst Lara Kammen and senior associate Nathalie Limandibhratha, to discuss findings from the note “Data Center Flexibility to Relieve Power Prices in Ercot.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Center Flexibility to Relieve Power Prices in Ercot - https://www.bnef.com/insights/39741See omnystudio.com/listener for privacy information.

China is emerging as the standout exception in the global hydrogen market. While many countries are scaling back ambitions, Beijing has set a new target to increase green hydrogen production eightfold by 2030, a level that could make it the world's largest producer and account for roughly half of BloombergNEF's projected global output that year. The strategy is about more than decarbonization. China sees green hydrogen as a way to strengthen energy security, reduce reliance on imported oil and gas, and build on its manufacturing leadership in technologies such as electrolyzers. Yet major technical and commercial challenges remain, with many projects still struggling to compete economically and developers treating the current wave of investment as a learning phase. So why is China doubling down on green hydrogen, and what could its strategy mean for the future of the global hydrogen industry? On today’s show, Kamala Schelling is joined by BloombergNEF hydrogen specialist Xiaoting Wang, to discuss her note “China Seeks Green Hydrogen Lead With Eightfold Growth.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: China Seeks Green Hydrogen Lead With Eightfold Growth - https://www.bnef.com/analyst-reactions/th8md3kjh6v400See omnystudio.com/listener for privacy information.

What does it take to build an electric-vehicle charging network that really works? As EV adoption accelerates, charging operators are shifting from installing as many chargers as possible to designing networks that can reliably attract drivers, manage grid constraints and generate sustainable returns. At the same time, retail partnerships, on-site batteries, battery swapping and dedicated charging for commercial fleets are reshaping the economics of the sector. On today’s show, Tom Rowlands-Rees is joined by Madeleine Brolly and Ash Wang, two of BloombergNEF’s EV charging analysts, to review findings from their note “Public Charging Utilization 2026: Demand Keeps Rising” and discuss how EV charging must evolve as clean cars become an ever greater part of the global energy system. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Public Charging Utilization 2026: Demand Keeps Rising - https://www.bnef.com/insights/39379See omnystudio.com/listener for privacy information.

Australia is becoming a proving ground for the future of electricity markets. With renewables now supplying a large share of generation and batteries being deployed at unprecedented scale, the country is offering an early look at how power systems operate when storage becomes a central part of the grid. Yet batteries’ remarkable success in the country brings with it new challenges, as growing competition begins to erode the arbitrage opportunities that drove the sector’s early growth. So what happens when batteries move from a niche technology to a core part of the power system, and what can Australia’s experience teach the rest of the world? On today’s show, Kobad Bhavnagri is joined by  joined by Sahaj Sood, an associate from BNEF’s Australian research team, to review findings from his notes “Australia Energy Storage Update 2026: Arbs and Flows” and “Batteries Supercharge Australia’s Solar and Wind Economics.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Australia Energy Storage Update 2026: Arbs and Flows - https://www.bnef.com/insights/39303 Batteries Supercharge Australia’s Solar and Wind Economics - https://www.bnef.com/insights/39135See omnystudio.com/listener for privacy information.

As power grids become more digital and interconnected, they are also becoming more exposed. Utilities are facing a growing mix of physical and cyber threats, from attacks on substations to increasingly sophisticated efforts to infiltrate the systems used to monitor and operate the grid. Smart meters, distributed energy resources and connected devices are creating new vulnerabilities, while AI has the potential to both strengthen defenses and lower the barrier to more complex attacks. Yet security spending remains difficult to prioritize, forcing utilities and regulators to weigh uncertain risks against other pressing investment needs. So how should the power sector think about grid security, and what does resilience look like in an increasingly connected energy system? On today’s show, Tom Rowlands-Rees is joined by Hayley Lai, an analyst from BNEF’s grids team, to discuss findings from her note “Physical and Cyber Threats Reshape US Grid Investment.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Physical and Cyber Threats Reshape US Grid Investment - https://www.bnef.com/insights/39285See omnystudio.com/listener for privacy information.

El Niño has officially arrived, and there are concerns this time that the weather phenomenon might be more intense than most years, a so-called “super” event. With Pacific Ocean temperatures now exceeding the threshold for one of the strongest forms of the weather pattern, the risk of prolonged heat, drought, low wind and other disruptive weather events is rising across multiple regions at once. For commodity and power markets, that can mean greater volatility, from wind droughts in Europe and hydropower stress in the Nordics to shifting hurricane risks in the US. Yet El Niño can also ease pressure in some markets, influencing winter temperatures, rainfall patterns and energy demand in ways that are not always straightforward. So what does a super El Niño mean for commodities, power markets and energy systems, and where are the biggest risks likely to emerge? On today’s show, Kamala Schelling is joined by BloombergNEF’s weather analysts, Jess Hicks and Ryan Ward, to discuss some of their team’s notes, including “Weather and Commodities: Summer Outlook 2026 Marks El Niño” and “Atlantic Hurricane Outlook 2026: El Niño Lowers Count.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Atlantic Hurricane Outlook 2026: El Niño Lowers Count - https://www.bnef.com/insights/39663 Weather and Commodities: Summer Outlook 2026 Marks El Niño - https://www.bnef.com/insights/39615 AI Models Show Edge in Tropical Cyclone Prediction - https://www.bnef.com/insights/39679  See omnystudio.com/listener for privacy information.

Heat pumps are at a crossroads. After a decade of growth, global sales fell in 2025 as weaker construction activity weighed on key markets. Yet the longer-term picture remains resilient. Heat pumps have continued to gain ground against fossil fuel heating in several regions, while Europe remains a focal point for adoption, shaped by a shifting mix of subsidies, energy prices and consumer demand. So what is driving heat pump uptake today, and what will determine whether electrified heating can move into the mainstream? On today’s show, Tom Rowlands-Rees is joined by Yara van Ingen, an associate from our building decarbonization team, to discuss her note “Heat Pump Market Outlook 2026: Blip, Not Bust.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Heat Pump Market Outlook 2026: Blip, Not Bust - https://www.bnef.com/insights/39389See omnystudio.com/listener for privacy information.

Gas and oil are on a sharply divergent path. In BloombergNEF’s Economic Transition Scenario, oil demand peaks before the end of the decade, while gas demand continues to grow as expanding power systems seek reliable sources of generation. At the same time, constraints on everything from gas turbine supply chains to grid infrastructure are emerging as critical bottlenecks. So how does the global energy system evolve from here, and what do these competing pressures reveal about what lies ahead for the energy transition? On today’s show, Tom Rowlands-Rees is joined by Ian Berryman, BloombergNEF’s head of energy systems modeling, to discuss findings from the New Energy Outlook 2026. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: New Energy Outlook 2026 - https://www.bnef.com/flagships/new-energy-outlook Executive Summary - https://about.bnef.com/insights/clean-energy/new-energy-outlook/See omnystudio.com/listener for privacy information.

China’s latest export data is offering an early glimpse into how higher fossil fuel prices may be reshaping trade in clean energy technology. Shipments of solar products, batteries and electric vehicles rose sharply in recent months, with some of the strongest growth coming from emerging markets that are heavily exposed to oil and gas imports. The figures arrive as many fuel-importing economies face renewed pressure from elevated energy prices. While it remains too early to draw firm conclusions, the data provides some of the clearest evidence yet that energy security concerns may be feeding through into clean-tech demand. So are rising fossil fuel prices beginning to accelerate the energy transition, and where could the next wave of clean-tech growth emerge? On today’s show, Kamala Schelling is joined by Antoine Vagneur-Jones, BNEF’s head of trade and supply chains, to discuss his note “China Clean-Tech Exports Trend Up Amid High Oil Prices” and “Energy Transition Supply Chains Outlook 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: China Clean-Tech Exports Trend Up Amid High Oil Prices - https://www.bnef.com/analyst-reactions/tfcdnwt9njlu00 Energy Transition Supply Chains Outlook 2026 - https://www.bnef.com/insights/39531See omnystudio.com/listener for privacy information.

The wind industry is entering a new phase of scale. Offshore installations are set to surge in 2026 as a new generation of massive projects comes online, while onshore markets continue expanding across the globe. But the picture beneath those headline numbers is increasingly nuanced. Offshore developers are still grappling with supply chain bottlenecks, higher financing costs and policy uncertainty, even as governments accelerate deployment in the name of energy security and rising power demand. At the same time, Chinese manufacturers are rapidly expanding internationally, intensifying competition across global turbine markets. So where does the wind industry go next, and how are developers, manufacturers and governments adapting to a more competitive and fragmented market? On today’s show, Dana Perkins is joined by BloombergNEF’s head of wind research, Oliver Metcalfe, to discuss some of his team’s recent research including “Offshore Wind Market Outlook 1H 2026: New Era of Scale” and “Wind Turbine Orders in 2025: Chinese Firms Capture 34%.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Offshore Wind Market Outlook 1H 2026: New Era of Scale - https://www.bnef.com/insights/39491 Wind Turbine Orders in 2025: Chinese Firms Capture 34% - https://www.bnef.com/insights/39261See omnystudio.com/listener for privacy information.

Japan’s journey back to nuclear power is entering a new phase. Fifteen years after the Fukushima disaster and the shuttering of the country’s nuclear fleet, the return of the Kashiwazaki Kariwa 6 reactor marks the first restart in the Tokyo power region and one of the most significant additions since 2011. The timing is critical. Japan remains heavily reliant on imported LNG, leaving its power prices exposed to global gas shocks and disruptions from the war in the Middle East. Nuclear restarts are increasingly being seen as a way to strengthen energy security, reduce fuel imports and ease pressure on power prices. So what role can nuclear realistically play in Japan’s power system, and how much further can the country’s restart program go? On today’s show, Kamala Schelling is joined by Mariko O’Neil, BNEF’s head of APAC power, to discuss her note “Nuclear Comeback to Ease Tokyo Power Price War Premium.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Nuclear Comeback to Ease Tokyo Power Price War Premium - https://www.bnef.com/analyst-reactions/tdkvktt96osk00See omnystudio.com/listener for privacy information.

Hydrogen’s place in the energy transition is changing. After years of hype around its role in reaching net zero, many projects have been delayed or canceled as costs remain high, policy support weakens and demand proves slow to materialize. Yet hydrogen is far from disappearing. Industries already consume vast amounts of the molecule today, and sectors such as fertilizers, refining and potentially steelmaking still have few viable alternatives for deep decarbonization. At the same time, countries like China and India continue to push ahead with deployment and industrial policy support. So after the hype cycle, where does hydrogen actually make economic sense in the energy transition? On today’s show, Tom Rowlands-Rees is joined by Martin Tengler, BloombergNEF’s head of hydrogen research, to discuss some of his department’s recent work, including “No, Iran War Won’t Boost Clean Hydrogen – Except in China” and “Hydrogen Supplier Market Shares 2026: US Blue in the Lead.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Hydrogen Lifted by AccelerateEU, But Expect No Miracles - https://www.bnef.com/analyst-reactions/tdxp93kk3ny800 Clean Hydrogen Production Assets Update - https://www.bnef.com/insights/39161 No, Iran War Won’t Boost Clean Hydrogen - Except in China - https://www.bnef.com/insights/39077 Hydrogen Supplier Market Shares 2026: US Blue in the Lead - https://www.bnef.com/insights/38839See omnystudio.com/listener for privacy information.

BloombergNEF’s Tier 1 lists have become a defining feature of the clean energy industry. Built on real project deployment data, they track which manufacturers’ products are actually being used in large, recently financed projects, offering a transparent way to navigate markets crowded with hundreds of suppliers. That simplicity has made the lists highly influential, but being on (or off) the list doesn’t tell the full story about product quality or risk. So what do these lists really reveal about the industry, and how should they be used in practice? On today’s show, Tom Rowlands-Rees is joined by Jenny Chase, lead solar analyst at BNEF, to discuss the Tier 1 lists’ genesis, their application, and why they help us understand the “Wild West” of the energy transition. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: BNEF Energy Storage Tier 1 List 2Q 2026 - https://www.bnef.com/insights/33123 Company Ranking: Tier 1 PV Module Makers - https://www.bnef.com/insights/10610 Company Ranking: Tier 1 Power Inverter Makers - https://www.bnef.com/insights/32073See omnystudio.com/listener for privacy information.

The AI boom is ushering in a new era for energy storage. As data center buildout accelerates, batteries are evolving from short-duration backup tools into larger, more flexible systems that can help bring facilities online faster and manage complex power needs. In the US in particular, a growing pipeline of projects is emerging, with batteries increasingly paired with on-site generation or used to smooth demand and unlock faster connections to the grid. So how are data centers changing the energy storage market, and what role could these systems play in the power grid of the future? On today’s show, Tom Rowlands-Rees is joined by, Caitilín McManus, a technology and innovation associate at BloombergNEF, to discuss her recently released note “Data Centers’ Energy Storage Ramp Up: Project List Grows.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Centers’ Energy Storage Ramp Up: Project List Grows - https://www.bnef.com/insights/39221  See omnystudio.com/listener for privacy information.

Middle powers are navigating a more fragmented global order. As tensions rise between major economies, the countries caught in between are being forced to rethink how they manage trade, security and economic ties. Energy is at the center of that shift. Reducing reliance on imported fuels is becoming a strategic priority, with electrification and domestic clean energy seen not just as climate solutions, but as tools of resilience and sovereignty. So how are these countries adapting to a more uncertain world – and what does that mean for the future of the energy transition? This episode features a conversation between Malcolm Turnbull, the 29th prime minister of Australia, and Kobad Bhavnagri, BNEF’s global head of strategy. Titled “Energy Transition in a Multipolar World: The Middle Power Perspective,” this discussion was recorded live at the 2026 BNEF Summit New York. To learn more about our Summits and to listen to more interviews, please visit https://www.bnef.com/eventsSee omnystudio.com/listener for privacy information.

Severe disruption in the Strait of Hormuz is rippling far beyond oil markets. Around 10% of global aluminum supply is tied to the Middle East, and with exports constrained, prices are surging and supply chains are tightening. The impact will extend across the global economy as aluminum is used from cars and electronics to construction, meaning higher prices can quickly feed through to everyday goods. While the shock may not change long-term supply outlooks, it is creating near-term shortages, and exposing vulnerabilities across multiple stages of the supply chain. So how does a regional conflict translate into a global materials crunch, and what does it mean for the energy transition? On today’s show, Kamala Schelling is joined by BloombergNEF’s head of metals and mining, Kwasi Ampofo, to discuss notes including “Industrial Metals Monthly: Supply Risks Rise on Iran War.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Industrial Metals Monthly: Supply Risks Rise on Iran War - https://www.bnef.com/insights/39205/view Transition Metals Outlook 2025 - https://www.bnef.com/flagships/transition-metals-outlookSee omnystudio.com/listener for privacy information.

Fusion energy is entering a new phase. After decades as a scientific pursuit, the sector is attracting billions in private and public capital, with big tech, oil companies and governments all racing to bring the first commercial plants online. Advances in areas like superconductors, materials and computing are opening new pathways, while surging demand for reliable, clean power, particularly from data centers, is accelerating momentum. But the landscape remains uncertain, with multiple competing technologies, ambitious timelines and no clear winner. So how close is fusion to commercial reality, and which approaches are most likely to deliver first? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF’s lead nuclear analyst, Chris Gadomski, to discuss his note “Fusion Investment Pursuing Commercial Viability.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Fusion Investment Pursuing Commercial Viability - https://www.bnef.com/insights/39071See omnystudio.com/listener for privacy information.

PJM Interconnection is entering an era of explosive power demand. Home to a significant share of the world’s data centers, the largest US electricity market could soon be facing sky-high prices and scant supply. Yet stakeholders are divided on how best to respond. Should PJM focus on building new generation, or should it lean on flexible demand? And with no lever able to solve the problem single-handedly, what happens if supply simply can’t keep up? On today’s show, Tom Rowlands-Rees is joined by two members of BloombergNEF’s US power team, analyst Lara Kammen and senior associate David Mohammadi, to discuss their note “PJM Power Market Outlook 2026: Brace for Impact.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: PJM Power Market Outlook 2026: Brace for Impact - https://www.bnef.com/insights/38947See omnystudio.com/listener for privacy information.

It’s been nearly a year since Spain’s catastrophic blackout and key questions remain. Post-mortem reports point to a complex chain reaction in the grid, with no single trigger and gaps in coordination between operators, regulators and generators. The findings expose deeper challenges: inconsistent voltage rules, rising operational complexity and a system evolving faster than its controls. Renewables were initially blamed for helping trigger the crisis, but they are fundamental to the Iberian grid and must be part of the solution. So what has Spain really learned, and how prepared are other power systems for the next shock? On today’s show, Kamala Schelling is joined by Eva Gonzalez Isla, a senior associate from BNEF’s grids team, to discuss her note: “Spain’s Blackout Reports Expose Voltage Safety Risks.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Spain’s Blackout Reports Expose Voltage Safety Risks - https://www.bnef.com/analyst-reactions/tcd1wrkjh6v700See omnystudio.com/listener for privacy information.

Energy shocks don’t just move prices, they reshape trade. As oil and gas prices rise, countries reliant on energy imports are accelerating the shift toward clean technologies, from solar and batteries to electric vehicles. In many cases, that change is being driven by businesses and consumers responding directly to higher costs. Yet it also relies on trade dynamics and government priorities, at both the local and regional level. On today’s show, Tom Rowands-Rees is joined by Antoine Vagneur-Jones, BloombergNEF’s head of trade and supply chains, to discuss findings from some of his team’s notes, including “Trade Transition Scenarios: Outlook to 2050” and “Clean-Tech Tariffs Are Lower Than You Think.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Clean-Tech Tariffs Are Lower Than You Think - https://www.bnef.com/insights/39069 Trade Transition Scenarios: Outlook to 2050 - https://www.bnef.com/insights/38709 EVs Could Dominate Global Auto Trade in Just Five Years - https://www.bnef.com/shorts/tbfrcjt96oso00 What EU Guardrails Could Mean for Chinese Battery Firms - https://www.bnef.com/analyst-reactions/tbfdc1t9njlv00 Clean Energy Trade and Emerging Markets - https://www.bnef.com/insights/37867See omnystudio.com/listener for privacy information.

Nature risk is becoming a critical challenge for companies. It’s also incredibly complex. Exposure spans an array of largely local issues, from water and biodiversity to waste and pollution, making it harder to measure and compare across sectors and geographies than its better-known sibling climate risk. BloombergNEF’s new Nature Risk Management Scores aim to bring structure to that complexity, analyzing not only company exposure but also how effectively risks are managed. The results highlight a clear gap: firms with the greatest exposure are not always those taking the most action, and progress varies widely across different risk areas.So how do you measure something as diffuse as nature risk, and what do these scores reveal about which companies are best prepared? On today’s show, Tom Rowlands-Rees is joined by Alistair Purdie, a senior associate from BNEF’s nature and biodiversity team, to review findings from the note “Managing Nature Risk: Company League Tables.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Managing Nature Risk: Company League Tables - https://www.bnef.com/insights/38829See omnystudio.com/listener for privacy information.

The energy transition is entering a more complex phase. Geopolitics, trade tensions and rapid technological change are reshaping markets, creating new risks as well as new opportunities. Demand is rising across clean power, electric vehicles and data centers, even as supply chains tighten and policy becomes more fragmented. At the same time, falling costs and new business models are opening fresh pathways for investment. So how can global markets navigate this complexity – and where are the opportunities emerging in the next phase of the transition? On today’s show, Kobad Bhavnagri, BloombergNEF’s head of strategy, reads a briefing note that was presented by BNEF CEO Jon Moore at this year’s Davos summit, titled “The Energy Transition: Finding Opportunity in Complexity.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.comSee omnystudio.com/listener for privacy information.

The cost to build and run clean-power projects used to be heading in one direction: down. That story is now getting more complicated. Battery storage costs continued to fall last year, while most other technologies became more expensive. Yet comparing technologies is far from straightforward. So how should we interpret these shifts in an increasingly complex power system, and what do these changing cost dynamics mean for the next phase of the energy transition? On today’s show, Tom Rowands-Rees is joined by Amar Vasdev, a senior associate from BNEF’s energy economics team, to discuss findings from the “Levelized Cost of Electricity 2026,” an annual flagship benchmark comparing the cost of building and running different power-generation technologies. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Levelized Cost of Electricity 2026 - https://www.bnef.com/flagships/lcoeSee omnystudio.com/listener for privacy information.

Oil and gas prices are rising again as the Iran war shakes global energy markets. But so far Europe’s power system is holding up better than in 2022, when Russia invaded Ukraine. More renewables and lower demand have made Europe’s energy system more resilient, even as prices edge higher. Yet gas still matters, and as coal exits the power mix, exposure to future shocks could grow. So how vulnerable is Europe if disruption deepens? On today’s show, Kamala Schelling is joined by Kesavarthiniy Savarimuthu, BNEF’s head of European Power, to discuss her note: “Iran War Hasn’t Sparked a New European Energy Crisis - Yet.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Iran War Hasn’t Sparked a New European Energy Crisis - Yet - https://www.bnef.com/insights/38917See omnystudio.com/listener for privacy information.

The US energy transition has hit an inflection point. Electricity generation reached a 20-year high last year, as renewables and energy storage accounted for 90% of new capacity additions. Energy-transition investment reached a record $378 billion, and more electric vehicles were sold than ever before. Yet all these headline figures occurred as federal policy support for clean technologies was scaled back. So what do the numbers really reveal about the state of the US energy transition, and how resilient are clean technologies as policy winds shift? On today’s show, Tom Rowlands-Rees is joined by Ethan Zindler, BloombergNEF’s head of country and policy research, and Trina White, a senior associate from the North America transition team, to review findings from the 2026 edition of the “Sustainable Energy in America Factbook,” which is produced each year in collaboration with the Business Council for Sustainable Energy. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Sustainable Energy in America Factbook: 2026 Edition - https://www.bnef.com/insights/38735See omnystudio.com/listener for privacy information.

Private capital is reshaping the energy transition. Once a niche corner of finance, private markets now manage tens of trillions of dollars globally, with a growing share directed toward clean energy strategies What sets this capital apart is not just scale, but structure: real assets such as wind, solar, grids and storage dominate, reflecting a preference for infrastructure-style returns and contracted cash flows. Dedicated transition funds have surged over the past decade, yet billions still sit as “dry powder,” committed but not yet deployed. So how does private capital influence where megawatts get built, and what does its rapid growth signal about the next phase of energy transition investment? On today’s show, Tom Rowlands-Rees is joined by Ryan Loughead, a senior associate from BNEF’s finance and investment team, to review findings from the note “Private Markets Primer: Mega Funds to Megawatts.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Private Markets Primer: Mega Funds to Megawatts - https://www.bnef.com/insights/38547See omnystudio.com/listener for privacy information.

New guidance on the 45Z Clean Fuel Production Credit has clarified the outlook for US biofuels. The Treasury Department has confirmed that manure-based fuels can earn negative emissions scores, unlocking potential credits of around $7 per gallon for some renewable natural gas projects. The decision gives manure-based RNG a clear advantage, likely displacing other sources in the already saturated road fuel market. But beyond transport, where stacked subsidies make RNG viable, new demand remains uncertain. So how far can 45Z reshape the broader US biofuels market before the credit expires in 2029?  On today’s show, Kamala Schelling is joined by Jade Patterson, a BNEF specialist in renewable fuels, to discuss his analyst reaction “Dairy and Swine Win Big in New US Biofuel Guidance.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Dairy and Swine Win Big in New US Biofuel Guidance: React - https://www.bnef.com/analyst-reactions/t9wrgjkk3o1c00See omnystudio.com/listener for privacy information.

Investment in the energy transition reached a record $2.3 trillion last year. That’s a huge figure, but it tells only part of the story. Renewables investment dipped year-on-year as China shifted its power market policy, clean industry and carbon capture gained ground, and growth shifted toward Europe, the Middle East and Africa. Behind the total lies a careful process to define what counts, decide when capital is truly committed, and reconcile everything from electric-vehicle sales to nuclear construction and green debt issuance. So what does this year’s record really reveal about the trajectory of the energy transition? On today’s show, Tom Rowlands-Rees is joined by BNEF’s deputy CEO, Albert Cheung, to review findings from the “Energy Transition Investment Trends 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Energy Transition Investment Trends 2026 - https://www.bnef.com/flagships/clean-energy-investment Publicly Available Summary - https://about.bnef.com/insights/finance/energy-transition-investment-trends/See omnystudio.com/listener for privacy information.

The geography of data center development is being redrawn at speed. BloombergNEF is tracking nearly 23 gigawatts of new capacity under construction worldwide, as AI and cloud workloads drive the next phase of digital infrastructure growth. But siting decisions are becoming more complex. Energy availability and land permitting now dominate, while taxes, fiber connectivity and existing ecosystems still shape competitiveness. As AI demand scales and ambitions grow, regions from the Nordics and Iberia to the Middle East and Latin America are positioning for the next wave. So which markets are best placed to win, and what really determines where the next gigawatt gets built? On today’s show, Tom Rowlands-Rees is joined by Lloyd Arnold, an analyst from BNEF’s technology and innovations team, to review findings from their note “Data Center Development: Regional Drivers and Hurdles.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Center Development: Regional Drivers and Hurdles - https://www.bnef.com/insights/38579See omnystudio.com/listener for privacy information.

A US Supreme Court ruling is shaking up global clean-tech trade. By striking down Donald Trump’s “Liberation Day” tariffs, the justices have created an opening for some solar equipment and stationary storage batteries. Yet not everyone will benefit equally, and with the administration moving to put new tariffs in place, just how durable is this reprieve? On today’s show, Kamala Schelling is joined by Derrick Flakoll, a senior policy associate for North America, and Matthew Hales, an associate on BNEF’s trade and supply chains team, to discuss their analyst reaction “Trump’s Tariff Loss Opens Window for Clean Tech Imports.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Trump’s Tariff Loss Opens Window for Clean Tech Imports: React - https://www.bnef.com/analyst-reactions/tarz9pt96osl00See omnystudio.com/listener for privacy information.

Sustainable finance has entered what might be its “messy middle.” For years, governments leaned into reporting regulations and other policies in support of ESG-aligned financial activities. Then came 2025, with the European Union weakening flagship rules, the US rolling back federal guidance, and other markets pausing or delaying new standards. Yet investors still demand standardized data on how companies are spending their money. So is this retreat a sign that the era of sustainable finance is coming to an end, or simply part of the shift to its next phase? On today’s show, Tom Rowlands-Rees is joined by Maia Mesanger, a BNEF specialist in finance policy and transition risk, to review findings from her note “Sustainable Finance Policy Quarterly: 4Q 2025.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Sustainable Finance Policy Quarterly: 4Q 2025 - https://www.bnef.com/insights/38471  See omnystudio.com/listener for privacy information.

Climate adaptation is increasingly a matter of financial resilience, not just physical protection. Across the US, climate risk is filtering into rising insurance costs, shifting property values and heavy reliance on property tax revenues, exposing some cities and counties to mounting fiscal strain and potential spillovers into municipal bond markets. With climate exposure, tax dependence and access to federal aid varying sharply by location, risks are emerging unevenly across the country. So how are climate stresses reshaping municipal finances, and what should investors and policymakers be watching? On today’s show, Tom Rowands-Rees is joined by Danya Liu, a BNEF specialist in climate resilience and adaptation, to discuss findings from her note “Climate Risk and US Municipal Finances: Storm Ahead.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Climate Risk and US Municipal Finances: Storm Ahead? - https://www.bnef.com/insights/38257See omnystudio.com/listener for privacy information.

As AI drives a new wave of data center expansion, the focus is shifting from chips to the infrastructure that powers and cools them. Denser AI workloads are accelerating the move toward liquid cooling, higher-capacity electrical equipment and new power architectures, putting pressure on traditional supply chains and forcing rapid innovation across the ecosystem. So how is AI reshaping the hardware behind data centers, and what does it mean for the future of power, cooling and grid infrastructure? At the BloombergNEF Summit San Francisco, Mark Daly, BNEF’s head of technology and innovation, moderated a panel titled “Seeing Beyond the Chips: Innovations in Data Center Supply Chains.” This episode brings listeners that panel, which featured Steven Carlini, chief advocate for data centers and the AI energy management business unit, at Schneider Electric; Haroon Inam, the co-founder and chief executive officer of DG Matrix; Jill Macari, the chief financial officer of VEIR; and Angela Taylor, the chief of staff and head of strategy at LiquidStack. To learn more about BNEF’s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to https://about.bnef.com/events/type/summit/See omnystudio.com/listener for privacy information.

After years of rapid expansion, the buildout of solar power is starting to slow. Capacity additions are set to dip slightly in 2026, the first decline since BloombergNEF began tracking the market. At the same time, the way solar is built is changing, with developers increasingly pairing projects with batteries to manage curtailment, share grid connections and boost revenues. So what does this new phase mean for solar, and how far can co-location carry the industry? On today’s show, Tom Rowands-Rees is joined by BNEF’s head of solar research, Lara Hayim, and analyst Cosmo van Steenis to discuss findings from the notes “4Q 2025 Global PV Market Outlook: First Ever Dip” and “Co-Located Storage Boosts Solar’s Business Case.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: 4Q 2025 Global PV Market Outlook - First ever dip - https://www.bnef.com/insights/38279 Co-Located Storage Boosts Solar’s Business Case - https://www.bnef.com/insights/38241See omnystudio.com/listener for privacy information.

Investment in power grids is rising fast. Worldwide, spending on this critical piece of infrastructure rose 17% last year. Yet higher outlays are not necessarily translating into new capacity on the ground. Aging assets, supply-chain constraints and the rollout of new technologies are slowing delivery, while connection queues for both generation and load are getting longer. With grids under pressure from all sides, what’s really holding expansion back, and what will it take to turn rising investment into real-world capacity? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF’s head of grids research, Peter Wall, to discuss findings from his team’s note “Grid Investment Outlook 2025: Double-Digit Growth – Again.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Grid Investment Outlook 2025: Double-Digit Growth - Again - https://www.bnef.com/insights/38127See omnystudio.com/listener for privacy information.

Data centers are expanding at an unprecedented rate, and their need for fast, reliable electricity is reshaping power generation plans across the US. Grid bottlenecks and delivery timelines are tipping the balance between gas and renewables. And while clean energy remains central to long-term strategy, speed to power is becoming a decisive factor in short-term plans. As utilities race to serve AI-driven demand, how will the future mix of gas, renewables, and 24/7 clean energy evolve? On today’s show, Kamala Schelling talks with Atin Jain, a specialist from BNEF’s wind team, to discuss his Analyst Reaction “NextEra’s AI-Led Gas Pivot Leaves Space for Renewables.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: NextEra’s AI-Led Gas Pivot Leaves Space for Renewables: React - https://www.bnef.com/analyst-reactions/t70aepkjh6v400See omnystudio.com/listener for privacy information.

Commodity markets are in a period of upheaval. Wars, sanctions and political shifts have already rewired global trade, and a new wave of pressures is coming into focus. A liquefied natural gas glut is looming, China is rapidly expanding its biofuel production, the global copper market is facing a supply crunch, and US military actions in Venezuela have thrown a new wild card into the mix. With so many forces pulling in different directions, which trends are set to define commodity markets in the year ahead? On today’s show, Tom Rowands-Rees is joined by David Doherty, BloombergNEF’s head of natural resources research, and Enrique Gonzalez, head of US gas, to discuss findings from the note “Commodities in 2026: 10 Numbers to Watch From Power to Oil.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Commodities in 2026: 10 Numbers to Watch From Power to Oil - https://www.bnef.com/insights/38261See omnystudio.com/listener for privacy information.

What the recent US action in Venezuela means for global oil markets is still an open question. While the prospect of additional oil is drawing interest, high production costs, infrastructure constraints and political risk complicate any near-term jump in Venezuela’s oil output. As markets weigh the scale and speed of a potential comeback, how much could Venezuela really move the needle in a global oil system already facing a glut of crude? On today’s show, Kamala Schelling talks with David Doherty, BNEF’s head of natural resources research, to discuss some of his team’s recent analyst reactions, including “Venezuela’s Oil Market Impact Hinges on Cost Per Barrel” and “Venezuela’s Oil Renaissance Faces Several High Hurdles.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Venezuela’s Oil Market Impact Hinges on Cost Per Barrel: React - https://www.bnef.com/analyst-reactions/t8giodkjh6v600 Venezuela’s Oil Renaissance Faces Several High Hurdles: React - https://www.bnef.com/analyst-reactions Trump’s Venezuela Move Could Shift Crude Flows Back to US: React - https://www.bnef.com/analyst-reactions/t8dsuukk3ny800 US Action in Venezuela and the Commodity Markets - https://www.bnef.com/themes/t8fw2ut96osi00See omnystudio.com/listener for privacy information.