『Redefining Energy』のカバーアート

Redefining Energy

Redefining Energy

著者： Laurent Segalen and Gerard Reid
無料で聴く

今ならプレミアムプランが3カ月 月額99円

2026年5月12日まで。4か月目以降は月額1,500円で自動更新します。

概要

 Two investment bankers weekly explore how tech, finance, markets and regulations are radically redefining the world of energy: Renewable Energy, Electric Cars, Hydrogen, Battery Storage, Digitisation...
Your co-hosts: from Berlin, Gerard Reid and from London, Laurent Segalen.
Our LinkedIn page: https://www.linkedin.com/company/redefining-energy/
X handle: @Redef_EnergyLaurent Segalen and Gerard Reid 経済学
エピソード
  • 225. US Utilities vs Hyperscalers - Apr26

    225. US Utilities vs Hyperscalers - Apr26
    2026/04/20
    In episode 219, we analysed the relationship between hyperscalers and US utilities from the hyperscaler perspective. To complete the picture, we revisit the debate from the utility’s point of view.

    Gerard and Laurent welcome Rajiv Bazaj, VP of Solutions Sales at Constellation, to understand how utilities approach this rapidly evolving landscape. Spun out of Exelon a few years ago, Constellation was initially seen as the “ugly duckling,” but it was sitting on a major advantage: a large nuclear fleet. What was considered a liability in the 2010s has become a strategic asset as hyperscalers search for clean, reliable 24/7 power.

    The acquisition of Calpine and its large CCGT fleet turned Constellation into the largest US utility in terms of capacity, with around 60 GW (half nuclear, half gas) and roughly 200 TWh of annual generation—placing the company at the centre of discussions with hyperscalers and data centre developers.

    Constellation’s approach remains cautious. The company is only gradually moving into batteries, is bullish on demand response following the surge in PJM capacity prices and is exploring upgrades to its nuclear fleet while remaining sceptical about. Geothermal. where the Company is active, is attractive but seen as difficult to scale.

    The overall picture is one of disciplined conservatism. Constellation cannot easily be pushed by aggressive data centre developers because it already has the right generation mix at the right time. Its core objective is simple: maximise fleet load factors and sell MWh at the highest possible price. Gas assets operate in the mid-merit order with strong spark spreads, while nuclear requires higher long-term prices to justify further investment, as illustrated by the Microsoft-supported Three Mile Island restart.

    With around 90% of its capacity built in the 20th century, Constellation is focused on upgrading and optimising its existing fleet rather than pursuing large-scale expansion. For hyperscalers, understanding this mindset is key when engaging with utilities.
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    33 分
  • 224. From Wind farms (yield) to Datacenters (growth) - Apr26

    224. From Wind farms (yield) to Datacenters (growth) - Apr26
    2026/04/13
    Laurent and Gerard sit down with Paul O’Donnell, Partner at SchrodersGreencoat, a fund manager that has invested more than €13 billion and controls over 400 renewable energy assets across Europe, the Americas, and Asia. Paul has spent 17 years at Greencoat and became Partner in 2022, following Schroders’ acquisition of the platform, which itself was acquired by Nuveen in 2026.

    Greencoat has a distinctive structure, as it manages listed vehicles—historically known as YieldCos—designed to provide stable dividends to investors through long-term infrastructure assets.

    The discussion begins with a deep dive into the evolution of the renewable energy sector over the past 10–15 years. The market has shifted from portfolios primarily backed by government-supported contracts to a more dynamic growth strategy built on active portfolio management, trading, power purchase agreements (PPAs) with hyperscalers, and the hybridisation of assets. A key milestone in this evolution has been the push toward vertical integration, illustrated by partnerships such as the Greencoat collaboration with CATL.

    The conversation also explores the growing convergence between energy investors and real estate or digital infrastructure investors, particularly in the financing of datacenters. Energy supply and cooling infrastructure are becoming increasingly critical components of data centre investment strategies. While off-grid solutions are sometimes feasible in the United States—typically involving off-grid power combined with on-grid gas—such options remain very limited in Europe.

    Datacenters geography is also evolving. First-generation facilities were typically located close to major load centres and urban demand hubs, whereas second-generation developments are moving further away from large cities to areas where land and power availability are more abundant. This shift is driving strong interest in brownfield sites, including former coal plants, steel mills, and refineries.

    The transition from a pure yield model to a growth-oriented strategy has been well received by the market, particularly after several years of lacklustre share price performance. This approach mirrors the playbook seen at Quinbrook and Intersect and is increasingly viewed as the winning strategy in the current market environment.
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    30 分
  • 223. Solar + Storage: The Economic Core of the Future Grid - Apr26

    223. Solar + Storage: The Economic Core of the Future Grid - Apr26
    2026/04/06
    Gerard is invited by Ana Conde from PVcase to make the case for solar paired with storage as the economic foundation of the future energy system.

    We are in the midst of a technological revolution driven by electrification and AI. But building the energy system that can power this shift requires more than adding new capacity — it demands system-level thinking, new coordination mechanisms, and new financial models to ensure a smooth transition.

    They explore how solar moved from a niche technology to the backbone of modern energy infrastructure and why pairing it with storage is no longer optional for project bankability and long-term competitiveness.

    They discuss how grid outages act as warning signals, exposing the fragility of legacy infrastructure, and what that implies for resilience in an increasingly electrified world.

    The conversation also examines the economic incentives, institutional inertia, and behavioural forces that resist technological change — and how innovative business models are beginning to unlock faster adoption.

    This episode goes beyond viewing solar as a technology alone. It unpacks the economics and coordination required to build a resilient, low-cost energy system capable of supporting the AI-driven future.
    --
    An episode delivered in partnership with SolarPower Europe. SolarPower Europe has established the ‘Battery Storage Europe Platform’ (advocacy, COMs campaigning, networking) around battery storage. Companies should join as members to help us push messages on solar, flexibility and batteries https://www.batterystorageeurope.org/
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    32 分
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