S&P Global Commodity Insights

Energy Evolution

A Business News , News and Science podcast

#32 in Business News · 🇰🇷 #63 in Business News · 🇬🇧

About the show

Interviews, analysis and reporting from S&P Global Energy on energy and commodities' transition to a cleaner future. Host Eklavya Gupte speaks with policymakers, industry professionals and S&P Global Energy in-house experts worldwide on topics related to decarbonization, climate, emerging fuels and energy sources, and the outlook for commodity markets from oil to power to metals. The Energy Evolution podcast merged with the Platts Future Energy podcast in January 2025.

Newest episodes

An edgy winter for European gas

Nov 10, 2026 20 min

Europe is heading into winter with low gas storage and prices back at levels not seen since 2022. Does a tight start to winter mean Europe will struggle to get enough gas, or will it simply have to pay more for it? In this episode of Energy Evolution, host Camilla Naschert is joined by Stuart Elliott, news manager at Platts, part of S&P Global Energy. He explains why prices rose sharply to their late-October peaks, what current storage levels mean at the start of winter, and why low levels in Germany and the Netherlands matter in particular. Stuart also covers where Europe's gas is coming from, with the loss of most Qatari LNG and the EU ban on Russian LNG starting in the new year.

Carbon removal's coming of age: BECCS and the future of carbon markets

Nov 3, 2026 33 min

Bioenergy with carbon capture and storage has long been one of the most promising and contested technologies in the rapidly expanding world of carbon removal. It is now starting to move from theory to practice at scale, in ways that matter for carbon markets, energy producers and industrial emitters alike. In this episode, host Eklavya Gupte is joined by three practitioners actively shaping the BECCS market to assess whether the sector has finally crossed the threshold from ambition to delivery. Jan-Willem Bode, president of Puro.earth, maps the state of carbon removal certification; Alex Clayton, chief carbon officer at Gevo, offers a ground-level view from an operating BECCS facility in North Dakota; and Kaja Voss, CEO and founder of Inherit Carbon Solutions, explains how Europe is pursuing a different but complementary path to geological storage. Together they assess how evolving project financing structures and sharply contrasting policy approaches on either side of the Atlantic will determine the trajectory of carbon markets in the years ahead. The central question running through the conversation is a simple one: is BECCS finally ready to deliver the tons of carbon removal that buyers, regulators and climate targets urgently need?

Challenger chemistry: One start-up's bullish take on sodium-ion battery storage

Oct 27, 2026 30 min

Lithium-ion batteries dominate today's rapidly expanding global market for energy storage systems, fueled by hyperscalers and utilities scrambling to bring online new flexible capacity. But alternatives to lithium ion are fast emerging, perhaps none as quickly as its close cousin sodium ion. This episode features a recording from the American Clean Power Association's RECHARGE energy storage conference in Aurora, Colorado, where Platts senior reporter Garrett Hering moderated a fireside chat with Landon Mossburg, CEO and co-founder of Peak Energy, a developer of sodium-ion battery storage systems. Mossburg makes a case for why market observers may be underestimating the ability of sodium ion to rise from a fraction of the market to a meaningful market share in just a few years.

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All episodes

The newest 50 of 374 episodes

An edgy winter for European gas

Nov 10, 2026 20 min

Carbon removal's coming of age: BECCS and the future of carbon markets

Nov 3, 2026 33 min

Challenger chemistry: One start-up's bullish take on sodium-ion battery storage

Oct 27, 2026 30 min

How much new gas capacity does the Texas grid need?

Oct 20, 2026 39 min

The Texas grid experienced record electricity demand in summer 2026 while posting some of the lowest power prices in nearly a decade. That might be good for customers, but it makes for a tough investment environment if you want to build a gas plant. And with surging demand projections and increasingly extreme weather swings, many believe Texas needs significant new dispatchable generation, mainly gas, to prepare. So how do we think about the reliability of the Texas grid? And how much are policy mechanisms like the Texas Energy Fund loan program helping? Where do renewables and storage fit into this? And how does Texas compare to other competitive power markets trying to encourage new dispatchable generation? This episode features a recording from the Gulf Coast Power Association's fall conference in Austin, where Dan Testa hosted a live discussion on these issues with guests: David Dardis, chief external affairs and growth officer at Constellation Energy; Elaina Ball, chief strategy officer at CPS Energy, the municipal utility for San Antonio; and Mason Lester, a principal analyst on the North American power team at S&P Global Energy.

Inside CBAM's first year: what traders, importers and policymakers learned

Oct 13, 2026 43 min

In this week's episode of Energy Evolution, host Eklavya Gupte takes stock of the EU's Carbon Border Adjustment Mechanism nearly a year into its definitive phase, and asks a pointed question: Is it working? To answer it, he is joined by Alwyn Hopkins, director and sustainability leader for Industrials and Energy at EY UK; Dan Maleski, director at the EY Global Tax Center of Excellence; and Irina Breilean, senior carbon price reporter at Platts, part of S&P Global Energy. Together, they examine how punishing default emissions values are rewriting the economics of steel, fertilizer and other carbon-intensive imports, how traders are building proxy hedges to manage exposure to volatile EU carbon prices, and why 2027 will mark a decisive shift from compliance accounting to live cash flow pressure. The episode also looks beyond Europe, tracing how CBAM is accelerating the development of carbon pricing regimes from India to Brazil, and what the UK's own version of the mechanism, launching in January 2027, means for global trade flows.

AI's power boom tests Big Tech's net-zero promises

Oct 6, 2026 15 min

In this week's episode of Energy Evolution, host Camilla Naschert turns the spotlight on Big Tech as part of S&P Global Energy's annual series examining how the world's largest companies are faring on their paths to net-zero emissions. The AI infrastructure boom has driven the sector's energy appetite to new heights, and its carbon footprint is rising in tandem. Tech reporter Stefan Modrich of S&P Global Market Intelligence surveyed the top 30 IT companies by market cap, tracking targets across scopes 1, 2 and 3. He found genuine ambition sitting uneasily alongside a commercial race to secure power at any cost. Senior reporter Karin Rives completes the picture from the utility side. Five years into her survey of the 30 largest US electric utilities, she found two-thirds are either not on pace to meet their climate goals, have delayed them or have scrapped them entirely. Some companies cited reliability and affordability as justification, while others are pressing ahead with new gas capacity to keep pace with a surge in electricity demand.

AI-powered threats put Europe's power system on high alert

Sep 29, 2026 27 min

Europe's increasingly digital power system faces a rapidly evolving mix of cyberattacks, physical sabotage and supply-chain vulnerabilities, with artificial intelligence amplifying both the risks and the defenses. Host Camilla Naschert speaks with Eurelectric CEO Kristian Ruby and European Initiative for Energy Security Executive Director Albéric Mongrenier about how utilities are responding to AI-enabled threats, state-backed and non-state actors, and attacks on critical infrastructure. They examine whether Europe's regulatory framework and security investment are keeping pace, how operators should approach equipment and vendor risk, and why stronger civilian-military coordination will be essential to keep the lights on.

Checking in on US offshore wind: Lease buybacks and legal blowback

Sep 22, 2026 22 min

The US offshore wind sector is facing a new front in its battle with the Trump administration: lease buyouts. In this episode of Energy Evolution, renewables reporter Noah Schwartz tells host Camilla Naschert about federal deals that allow offshore wind developers to cancel leases in exchange for fossil fuel investment commitments and government reimbursement. S&P Global Energy offshore wind analyst John Murray explains the financial and regulatory pressures facing developers, while former Bureau of Ocean Energy Management head Liz Klein discusses the legal challenges, state-level opposition and national security arguments surrounding offshore wind.

AI demand is intensifying the race to build advanced nuclear reactors

Sep 15, 2026 32 min

Dozens of North American private startups and established companies, state agencies and academic institutions are racing to develop and commercialize an advanced nuclear reactor. Whether these companies, and the advanced nuclear sector at large, can succeed depends on numerous factors, including the capital plans of large tech companies, favorable federal policy and the strengths of individual reactor designs. So which companies are currently winning the race to commercialize an advanced reactor design? In this episode, Dan Testa discusses the state of the advanced nuclear sector with contributor and S&P Global Energy reporter Abbie Bennett. Bennett also interviews Craig Bealmear, CFO of advanced reactor developer Oklo Inc., to get an inside view of the industry.

War and decarbonization: Rewriting the UK and Europe's refining future

Sep 8, 2026 32 min

By most conventional metrics, the European refining sector is in rude health. The Middle East conflict has driven key fuel price benchmarks to unprecedented heights, and refiners are running flat out to plug supply gaps left by disruptions to key Gulf exporters. In this episode, host Eklavya Gupte speaks to Kelly Norways, senior editor at S&P Global Energy Platts, who explains why the current boom has so far failed to shift many refiners' thinking about the long-term competitiveness of Europe as a fuel production hub, and why that disconnect threatens both the region's energy security and its ambitions for investment in low-carbon technologies. They explore how governments across the continent are responding to a wave of refinery closures that predates the conflict, whether the crisis has genuinely changed the political calculus in the region, and what it would actually take to unlock the scale of capital spending the sector needs to survive and decarbonize. We also hear from Elizabeth de Jong, CEO of Fuels Industry UK, a trade association representing the country's downstream sector. She sets out the industry's case to be included in the UK's Carbon Border Adjustment Mechanism, explains why record refining margins represent a temporary distortion rather than a structural fix, and warns that without a decisive government signal on carbon costs and competitiveness, Europe risks emerging from this crisis in a weaker position than when it began.

Why protesters want to slow America's data center boom

Sep 1, 2026 25 min

Alongside a surge in data center construction, a growing protest movement has emerged in the US, with locals voicing concerns over electricity and water usage. Protests have put around 12 gigawatts of data center capacity at risk, analyst John Murray from S&P Global Energy tells the Energy Evolution podcast. To address concerns, tech firms need to improve transparency and deliver clear local benefits, said Darrell West, senior fellow in the Center for Technology Innovation within the Governance Studies program at think tank Brookings. To answer questions on sustainability and power consumption, host Camilla Naschert is joined by Aaron Tinjum of trade association Data Center Coalition. The news clip featured in this episode is from ABC News, July 19, 2026.

Europe's electrification challenge: Can ambition meet reality?

Aug 25, 2026 32 min

The EU wants to nearly double its electrification rate to 46% by 2040, a transformation that would slash fossil fuel imports by hundreds of billions of euros annually. In this episode of Energy Evolution, host Eklavya Gupte examines the EU's Electrification Action Plan and assesses whether Europe can realistically achieve it. Coralie Laurencin, director of European gas, power and carbon policy at S&P Global Energy CERA, and Andreas Franke, editorial lead on European power markets at S&P Global Energy Platts, unpack the formidable challenges: stubbornly high electricity costs, taxation and subsidy structures, and massive grid investments needed to support surging demand. The conversation breaks down which sectors will electrify fastest and which face steeper obstacles, from Germany's industrial power subsidies to France's nuclear-backed power contracts. As geopolitical instability threatens global supply chains, electrification has emerged as the EU's answer to energy security, climate ambition, and industrial competitiveness, but only if Brussels can make electricity both abundant and affordable.

Balcony solar and EVs are giving consumers a greater role in grid flexibility

Aug 18, 2026 42 min

Balcony or "plug-in" solar is rapidly gaining popularity, as it gives consumers who might not have easy access to distributed solar generation a straightforward way to deploy the technology and begin saving on their power bills. Meanwhile, as drivers transition to electric vehicles, the possibility of deploying the batteries as a flexible grid resource hooked up to bidirectional chargers is also growing. These new technologies are allowing residential utility customers to take greater control over their electricity consumption and spending. But wider adoption has implications for grid safety and reliability, and several states are already moving to regulate and manage the addition of these resources. In this episode, Dan Testa discusses these issues with Kirsten Errick, an S&P Global Energy reporter who covers renewables. Kirsten interviews Cora Stryker, co-founder of Bright Saver, a plug-in solar company, and Aseem Kapur, chief revenue officer at GM Energy.

Cybersecurity and clean energy: Inside the EU funding ban for solar and storage inverters

Aug 11, 2026 30 min

In April 2026, the European Commission adopted interim guidance stipulating that solar and battery storage projects using inverters or power conversion systems sourced from high-risk countries would be ineligible for EU funding, citing concerns over cybersecurity and grid resilience. Among the affected countries is China, Europe's dominant supplier of clean energy technologies. In this episode of Energy Evolution, host Eklavya Gupte is joined by Lena Dias Martins, electricity pricing reporter at S&P Global Energy Platts, to explore the implications of this policy for Europe's rapidly expanding solar and battery storage sectors. They examine how markets have responded, which regions may be most affected, and whether viable alternatives to China-made inverters are available at scale. The episode features Cormac Gilligan, director of clean technologies and supply chains at S&P Global Energy Horizons, who explains how the restrictions could signal the start of a broader global shift toward greater diversification of clean energy supply chains. We also hear from Jan Krčmář, executive director of the Czech Solar Association, who shares the industry perspective on the practical challenges facing developers and installers, how the sector is responding to the new requirements, and what the changes could mean for solar deployment across Europe in the years ahead.

Grid operator PJM juggles reforms as power auction results hit price cap again

Aug 4, 2026 33 min

On July 14, grid operator PJM released the results of its latest capacity market auction for the 2028-2029 delivery year. Prices hit the federally approved cap of $325/megawatt-day, but the amount of procured capacity came up short of PJM's reliability requirement by 6.8 gigawatts. In other words, prices went as high as they were allowed to go but still didn't incentivize enough generation to meet the reliability requirement PJM wanted. Although PJM has other options to secure that capacity, the results of this latest auction underscore mounting concerns about rising prices and reliability in the region managed by the grid operator, which provides electricity for 67 million people across 13 states. And power demand from data centers is contributing to these issues. Joining Dan Testa on this episode to talk through some of these issues is Darren Sweeney, a senior reporter at S&P Global Energy. Sweeney interviews Paul Segal, CEO of LS Power, a private independent power producer with a major presence in PJM, and Tanya Peevey, an S&P Global Energy CERA analyst for North American power and renewables.

Discussing Democrats' midterm message on energy

Jul 28, 2026 47 min

From his first day in office, President Donald Trump has exerted major shifts in US energy policy during his second term, including opposition to offshore wind projects, extending the lives of coal-fired power plants, withdrawing from climate treaties and war with Iran. But with the midterm elections approaching, Democrats have an opportunity to regain power in Congress. So how are Democrats talking about energy and selling their own policies to convince voters they can do a better job addressing rising gasoline prices and utility bills? And how will issues like climate change and the Iran war impact campaigns this fall? In this episode, Dan Testa discusses these issues with Mary Landrieu, a senior policy adviser at Van Ness Feldman LLP and former Democratic US senator from Louisiana, and Scott Segal, a partner at Bracewell LLP and a co-chair of the law firm's Policy Resolution Group.

Moving beyond the grid bottleneck with smart technology

Jul 21, 2026 23 min

Smart technology is rapidly redefining the debate over grid infrastructure. Rather than spending millions on new transformers, transmission lines and generation capacity, a growing consensus suggests the answer lies in using existing resources more intelligently. In this episode, host Eklavya Gupte speaks with Devrim Celal, Chief Flexibility and Marketing Officer at Kraken Technologies, about how consumer devices are being transformed into virtual power plants managing gigawatts in real time. Celal explains how Kraken coordinates nearly 8 gigawatts across half a million devices, from utility-scale batteries to home EV chargers, turning flexibility into the new currency of power markets. He discusses why the shift from thermal to renewable generation has created unprecedented volatility, and how time-of-use tariffs and smart optimization are unlocking consumer participation at scale. The conversation also examines why batteries have become the fastest-growing energy technology globally, and how the dual pressures of electrification and data center growth are forcing a fundamental reimagining of the grid.

The summer stress test: How heat waves are rewiring Europe's power markets

Jul 14, 2026 25 min

Traditionally, European power systems were engineered around a single imperative: survive the winter "Dunkelflaute," those prolonged cold, dark, windless stretches that push demand higher while renewable generation collapses. But rising summer temperatures are dismantling this assumption. Heat waves are forcing a fundamental recalibration of infrastructure investment, operational strategy and market design across the European power sector. In this episode, host Eklavya Gupte speaks with Parth Goel, power analyst at S&P Global Energy CERA, about how extreme heat is reshaping demand patterns, straining supply and exposing vulnerabilities in the continent's energy infrastructure. Goel explains why France, not Southern Europe, has emerged as the most price-sensitive region during heat waves, how solar generation creates dramatic price swings between midday troughs and evening peaks, and why Europe is shifting from a winter-peaking power system to a dual-peaking one. The conversation also examines the compounding effects of drought on Alpine hydro, the thermal stress on nuclear cooling systems, and why summer now demands the same infrastructure planning attention as winter.

The new economics of renewable energy: Why transmission trumps technology

Jul 7, 2026 25 min

The clean energy investment landscape has undergone a fundamental reset. The era of zero interest rates has given way to a more disciplined environment where transmission access and power market fundamentals determine success or failure. In this episode, host Eklavya Gupte speaks with Declan Flanagan, founder and CEO of Bluestar Energy Capital, about how his company is responding to these shifts. Flanagan discusses how power pricing dynamics are reshaping technology choices and why certain markets like Germany are emerging as battery storage frontiers. He also examines how capex inflation, extended interconnection timelines and evolving demand profiles have rewritten the renewables investment playbook.

What California's launch of an extended day-ahead market means for the western US

Jul 1, 2026 39 min

Every day, power market participants in the Western US must determine how much electricity they need for the following day and where it's going to come from. In response, California's grid operator on May 1 launched its Extended Day-Ahead Market, or EDAM, giving power providers a better way to coordinate to find the cheapest electricity. So how is it going so far? And what does it mean for grid reliability, emissions, ratepayers and power traders? Joining the podcast to address those questions will be Elliott Mainzer, president and CEO of the California Independent System Operator, and Scott Miller, executive director of the Western Power Trading Forum. They are interviewed by Kassia Micek, a reporter for S&P Global Energy who covers Western power markets, who joins co-host Dan Testa to talk about what's ahead for the region.

Cameco makes the case for large nuclear reactors

Jun 23, 2026 23 min

Much of the current discussion about nuclear power focuses on advanced technologies, from the potential for nuclear fusion to the development of various designs for small, modular reactors. But if we ask what new nuclear reactors have been built recently in North America and are up and running? The answer is the two reactors at the Vogtle plant in Georgia, which use Westinghouse Electric's AP1000 design. In this episode, Dan Testa interviews Grant Isaac, president and COO of Cameco Corp., a uranium mining and production company that is co-owner of Westinghouse Electric. Isaac says the global nuclear industry is making significant improvements in cost and execution when it comes to building new projects and refurbishing existing reactors – and that the pieces are lining up in the US for utilities to invest in new, large nuclear reactors using Westinghouse's AP1000 design.

How the Iran war is challenging and changing Europe's gas market

Jun 16, 2026 37 min

After nearly four months, global commodity markets have shown both vulnerability and resilience amid the unprecedented disruptions caused by the Iran war. The European gas market is no exception. In this episode of Energy Evolution, host Eklavya Gupte examines the paradoxes shaping Europe's gas outlook. Gas prices in Europe have surged since the conflict erupted, yet remain far below the panic-driven highs of 2022 following Russia's invasion of Ukraine. Beneath the surface, however, a new set of risks is emerging: gas storage is filling at its slowest pace in years, and the market's reliance on LNG has left it increasingly exposed to fresh supply shocks. Matt Hoisch, senior gas and LNG reporter at Platts, part of S&P Global Energy, speaks with Jack Sharples, senior research fellow on the gas research program at the Oxford Institute for Energy Studies, about why prices haven't reached 2022 crisis levels, what current storage figures mean for winter volatility, and how the gas market's growing interconnectedness is amplifying uncertainty.

How battery storage is transforming the power grid

Jun 9, 2026 28 min

It's hard to overstate how fast the battery energy storage industry is growing, and the impact that's having on the power sector. In 2025, US utilities and independent developers added 17.75 gigawatts of large-scale battery storage capacity, up 52% from 2024. Multiple forecasts suggest another 100 GW or more of large-scale battery capacity will come online in the US through 2030. To the extent utilities and power producers can meet the electricity demand projected to surge in coming years, batteries are going to be critical to the solution, supporting data centers, electric vehicles, domestic factories and other sources of increased load. In this episode, Dan Testa digs into these trends with Noah Roberts, executive director of the Energy Storage Coalition, and Mateo Jaramillo, CEO of Form Energy, a company building and deploying long-duration batteries using innovative iron air technology.

Discussing data centers' grid impacts with Amazon Web Services

Jun 2, 2026 21 min

The growth of data centers, and the amount of electricity expected to be required to meet that demand, is probably the biggest issue in the US power sector. US grid power supplied to hyperscale, leased and crypto-mining data centers reached about 64.4 gigawatts in 2025, nearly tripling since 2020. And that growth is accelerating. In this episode, host Dan Testa speaks with Brandon Oyer, head of energy and water for the Americas at Amazon Web Services. Oyer breaks down what he describes as misperceptions regarding the water and power impacts of data centers, the ways in which many people rely on data centers without realizing it and how AWS works with utilities to develop new projects.

Beyond molecules: The rise of environmental commodities

May 27, 2026 21 min

In this episode, host Eklavya Gupte sits down with Marijn van Diessen, CEO of STX Group, one of the world's leading environmental commodity traders. The conversation explores Europe's strategic pivot toward domestic energy sources, the explosive growth potential of biomethane as a gas substitute, and the surge in demand for renewable certificates driven by AI data centers — alongside the challenge of creating liquid markets for products that exist only as digital attestations. Van Diessen explains both the parallels and distinctions between environmental and traditional energy trading. Like oil and gas, environmental commodities require logistics, storage and physical infrastructure. But unlike fossil fuels, they're far more sensitive to regulatory shifts — where a single policy change can trigger volatility as dramatic as any geopolitical shock.

How the war in Iran is accelerating Asia's energy transformation

May 19, 2026 23 min

In this episode, host Eklavya Gupte explores how the war in the Middle East has exposed Asia's deep reliance on fossil fuels while also accelerating the region's energy transition. Ruchira Singh, energy transition editor at Platts, part of S&P Global Energy, speaks with Nobuo Tanaka, chair of the steering committee at the Innovation for Cool Earth Forum and former executive director of the International Energy Agency, about the emerging dynamics between petrostates and electrostates, and where Asia stands on the threshold of its energy future. Echoing the 1970s oil shocks that gave rise to the LNG market, Tanaka believes this crisis will spark another tectonic shift, elevating renewables to the mainstream and fast-track Asia's electrification. From faster electric vehicle adoption to expanding low-carbon hydrogen trade and strengthened regional collaboration, Asia is poised to respond with a decisive shift toward cleaner, more resilient energy systems, he says.

From crisis to resilience: How renewables are strengthening Europe's energy security

May 12, 2026 20 min

The war in the Middle East has put energy security back at the top of Europe's political agenda. For many, it brings back uncomfortable memories of 2022, when Russia's invasion of Ukraine triggered an energy crisis that forced governments to scramble for solutions. But this time, something is different. In this episode of Energy Evolution, host Eklavya Gupte speaks with Alex Blackburne, senior reporter at S&P Global Energy, who recently sat down with Miguel Stilwell d'Andrade, CEO of Portugal's EDP — one of Europe's largest utilities and a major player in renewable energy. Stilwell d'Andrade explains why Europe's power system is more resilient now than it was four years ago, driven by the region's massive expansion of wind, solar and storage. But progress hasn't been uniform, and the EDP CEO argues that consistent policy execution, as opposed to new measures, is what Europe needs most to secure its energy independence.

How EU's methane rules could upend global gas trade

May 5, 2026 35 min

The EU's methane emissions framework has drawn pushback from major gas producers and industry groups, warning that critical implementation details remain undefined even as a key 2027 regulatory deadline looms. In this episode of Energy Evolution, host Eklavya Gupte asks whether Europe's methane regulation will set a new global standard for climate accountability or trigger an energy crisis by impacting long-term contracts and reshaping global gas trade flows. Desmond Wong, global lead for low-carbon gas pricing at Platts, part of S&P Global Energy, interviews two experts on the legislation's far-reaching implications. First, Doug Wood, gas committee chair at Energy Traders Europe, explains the commercial realities facing importers: unclear penalties, missing verification standards, and the regulatory gaps that could prevent companies from signing new supply deals. The conversation then turns to Max Mucenic, senior principal emissions analyst at S&P Global Energy Horizons, who breaks down the technical challenge of measuring methane across complex supply chains and discusses why wide variations could determine which suppliers win or lose access to European markets.

Southern Company CEO Chris Womack on AI, power demand and affordability

Apr 28, 2026 22 min

Chris Womack is chairman, president and CEO of Southern Company, one of the largest investor-owned, regulated utility holding companies in the US. Its electric and gas subsidiaries serve more than 9 million customers in Alabama, Georgia, Illinois, Mississippi and Tennessee. In this episode, co-host Dan Testa sits down with Womack to discuss the many issues facing the US power industry, including how utility capital spending impacts affordability, federal loan guarantees, coal-fired power plant extensions, as well as rising power demand forecasts driven by data centers and AI.

Exploring AI applications for energy and the grid

Apr 21, 2026 36 min

The development of data centers, many of which are to enable the growth and widespread use of powerful AI applications, is one of the key drivers of steeply increasing electricity demand forecasts in the US and around the world. But while the power industry is working to supply electricity needed by large tech firms, it is also using AI technology to improve its own operations. In this episode, Dan Testa speaks with experts and executives about how utilities, large industrial facilities and energy companies are using AI, and what's ahead. Joining this episode are Morgan Scott, vice president of global partnerships and outreach at the Electric Power Research Institute; Honeywell Process Automation President and CEO Jim Masso; and Amit Narayan, co-founder and CEO of GridCARE.

War, sanctions and climate: The forces redefining Russian energy

Apr 14, 2026 25 min

Russia's invasion of Ukraine has fundamentally reshaped its energy sector, with oil and gas exports diverted from Europe to Asia while soaring military spending strains the state budget. The war has stalled Russia's decarbonization plans and reduced investment in cleaner energy projects. But with climate change impacts increasingly visible across Russia's vast territory, the question looms: How will Moscow adapt its energy infrastructure? And what potential exists if the government shifts priorities toward energy adaptation? In this episode of Energy Evolution, host Eklavya Gupte and Rosemary Griffin, managing editor at Platts, part of S&P Global Energy, examine how geopolitical conflict and climate realities are creating a crossroads moment for one of the world's largest energy producers. First, Tatiana Mitrova, fellow at Columbia University's Center on Global Energy Policy, explains how the war in Ukraine is affecting Russia's energy strategy and why the country's enormous renewable energy potential remains largely untapped. The conversation then turns to Eoin Quill, researcher at Climate Analytics, who puts Russia's greenhouse gas emissions in global context, examines its role as a carbon sink, and explores how the rapidly warming Arctic could alter the country's energy infrastructure and export capabilities.

Former Energy Secretary Moniz discusses the Iran war, new technology and power demand

Apr 7, 2026 27 min

Ernest Moniz was the 13th US secretary of energy, serving from 2013 to January 2017. During his tenure he was part of the team, along with then-Secretary of State John Kerry, that negotiated the 2015 Iran nuclear agreement. Moniz currently serves as founder and CEO of the EFI Foundation, a nonprofit dedicated to supporting the transition to a low-carbon energy future. In this episode, Dan Testa speaks with Moniz on the sidelines of the CERAWeek by S&P Global conference in Houston, to hear the former secretary's perspectives on the current war with Iran and the impacts on oil and gas markets, as well as how the conflict could accelerate adoption of other forms of energy. Moniz also weighs in on steeply rising US power demand forecasts, which new energy technologies hold promise and possible "bumps in the road" for the energy transition. This episode also features information about the Platts Global Power Markets Conference, scheduled for April 13-15 in Las Vegas. Click here to register or learn more about the conference. Related content: (Subscriber content) QatarEnergy expects 3-5 years to repair LNG facilities after strikes (Subscriber content) Iran war disrupting supply chains more so than COVID: Saudi finance minister (Subscriber content) Crude exports from inside Strait of Hormuz plunge 70% since onset of war: CAS

Political pressure mounts on Europe's flagship carbon policy

Mar 31, 2026 34 min

The EU Emissions Trading System is facing its greatest test yet. European leaders and companies are sounding the alarm, warning that high carbon prices are undermining the bloc's industrial competitiveness and threatening to drive manufacturing offshore. In this episode of Energy Evolution, host Eklavya Gupte examines what's driving the turbulence in Europe's carbon market and what it means for the bloc's energy transition. First, Irina Breilean, carbon price reporter at S&P Global Energy Platts, explains how political pressure from member states has dragged EU Allowance prices down by almost Eur30/mtCO2e in recent months. The conversation then turns to Julia Michalak, EU policy director at the International Emissions Trading Association, who breaks down the ETS reforms now under consideration: extended free allocations, the modified Market Stability Reserve, and why industrial competitiveness concerns are dominating the climate policy debate in Brussels. Eklavya also speaks with Pedro Barata, associate vice president for carbon markets and private sector decarbonization at the Environmental Defense Fund, who offers a perspective on the political economy of carbon pricing and how the EU's Carbon Border Adjustment Mechanism is evolving from a climate tool into an instrument of industrial policy -- with major implications for global trade.

The imperative for measuring methane emissions in the US gas industry

Mar 26, 2026 26 min

Measuring and reducing upstream methane emissions is critical for US gas producers, particularly as they look to export their product to markets like Europe and Asia, and as the tech industry turns to gas as a key solution to its voracious power demand. In this episode, from the CERAWeek by S&P Global conference in Houston, co-host Dan Testa talks with Courtney Loper, head of government relations and public affairs for EQT Corp., one of the largest US gas producers and pipeline operators, about the steps the company has taken to improve methane measuring. Also joining the episode is Ben Webster, director of policy at MiQ, a nonprofit providing data and certifications to understand and reduce methane emissions.

Ontario Power Generation leads the North American race to build advanced nuclear

Mar 25, 2026 11 min

When it comes to advanced nuclear generation, most North American power producers are in the study and development phases. But Ontario Power Generation is currently constructing the first of four small modular nuclear reactors at its Darlington facility, with the first 300-MW unit scheduled to complete construction and connect to the grid by 2030. The other three reactors are scheduled to be complete in the mid-2030s, totaling 1,200 MW of firm capacity from advanced nuclear reactors. In this episode, Dan Testa speaks with OPG President and CEO Nicolle Butcher, from the sidelines of the CERAWeek by S&P Global conference in Houston, about the state of the advanced nuclear project so far, how OPG selected this reactor design and why public power providers, like OPG in Canada and the Tennessee Valley Authority in the US, are taking the first steps to build advanced nuclear generation in North America.

CERAWeek: War, energy security, and the redrawing of global trade flows

Mar 20, 2026 21 min

The closure of the Strait of Hormuz was long considered one of the energy market's great hypotheticals -- until it became a reality. In this special CERAWeek series episode of Energy Evolution, host Eklavya Gupte sits down with Dave Ernsberger, president of S&P Global Energy, to examine what may be the most significant energy supply disruption ever and how it's forcing a fundamental redrawing of the global energy map. With around 20% of the world's oil and LNG usually passing through this key chokepoint, the impact has been asymmetrical and severe -- India faces LPG shortages, Asian refiners are struggling with profitability, and fuel supplies are tightening sharply. The conversation also explores how this crisis is accelerating a structural shift in energy markets, particularly East of Suez, where the energy trifecta of affordability, security and sustainability has been upended. Ernsberger also looks at how the conflict is intersecting with the AI and data center boom -- creating inflationary pressures that reach from the Middle East to different states in the US.

The math behind emissions: Why carbon accounting matters now more than ever

Mar 17, 2026 28 min

Carbon accounting — the math of how emissions are calculated, reported and compared — is poised to move to the forefront of global trade and energy markets. Three critical developments in 2026 are forcing action: the implementation of the EU's Carbon Border Adjustment Mechanism, revisions to the Greenhouse Gas Protocol, and new industry-driven product-level carbon accounting efforts. In this episode, host Eklavya Gupte explores why harmonizing carbon accounting matters now, what's at stake, and how the commodity industry is responding to the urgent need for standardized, comparable emissions data. The discussion features S&P Global Energy Horizons analysts Kevin Birn, head of carbon research and the center of emissions excellence; Roman Kramarchuk, head of integrated narratives and policy analysis; and James Salo, head of partnerships and strategic initiatives.

PG&E's endeavor to make electrification easier

Mar 10, 2026 32 min

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.

Europe's battle against the shadow tanker fleet

Mar 3, 2026 23 min

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…

What's holding back Europe's hydrogen ambitions?

Feb 24, 2026 25 min

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

Big Oil's offshore wind dilemma

Feb 19, 2026 17 min

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.

Power surge: The impact of energy addition on environmental commodity markets

Feb 10, 2026 29 min

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.

Why Greenland matters: Rare earths, geography and geopolitics

Feb 3, 2026 30 min

Greenland has suddenly emerged as a focal point in the global competition for critical minerals and energy. This episode explores the Arctic island's strategic importance through conversations examining how resource competition and geopolitics are converging in one of Earth's most remote locations. Host Eklavya Gupte speaks with Kip Keen, senior reporter at S&P Global Energy, on Greenland's mineral potential and the sobering realities facing companies that have invested there. Euan Sadden, senior editor at S&P Global Energy, interviews Jørgen T. Hammeken-Holm, deputy minister at Greenland's ministry of business, mineral resources and energy, about the regulatory environment and investor response to growing interest in the island's mineral wealth. Euan also speaks with Nicolas Jouan, a defense and security analyst at RAND, who explains why Greenland has become such a strategic focal point in a new era of resource security.

From data centers to EVs to wind turbines: Copper's critical role in the age of electrification

Jan 27, 2026 29 min

In this episode, host Eklavya Gupte examines how the copper market is facing an unprecedented supply crunch driven by the accelerating pace of electrification. Patricia Barreto, senior principal analyst from the metals & mining research team at S&P Global Energy CERA, breaks down the numbers behind copper's critical role in the energy transition and sheds light on why copper prices soared to record highs in January. Eric Saderholm, managing director of exploration at American Pacific Mining Corp., explains the on-ground realities of bringing new copper supply online and discusses how recent policy changes are affecting the industry. The conversation also covers China's dominance in smelting capacity, US critical mineral policies, and why the industry's ability to scale production will determine whether the global energy transition succeeds or stalls.

Science, technology, and risk management take center stage in carbon removals

Jan 20, 2026 29 min

The nature-based carbon removals industry is undergoing a scientific and technological transformation to restore credibility in the voluntary carbon market. In this episode, host Eklavya Gupte speaks with Santiago Canel Soria, senior price reporter at S&P Global Energy Platts, about how project developers are deploying advanced monitoring systems and rigorous methodologies to address past market challenges as corporate buyers demand higher integrity offsets. Santiago speaks with Saif Bhatti, CEO of Renoster, and Christopher Kilner, head of biosphere science at Isometric, who explain how scientific advances and risk-management strategies are establishing nature-based removals as a credible, scalable, and cost-effective pillar of the VCM. The discussion covers the role of insurance in carbon markets, the challenge of operationalizing rigorous science at scale, and why nature-based solutions remain essential for corporates with net-zero targets. Related content: Platts Carbon Credit Price Assessments Carbon Markets Specifications Guide Voluntary carbon markets: how they work, how they're priced and who's involved Price Assessments (Subscriber content): Platts CRC ACRCA00 Platts Biochar, US ATCCA00 Platts Biochar, India INBCY00 Platts Blue Carbon AJLUB00

Trump's 1st year back: Fossil fuels surge, renewables recalculate

Jan 13, 2026 41 min

One year into his return to the White House, President Donald Trump is exerting a major impact on the US energy landscape. With policy direction shifting rapidly, the administration's moves on fossil fuels, regulation and geopolitics are already rippling through markets, supply chains and long-term energy transition plans. In this episode, Dan Testa is joined by Jasmin Melvin, senior editor at S&P Global Energy and head of The Energy Daily, to address whether the US is headed for a renewed fossil-fuel boom, what that means for clean energy, and whether there is still room for a durable, balanced energy strategy in the years ahead. Jasmin spoke with Maya Weber, senior editor at S&P Global Energy, to break down the most consequential policy shifts so far. The conversation then turns to industry and market impacts, with Dustin Meyer, senior vice president at the American Petroleum Institute, and JC Sandberg, chief policy officer at the American Clean Power Association.

Rooftop solar on edge: navigating the tax credit drop

Jan 6, 2026 37 min

President Donald Trump's federal budget bill, signed in July 2025, accelerated the end of the Section 25D residential clean energy tax credits in the US, which had been previously set to extend into the mid-2030s. With the sunsetting of the Section 25D tax credit at the end of 2025, the US residential solar sector must once again adapt to dramatic shifts to the tax credit landscape, a phenomenon known as the "solar-coaster." For this episode, Dan Testa spoke with Platts renewable energy reporter Kirsten Errick, who covers US solar, about what this could mean for US residential solar. Kirsten interviewed Cinthya Peña, a renewables market analyst at S&P Global Energy Horizons, and Maheep Mandloi, director of clean energy equity research at Mizuho Americas, who shed light on how this tax credit cliff could alter the market.

Rising prices, rising capex: what's ahead for the US power sector in 2026

Dec 30, 2025 36 min

US power prices are climbing, pushing utilities to the forefront of a national debate over the cost of living. Demand for electricity is growing, and is set to accelerate as tech companies race to build massive data centers to support AI and other technologies. These trends have power providers, regulators and grid operators scrambling to accommodate and prepare. So what can we see expect to see in the US power and utility sector in 2026? In this episode, Dan Testa speaks with Travis Miller, a senior financial analyst at Morningstar Securities Research, and Sam Huntington, research director on the North American power team for S&P Global Energy CERA, to get their perspectives. The discussion digs into the factors driving power prices, utility capital expenditure plans topping $1 trillion, the outlook for renewable power and gas plants in key markets, and how AI is drawing a different kind of investor to utility stocks.

The race to rebuild the US power grid in the age of AI

Dec 16, 2025 33 min

In this episode of Energy Evolution, host Eklavya Gupte explores the seismic shift transforming America's electricity landscape as artificial intelligence drives unprecedented power demand after years of flat growth. The discussion features Benjamin Levitt, associate director of research and analysis for gas power and energy futures, and Christopher Wilfong, director of North America power and renewables consulting, both at S&P Global Energy CERA. They talk about the infrastructure challenges facing the power sector while addressing concerns about grid reliability, impact on electricity prices and the potential for an AI bubble reminiscent of the dot-com era. Eklavya also speaks with Tom Falcone, CEO of the Large Public Power Council, who reveals how utilities handle gigawatt-scale requests from tech giants and explains the critical challenge of ensuring rapid load growth doesn't compromise affordability for existing customers. The conversations examine how utilities, caught off guard by the AI boom, are grappling with the stark reality of needing to double grid capacity in some regions within a decade, while navigating supply chain bottlenecks, permitting delays, and the critical question of who pays for this massive infrastructure expansion.

How weather analytics is powering modern energy trading

Dec 9, 2025 27 min

In this episode of Energy Evolution, host Eklavya Gupte explores how energy traders are turning to sophisticated weather analytics for a competitive edge. From weather derivatives to advanced AI-enhanced weather models, these tools are becoming more sophisticated by the day. The discussion features insights from two of Munich Re's weather derivatives specialists, Theresa Kammel and Pierre Buisson, who shed light on how the energy industry is increasingly using this market to hedge against weather-related financial risks, especially in the renewables space. Eklavya also speaks with Sean Kelly, CEO of energy forecasting company Amperon, about how AI is transforming weather analytics and reshaping how traders anticipate electricity demand, renewable generation and power prices.

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An edgy winter for European gas

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Podcast details

Created by: S&P Global Commodity Insights
Status: Active
Latest episode: Nov 10, 2026
Episodes: 374
Release period: Weekly
Avg. episode length: 25 min
Explicit: No
Language: English

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