1 JUL 2024 · The ESG movement is facing a significant backlash. On the one hand there has been too much greenwashing, on the other hand, ESG has become a political punching ball in certain US States dependent on the fossil fuel industry. Some European Oil companies want to list in NY to get a better valuation and are complaining about too much sustainability scrutiny. And Larry Fink, Blackrock CEO, went in the last four years from hero to zero of the ESG wave. Going back a few years a lot of the ESG popularity was linked to an overweighting of Tech and Luxury stocks which performed wonderfully, a trend partially reversed by the war in Ukraine and the rise of interest rates. In 2024, we have seen outflows in ESG labelled funds from a peak three years ago. Still, they represent, according to the FT, a 7tnUSD pot of money, so it is a big industry. We’re not experts… but a system that rates ExxonMobil higher than Tesla on ESG raises eyebrows. To add insult to injury, there is a multiplication of standards and regulations (CSRD, SFDR) which make the whole ESG universe very confusing. There are byzantine debates about passive vs active management. There are endless conversations about the adequacy of “engagement” and if shareholders should behave as activists. And finally, there is a clear transatlantic drift when it comes to that issue. We are totally lost!  To try to understand better if ESG is dead, or if it will have to reinvent itself, we bring in Jean Jacques Barberis Deputy CEO and Head of Institutional and Corporate Clients Division & ESG at Amundi. Amundi is EU’s largest EU Asset Manager and a leader in Green investing. Jean-Jacques Barbéris is currently responsible for the global development of the institutional business at Amundi. With Jean Jacques, Laurent and Gerard take no prisoners and call a spade a spade… and then realise that Paris-aligned targets are for real, that “engagement” with companies deliver results, and that a proper investment strategy starts to yield results. We thank DLA Piper for supporting the show.

24 JUN 2024 · We bring in Nick Wayth, CEO of Energy Institute (EI), for the release of the 73rd Edition of the Statistical Review of World Energy. The Energy Institute Statistical Review of World Energy™ analyses data on world energy markets from the prior year. Previously produced by bp, the Review has been providing timely, comprehensive and objective data to the energy community since 1952. The Strategic Review is now a collaboration between the EI, KPMG, Kearney and Heriot University. Five key stories emerge from the 2023 data: - Record global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levels - Solar and wind push global renewable electricity generation to another record level - Ongoing Ukraine conflict cements gas rebalancing in Europe   - Dependence on fossil fuels in major advanced economies is likely to have peaked - Growth economies struggle to curb fossil fuel growth, but renewables accelerate in China    Although we disagree on the message and question the concept of Primary Energy (super misleading), we salute the consistency and comprehensiveness of that Report. Keep them coming. https://www.energyinst.org/statistical-review

17 JUN 2024 · UK is at the nexus of the subsea interconnector’s new economy. Great Britain is connected to Continental Europe by 8 interconnectors representing up to 15% of its power consumption. Subsea cables are now a growing industry because of the benefits they bring to the grids, such as resiliency, capacity, lower prices, and renewable energy balancing. Alongside batteries and pumped Hydro, interconnectors are the best flexible green infrastructure currently available on our road to net-zero. How has the technology evolved over the recent years? What are the economics in terms of CAPEX and OPEX? What are the revenue models? Is there a role for infrastructure investor? What are the technological challenges? How are the permitting and regulatory frameworks? How far and how deep will we go in the development of interconnectors, as we start hearing about transcontinental projects.  To answer all those questions, we have invited Rebecca Sedler, aka “The Mother of Interconnectors” (reference to Games of Throne). After a long career at E.ON and EDF, Rebecca is Managing Director of the Interconnectors business for UK National Grid. We will start by the Viking Link, her more recent achievement, linking GB to Denmark with a 750km cable and only 3.7% loss. Finally, we will talk about the bright future of subsea interconnectors. “We are going to America”  www.nato-l.org  https://www.cnn.com/2024/06/26/climate/green-energy-wars-undersea-cables-intl?cid=ios_app We thank Amundi for supporting our show. EU Largest Asset Manager and leader in Green investing.

10 JUN 2024 · Laurent interviews Georgios Stassis, PPC’S CEO, during Eurelectric Power Summit 24. PPC, the Greek Utility, is a remarkable turnaround story: from a soviet-style dinosaur a few years ago, PPC has become a thriving forward-looking profitable modern Utility. With Georgios, we discuss the investment in renewables, the phase out of lignite, digitisation, the investment in new segments (Datacenters, E Mobility, Demand Response…) and share an overview of regional integration with interconnectors and the successful acquisition of Enel Romania. And, to crown it all, a Quiz: Eurelectric or AC/DC?

3 JUN 2024 · With David Fishman, an American based in Shanghai, we dig deep into China’s Energy Transition. We try to reconcile the rise of renewables and the rise of coal use. We try to decipher what is decided locally and nationally. We investigate what is the result of command-and-control measures vs market forces. We cover wind, solar, batteries, EVs. Our goal is not to give good points or bad points, our mission is to share with our listeners the fascinating but complex picture of what is happening in China. And we debunk a lot of the cliches that we read in the Western media. To paraphrase Churchill: “A riddle wrapped in mystery inside an enigma”. As the US and the EU are becoming more and more wary and protectionist in relation to China’s progresses in clean technologies, we try to stay neutral when it comes to subsidies, “overcapacity” and real advances made by China Inc. Beyond those cliches, we talk about human capital and the fundamental concern about energy security which are powerful drivers boosting the Chinese energy transition. In David’s opinion, China is turning the corner on Coal and Fuels, and we might already have seen peak emissions. And we like that!   For institutions which would like to partner with our show, please ask for our media kit.   We thank Amundi for suppiorting our show.  -------------------------------- David Fishman is an economic consultant at the Lantau Group specializing in the Chinese power sector. His work includes regulatory and commercial intelligence for Chinese nuclear power, solar, wind, and distributed energy markets. His specific experience includes Chinese power market and policy intelligence and forecasting, solar and wind pricing forecasts, renewable asset transactional due diligence, China business matchmaking, and green power procurement planning and execution for multinationals with factories in China.   Check David Fishman on LinkedIn https://www.linkedin.com/pulse/china-electricity-2023-statistics-summary-david-fishman-mknic?utm_source=share&utm_medium=member_ios&utm_campaign=share_via  

27 MAY 2024 · Last week, Laurent was in Athens for the spectacular Eurelectric Summit (we will talk more about it in 2 weeks’ time, with a special Episode) meanwhile, we bring in our friend Jan-Michael Hess, organiser of the Berlin EcoSummit 4-5 June to discuss Clean Tech and his annual gathering of more than 100 Start-Ups and hundreds of investors. If you don’t have your tickets (yet) https://ecosummit.net/  

20 MAY 2024 · "McKinsey, BCG and S&P Global Commodity Insights project electricity demand tied to data centers to increase at a CAGR of 15% through 2030." “Booming AI demand threatens global electricity supply (FT)”. Media and consultants have recently raised the alarm about the unquenchable energy thirst of AI and datacentres.  Can we believe those predictions or is it another scaremongering wave like we saw 15 years ago, when prophets predicted that the internet would soon consume 50% of the world power? Laurent and Gerard prefer to go directly to the source. So, we have invited Michael Terrell, Senior Director Energy and Climate at Google. Google is one of the Top 5 purchasers of Green Electricity in the world, and Michael is one of the key architects for providing 24/7 green power to their 28 datacenters around the world. With Michael, we analyse why datacenters consume so much energy. We also discuss why the overall grid has not melted down despite ominous predictions a decade ago, as energy efficiency improvements have been spectacular. We talk about fostering the purchase of green energy and especially 24/7. We discuss new tech, whether software (Tapestry) or hardtech (geothermal, nuclear, LDES) and why Google and others BigTech are fostering them. Finally, we discuss the development of AI and its impact on the future demand. All in all, a great discussion but more importantly a very optimistic dialogue, where we see that we – the Energy Transition Brotherhood – are a force for good and we will defeat – easily – the old guard of fossil fuel lobbyists and scaremongers.    We thank Amundi for supporting our show

13 MAY 2024 · We bring in the star of the week, Ember’s Dave Jones, to discuss the Global Electricity Review 2024, published last week. Main take aways (thank you Nat Bullard):  - Renewable sources (hydro, wind, solar, geothermal, biomass) are now 30% of global electricity supply. - Solar generation increased 23% yoy; wind 10%. - Fossil fuel generation increased 0.8%. If not for a decline in hydro production, renewables would have met almost the entirety of the global increase in electricity demand. We are entering a new era of electricity with three great flexors acting on a complex and growing supply mix: - Continued growth of wind+solar increasing global clean electron supply - Variations in hydro and nuclear production - Demand driven by electrification, data, and global wealth  https://ember-climate.org/insights/research/global-electricity-review-2024/   We partner with EcoSummit Berlin, the annual unique gathering for startups and investors to discuss to decarbonise our economy and save our climate. Berlin 4-5 June. If you don’t have your tickets (yet) https://ecosummit.net/ Finally Happy Anniversary to Paul Chapman and his excellent podcast HC Insider who is about to change name to HC Commodities podcast. 200th episode. Really if you are interested in Commodities markets, from Oil to Power to Metals to Ags, Trading , they are the best.

6 MAY 2024 · Distribution grids are facing new challenges. On the one hand, they experience a growth of local demand, with EV charging, heat pumps and datacenters. On the other, they must accommodate with the fast deployment of decentralised energy such as rooftop solar and batteries.  How to reconcile those challenges while maintaining grid stability? And how can Utilities, hooked up on rates and CAPEX start thinking differently and adopt new technologies? Beyond the regulatory changes and technical investments, some cultural shifts need to be implemented. And a lot of solutions are digital. That’s the job of our guest, Robert Denda. Robert is CEO of Gridspertise, a new company carved out two years ago out of ENEL. Previously, he was Head of Innovation & Industrialization (since June 2021) at the Enel Global Infrastructure and Networks and Head of Network Technology and Innovation (since June 2015) at the same business line of the Enel Group, leading the development of and application of digital grid technologies at the largest privately-owned international operator of power distribution grids, serving 74 million customers.   Gridspertise today is an independent company jointly controlled by is a 50/50 JV between Enel and investment fund CVC Capital Partners, valued almost 1bnEUR, headquartered in Italy but also present in Spain, Brazil, USA, Germany and Scandinavia the Nordics. Its Enterprise Value was valued 625M EUR at the time of the transaction, with potential deferred payments that could bring the enterprise value up to 1bn EUR. Our conversation encompasses several themes, from smart meters to sensors, from cyber security to AI, from performance to business trends. Solutions are being implemented daily to speed up the Energy Transition.    We thank Amundi, EU largest Asset Manager, for supporting the show

29 APR 2024 · We hear conflicting messages regarding the status of the EV market. On the bright side, IEA predicts 17mEV to be sold this year, EV and Hybrids reach 50% market share in China for Q1, more than 500 EV models are currently on the market. On the dark side, Tesla and BYD deliveries were down in Q1_24, Tesla revenues were down 9% compared to Q1_23 and the price war has cut the EPS in 2. Has Tesla lost its mojo or will Elon refocus and reboot. Lots of announcements, but also a 10% cut in the workforce, and a depressed share price. Meanwhile the “Oil Street Journal” and other publications have been repeating ad nauseum (but falsely) that the EV Story is over. In fact, EV sales in Q1 2024 were 21% higher than Q1 2023. China led the way with at 31% growth with the US and Canada at 13%, and EU and EFTA trailing behind at a 7%. Removal of the BEV subsidies in Germany showing their full impact there. There are also a lot of questions about protectionism, as Elon Musk just declared that “Chinese automakers would "demolish" most of the world's other car companies if there were no trade barriers. Our observation is generally that the Chinese car companies are the most competitive car companies in the world," To discuss this and the future of the EV market, Laurent brought James Carter. James is a friend of the show and one of the top Auto experts in the world based in Toronto, Canada. And Gerard will be back with us next week. He was simply too busy successfully selling our German Rooftop Solar company Febesol to Thermondo. But that is a story for another day. The pod has just been named number 1 Energy Transition show. Thank you, guys. We love you all. -------- PS: when referring to our friend Roger Atkins, Laurent said “Shanghai Auto Show”. Oooops its was Beijing Auto China from which he brings back wondrous stories, including a meeting with the legend Robin Zheng, CATL founder.