『Redefining Energy』のカバーアート

Redefining Energy

Redefining Energy

著者： Laurent Segalen and Gerard Reid
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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
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  • 219. Hyperscalers vs US Utilities - Mar26

    219. Hyperscalers vs US Utilities - Mar26
    2026/03/09
    While Gerard is fixing his knee, Laurent invites Chris Seiple, Vice Chairman of WoodMac Power & Renewables group, to try to make sense of the scale of the coming power demand surge and the strain it is placing on today’s US market structures.

    AI-driven datacenter growth is pushing the US power system into uncharted territory. Roughly 180 GW of U.S. electricity commitments tied to datacenters represent about 30% incremental demand. Hyperscaler CAPEX is exploding. Demand is accelerating far faster than new supply can come online, setting up a near-term imbalance. In response, the U.S. utility sector is preparing for a potential $1.4 trillion investment supercycle over the next five years.

    In regulated markets, utilities are under pressure to modernize cost-of-service models and deliver massive capital programs while keeping electricity affordable. Companies such as Duke Energy, Southern Company, Entergy, and CenterPoint Energy are planning investments that run into the hundreds of billions.

    In deregulated markets, players like Constellation Energy, Vistra Corp., and NRG Energy face a structural mismatch: datacenters can be built faster than power plants, while price signals may not rise quickly enough to incentivize new generation. Some customers are exploring off-grid solutions, but these bring technical and economic challenges.

    The conclusion is clear: load growth is staggering. Parts of the system may move toward re-regulation, but that alone will not be enough. Rapid innovation—decentralized solutions, grid-enhancing technologies, faster interconnections, and deeper digitization—will be essential as utilities relearn how to build at scale and speed.

    Check an excellent WoodMac report on the Datacenters
    https://www.woodmac.com/horizons/us-data-centre-power-demand-challenges-electricity-market-model/
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    31 分
  • 218. Climate Tech Battle Royale - Mar26

    218. Climate Tech Battle Royale - Mar26
    2026/03/02
    Last month, Gerard Reid joined Shayle Kann, Managing Partner at Energy Impact Partners, for a world class and fast-moving conversation on the state and future of Climate Tech. The discussion was organised by Carbon Equity and led by its co-founder Liza Rubinstein Malamud.

    Originally it featured a third guest, Will Dufton of Giant Ventures, whose contributions were fully edited for this episode (with apologies — and an open invitation to return).

    First strong statement: the Silicon Valley-style climate tech era of 2021–2022 is over. Gerard is clear that carbon removal and hydrogen, at least as they were framed and funded during the hype cycle, are effectively dead. What comes now is a far more grounded, infrastructure-driven view of the transition.

    Both guests are emphatically bullish on energy and AI. Shayle especially sees climate tech not as a standalone vertical, but as a horizontal that cuts across the entire economy. Anything that supports electrification, datacenters, and energy-hungry digital infrastructure represents a major opportunity. Gerard pushes the horizon even further, imagining datacenters in space.

    A central theme is the convergence of AI and the physical world. Shayle argues that as large language models become commoditised, value will move from bits to atoms — from software to real-world systems, infrastructure, and industrial processes. Gerard complements this with a strong emphasis on resilience, positioning it as a defining investment lens for the coming decade.

    On batteries, there is rare and total agreement. Both see them as the most important technology of our time, underpinning electrification, grid stability, transport, and the scaling of renewables.

    What emerges is an intense, wide-ranging exchange between two of the sharpest minds in the energy transition — a true Battle Royale on where climate, energy, and technology are heading next.

    You can watch the hour-long video here:
    https://youtu.be/H5YE1Upe0JI?si=HlgHKFOOjZj8Gygp
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    38 分
  • 217. Lithium, Copper, Silver and other metals go ballistic - Feb26

    217. Lithium, Copper, Silver and other metals go ballistic - Feb26
    2026/02/23
    Lithium has doubled in three months. Copper is printing record highs. Silver went vertical—then collapsed. The move was fast. The reversals were faster. Volatility isn’t elevated. It’s systemic.

    But this isn’t just another commodity cycle. These metals sit at the core of the energy transition. They’re embedded in batteries, EVs, transmission lines, datacenters, wind turbines, and solar modules. When they move, the entire transition complex moves with them.

    So, what are we really looking at? Is this a positioning squeeze in thin markets? Or the early tremors of a structural repricing?

    The divide is clear. At The Carlyle Group, Jeff Currie argues we’re only “on the foothills of the Himalayas” — the early stage of a structural supercycle driven by electrification, grid build-out, and constrained supply. Ed Morse pushes back. High prices cure high prices. Capital flows. Supply responds. Markets rebalance. Cycles end the way they always have. Two very different frameworks. One structural. One cyclical.

    To cut through the noise, Laurent and Gerard sit down with Matt Fernley, Managing Director at Battery Materials Review and Partner at RK Equity. They dissect what’s actually driving these rallies — inventory tightness, permitting bottlenecks, capital discipline, geopolitics, demand elasticity.

    They confront the supply question head-on: Can new production realistically catch up — on time, on budget, and at scale? And they explore the technologies that could reshape the curve — from the re-emergence of direct lithium extraction (DLE) to the accelerating development of sodium-ion batteries.

    This isn’t just about price volatility. It’s about whether the energy transition is entering a new cost regime. Because if these inputs are structurally repricing, everything downstream changes. And if they aren’t — the unwind could be just as violent.

    ----
    Link to the report by the Volta Foundation
    https://volta.foundation/battery-report-2025/
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    27 分
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