Energy Unplugged by Aurora

2025 has been a landmark year for the global energy sector and the energy transition, marked by rapid change and significant challenges. Aurora has brought together the key themes shaping the energy transition into a special end of year report and accompanying podcast – hosted by our Global Research Director, Richard Howard and with contributions from 12 Aurora experts from Aurora’s global network. Key themes explored are: US policy changes under the Trump administration The report delves into the sweeping policy shifts enacted by President Trump’s administration, which have had significant effects on both domestic and international energy markets. Increased trade tariffs, a renewed focus on US energy independence, and the rollback of clean energy incentives have altered investment flows and market dynamics. The analysis explores how these policies have impacted global trade, LNG exports, and the competitiveness of renewables. The AI boom and data centre expansion A defining trend of 2025 has been the explosive growth of artificial intelligence and data centre development. Electricity demand from data centres globally now rivals that of a major economy such as Germany, creating both opportunities and challenges for utilities and grid operators. The discussion covers the need for rapid grid expansion, investment in flexible infrastructure, and the implications for renewable energy integration as data centres become increasingly central to power system planning. Grid reliability amidst climate volatility and renewables buildout Extreme weather events, ageing infrastructure, and the accelerated deployment of renewables have placed grid reliability at the forefront of concerns. The report and podcast examine major outages and system stress in regions such as Iberia, Australia, and the US, analysing their causes and the responses from system operators and policymakers. It underscores the importance of proactive planning, investment in grid-forming technologies, and the role of flexibility—such as batteries and demand response—in maintaining system stability. Challenges and solutions for renewables integration As renewables reach record levels of deployment, new challenges have emerged: negative pricing, grid congestion, and economic curtailment. The report and podcast feature case studies from Europe, Latin America, Japan, and India, illustrating how different markets are addressing these issues through technology, market design, and policy innovation. Solutions discussed include longer duration storage, portfolio optimisation, and reforms to locational signals, all aimed at ensuring the continued success of the energy transition.

This week on Energy Unplugged, we’re delighted to welcome Steve McMahon, Ofgem’s Director for Network Price Controls. He joins Dan Monzani, Aurora’s Managing Director for the UK & Ireland, to unpack Ofgem’s final determinations for RIIO-3 and what the next regulatory period means for networks, consumers and investors. The discussion explores the scale of required electricity and gas network investment, how strategic planning and new procurement approaches aim to accelerate delivery, and the challenges posed by surging demand, connection queues and rising system constraints. Steve leads Ofgem’s regulation of the onshore electricity and gas networks, overseeing the current price controls and the development of the RIIO-3 settlements, as well as serving as Ofgem’s Head of Scotland. He brings deep experience from senior roles across UK and Scottish Government, including in transport infrastructure and economic analysis. You will learn about: Why RIIO-3 marks a major step-change in network investment and planning. How Ofgem is balancing delivery speed, investment viability, and consumer protection. The tools designed to accelerate grid upgrades - from early-stage funding to advanced procurement. The growing cost of system constraints and why timely investment is essential.

This week on Energy Unplugged, we’re delighted to welcome Mariglen Nora, Head of the Green Energy Segment at Elevion Group, joining Casimir Lorenz, Aurora’s Market Lead for Central Europe & the Nordics, for a deep dive into how European renewable and flexibility markets are evolving across Germany, Italy, the Netherlands, the UK, and beyond. Mariglen oversees Elevion’s portfolio of specialist companies spanning PV, battery storage, biomethane, and other clean technologies, and serves on the boards of BELECTRIC, BELECTRIC GREENVEST, and EnergyShift. Drawing on extensive experience at Elevion and CEZ Group, he offers a granular, cross-market perspective on how utility-scale PV, BESS, biomethane, and grid constraints are shaping investment priorities across Europe. You will learn about: How Germany’s PV boom is now shifting toward co-located solar + battery projects, and how grid constraints are shaping investor behavior. Italy’s leadership in biomethane, the role of the MACSE mechanism in making battery storage bankable, and the country’s strong mix of renewable incentives. The complementary relationship between PV, batteries, and biomethane: batteries for fast, short-term flexibility, and biomethane for dispatchable, long-duration power, creating a more resilient energy mix. How rising renewable penetration across Europe is driving hybrid project development, while grid access and regulatory frameworks remain key bottlenecks.

This week on Energy Unplugged, we’re delighted to welcome the Honourable Matt Kean, Chair of Australia’s Climate Change Authority and Director at Wollemi. He joins Hugo Batten, Aurora’s Managing Director for APAC, and James Ha, Aurora’s Head of Research for APAC, for a deep conversation on how Australia is reshaping its energy system - through policy reform, market design, and strategic investment - to deliver a cleaner, more secure, and more affordable power sector Matt draws on over a decade in senior government roles - including NSW Minister for Energy & Environment, NSW Treasurer, and Deputy Leader of the NSW Liberal Party - where he led major reforms in renewable energy, grid investment, and climate legislation. Now at Wollemi, he is helping scale climate-positive investments while continuing to shape Australia’s national climate strategy through the Climate Change Authority. You will learn about: Australia’s path to rapid decarbonisation, including REZs, long-duration storage, grid upgrades, and state–federal coordination. Unlocking clean industry, from green manufacturing and critical minerals to electrifying mining operations. Reforming legacy subsidies - such as diesel fuel tax credits - to accelerate clean technology uptake. The information ecosystem shaping climate decisions, including RenewEconomy, BNEF, and independent journalism.

This week on Energy Unplugged, we’re delighted to welcome Nawal Saini, Managing Partner in Brookfield’s Renewable Power & Transition Group. He joins Dan Monzani, Aurora’s Managing Director for the UK & Ireland and India, alongside Debabrata Ghosh, Aurora’s Head of India, for a deep dive into how renewable deployment and transition investment are accelerating in India and other emerging markets. Nawal leads Brookfield’s renewable and transition business across these regions, drawing on extensive experience in energy and infrastructure investment at CDPQ, JP Morgan, and Jacob Ballas, as well as banking roles with ABN Amro Bank and SBI Capital Markets. His perspective combines large-scale capital allocation, platform building, and first-hand insight into navigating policy, regulatory, and market complexity in fast-growing economies. You will learn about: How clean energy investment is scaling in India and other emerging markets - and the structural drivers behind investor momentum. Barriers to rapid renewable deployment, including grid constraints, curtailment, and delays in long-term PPA execution. The rising role of hybrid renewables, batteries, and firm dispatchable renewable electricity (FDRE) solutions in delivering reliable energy at scale. How Brookfield evaluates opportunities, structures partnerships, and manages risk in high-growth emerging markets.

This week on Energy Unplugged, we’re delighted to welcome Karol Wolański, Head of Flexibility & Aggregation at Respect Energy, and Roch Baranowski, Chief Strategy Officer at Respect Energy Holding. They join Piotr Dobrzynski, Aurora's Market Lead for Poland, Czechia, and Slovakia, to discuss how Poland and the wider CEE power markets are evolving in response to renewable growth, regulatory reforms, and market volatility. Karol brings deep expertise in balancing markets and cross-border power exchange, leading the development of flexibility and aggregation services for renewables and storage assets. Roch oversees Respect Energy’s growth strategy, combining commercial and environmental value creation, with extensive experience in energy transition, consulting, and sustainable innovation. You will learn about: • How flexibility and balancing services are reshaping operating models and creating new revenue streams for renewable generators and storage operators. • Strategic approaches to optimizing battery energy storage and capturing ancillary service revenues. • Innovative PPA structures and other mechanisms that unlock additional value in evolving power markets. • Opportunities for early movers in Poland, the CEE region, and beyond, as the power market adapts to higher renewable penetration and new regulations.

This week on Energy Unplugged, we’re delighted to welcome Anna von Bremen, Partner and Head of Energy Innovation at Osborne Clarke. She joins Nico Leicht, Project Leader in Aurora’s Berlin Advisory Team, to discuss market design, regulatory frameworks, and innovation in the German power sector. Anna brings deep expertise in energy regulation and co-located battery storage projects, advising on both technical and commercial aspects of the evolving market. Nico and Anna explore how Germany’s grid, regulatory processes, and market mechanisms are adapting to increasing renewable penetration and new storage technologies. Main topics include the following: • The role of regulators and grid operators in enabling a more flexible, digitalized, and grid-friendly energy system. • Challenges and opportunities for co-located battery storage, including the integration of green and grey power, smart homes, and virtual power plants. • Market mechanisms, including redispatch processes, capacity pricing, and dynamic variable pricing, and their implications for investment certainty. • The path forward for Germany’s energy transition, balancing efficiency, rationalization, and the technical implementation of climate and grid targets.

This week on Energy Unplugged, we’re delighted to welcome Marcio Trannin, Managing Director for LATAM at Sunco Capital and Vice-President of the Board of Administrators at ABSOLAR, and Ricardo Motoyama, Senior Vice President of Commercial & Business Development at Elera Renewables. They join Rodrigo Borges, Aurora’s Market Lead for Brazil, to explore how Brazil’s liberalising power market, rapid renewable expansion, and evolving policy landscape are reshaping the country’s energy future. Marcio brings nearly three decades of experience across renewables, M&A, and regulatory affairs in Latin America’s electricity markets. Ricardo complements this with a strong commercial and financial background, offering insights into how trading, innovation, and risk management are driving new business models and accelerating Brazil’s transition to cleaner power. Together, they reflect on how Brazil can remain competitive in a global energy transition increasingly defined by flexibility and investment scale. Main topics include the following: The evolution of Brazil’s liberalised power market and what it means for generators, investors, and consumers The rapid expansion of renewables - particularly solar and the operational challenges of integrating decentralized generation The importance of policy and regulation in enabling long-term investment and competition Lessons from international markets and what’s next for Brazil’s energy transition

This week on Energy Unplugged, we’re delighted to welcome Tom Palmer, Head of Business Development in Zenobē’s Network Infrastructure business. He joins Malvika Gode, Senior Associate at Aurora Energy Research, to explore how large-scale battery storage is transforming grid stability and enabling the transition to a fully renewable power system. Tom is an economist by background and brings a wealth of experience from across the energy sector, having previously worked at RWE Renewables, Cornwall Insight, Origami Energy, Palantir Solutions, EDF Energy, and Ofgem. At Zenobē, Tom focuses on developing grid-scale battery projects that support transmission and distribution networks as they adapt to increasing renewable penetration. Main topics include: How large-scale batteries are stabilising renewable-heavy grids and supporting the energy transition. Integration with transmission and distribution networks and lessons from pioneering grid-forming projects. Technical, commercial, and market challenges, including balancing mechanism inefficiencies and evolving regulatory frameworks. The future of grid-scale storage, from longer-duration projects to new revenue streams and system-wide flexibility.

This week on Energy Unplugged, we’re delighted to welcome Martin Daronnat, Head of Flexibility & Structured Origination at ENGIE . He joins Casimir Lorenz, Aurora’s Managing Director for Central Europe, for a deep dive into the emerging market for flexibility purchase agreements (FPAs) and their role in financing and operating large-scale battery energy storage systems (BESS). Martin has over 10 years of experience in energy, with a strong background in flexibility and renewables structuring and origination. Under his leadership, ENGIE offers flexibility offtake agreements and structured products that make energy assets bankable while optimising risk exposure, including market and credit risk. In 2024, ENGIE closed Germany’s first long-term fixed-price physical FPA, enabling a large-scale BESS project to reach financial close. Main topics include: How flexibility purchase agreements (FPAs) support large-scale battery storage projects and make them bankable. Exploration of the key factors that determine FPA pricing, including technical battery parameters, market and credit risk, and contract terms. How portfolio effects and strategic positioning influence the value of batteries for traders and asset owners. Differences between fixed-price, partial, and merchant FPAs across European markets.

This week on Energy Unplugged, we’re joined by Lawson Steele, CEO of Haldane Energy, to explore the strategic and practical role of hydrogen in long-duration energy storage and the UK’s energy transition. Marten Ford, who leads Aurora’s work in GBN Ireland on low-carbon fuels and hydrogen, guides the conversation through the challenges and opportunities facing the UK’s power system over the next decade. Lawson is responsible for the day-to-day management of Haldane Energy and is a founder and director of the Windward Energy group of companies. He has over a decade of experience in renewables and energy infrastructure, building wind portfolios and independent distribution networks. Main topics include: • The strategic rationale for hydrogen long-duration energy storage and its role in replacing aging gas-fired power plants • How hydrogen provides high energy density and flexible dispatchable power relative to alternatives like batteries or pumped hydro • Design and operation of closed-loop hydrogen systems, including electrolysers, salt cavern storage, and hydrogen fuel power stations • Commercial viability and the importance of government schemes to de-risk investment in large-scale hydrogen energy storage

This week on Energy Unplugged, we’re delighted to welcome Juan Carlos Jobet, former Chilean Minister of Energy and Mining and now Dean of the Business School at Universidad Adolfo Ibáñez. He joins José Muñoz, Aurora’s Country Lead for Chile, to discuss Chile’s path to a cleaner, more resilient energy system, from the coal phase-out and renewable growth to the country’s ambitions in green hydrogen and the decarbonisation of mining. Juan Carlos served as Minister of Energy and Mining from 2019 to 2022, overseeing a period of profound change in Chile’s power sector. With a background spanning public service, investment banking and executive leadership in energy and infrastructure, he brings a unique perspective on the intersection of policy, markets and global energy challenges. Main topics include: • The policies and partnerships that have enabled Chile’s rapid growth in renewables • The role of large-scale storage and grid infrastructure in supporting the transition • Green hydrogen’s progress and the challenges still to overcome • Mining’s role in the transition and pathways to reduce its emissions

This week on Energy Unplugged, we’re delighted to welcome Ben Guest, Managing Director and Head of Gresham House Energy Transition, as well as Fund Manager of the Gresham House Energy Storage Fund. He joins Caroline Still, Principal in our Oxford Advisory team, to discuss the role of storage and flexibility in enabling the UK’s energy transition. Ben has over two decades of experience in the energy sector and leads the UK’s largest utility-scale battery storage fund. He has overseen the deployment of over 800 MW of operational battery projects, with a pipeline of more than 2 GW under development. Main topics include: Why storage is central to decarbonisation and balancing renewable intermittency The role of batteries in addressing grid bottlenecks and deferring costly reinforcements Long-duration storage, Dunkelflaute, and how policy must evolve to incentivise optimal system performance

This week on Energy Unplugged, we’re delighted to welcome Karin Burns, CEO of San Diego Community Power (SDCP). She joins Oliver Kerr, Aurora’s Managing Director for North America, and Farhad Billimoria, Head of US West Research, to discuss the rise of community choice aggregation (CCA) and its role in accelerating California’s clean energy transition. Karin has led SDCP since 2022, overseeing its rapid growth into one of the largest CCAs in California, now serving nearly one million customers. With a background spanning international finance, non-profit leadership and sustainability strategy, she brings a unique perspective on how community-led models can deliver clean, affordable and reliable energy. Main topics include: What community choice aggregation is and how it is reshaping California’s power market Balancing decarbonisation with affordability and reliability for customers The impact of federal policy changes and rapid demand growth from AI and data centres How distributed resources and virtual power plants can enhance resilience in local energy systems

This week on Energy Unplugged, we’re delighted to welcome Helen Clarkson, CEO of Climate Group. She joins Richard Howard, Aurora’s Global Research Director, to discuss the role of business and government in accelerating the transition to net zero. Helen has led Climate Group since 2017, overseeing initiatives such as RE100, EV100, SteelZero, and the Under2 Coalition, which mobilise companies and governments worldwide to commit to ambitious climate goals. With over two decades of experience in climate and humanitarian work, she brings unique insights into how cross-sector coalitions can drive global action. Main topics include: How business and government coalitions are driving faster emissions reductions The challenges of scaling renewables and integrating them into power systems The growing importance of 24/7 carbon-free energy and what to expect from Climate Week NYC

This week on Energy Unplugged, we’re delighted to welcome Philip Hirschhorn, Ministerial Appointee to the NEM Wholesale Market Settings Review Expert Panel, and Tim Nelson, Chair of the independent review of Australia’s NEM. They join Hugo Batten, Aurora’s Managing Director for APAC, and Hana Ramli, Principal in our Australian Advisory team, to discuss the draft recommendations of the Wholesale Market Settings Review and their implications for Australia’s energy transition. Philip has over two decades of experience advising the energy sector, including 25 years at Boston Consulting Group where he led the Australian Energy practice. He now serves on the Expert Panel shaping reforms to Australia’s derivatives market and contract design. Tim brings extensive leadership experience across Australia’s energy institutions, including Iberdrola, the AEMC, AGL, and government roles, and is currently chairing the independent review of the NEM. Main topics include: The scope and goals of the NEM Wholesale Market Settings Review and the challenges it seeks to address Key draft recommendations on the spot market, derivatives, and investment signals Implications for batteries, coal exits, and state-level renewable targets in Australia’s energy mix Lessons from overseas markets and what it will take to implement reforms successfully To delve deeper into the investment landscape in Australia, reach out to our Aurora experts at auroraer.com/global-presence/australia.

This week on Energy Unplugged, we’re delighted to welcome Heather Reams, President and CEO of Citizens for Responsible Energy Solutions (CRES). She joins Oliver Kerr, Aurora’s Managing Director for North America, to discuss the role of conservative leadership in driving clean energy policy and the prospects for bipartisan cooperation. Heather has led CRES since 2016, building its role as a leading right-of-centre voice for pragmatic clean energy solutions in the US. With over three decades of experience in public affairs and energy policy, she brings a unique perspective on how conservative leadership can advance the energy transition. Main topics include: The state of conservative and Republican support for clean energy in the US The impact of the Inflation Reduction Act (IRA) and “One Big Beautiful Bill” (OBBB) on investment and tax credits Why streamlining energy project approvals could be a rare opportunity for bipartisan cooperation The implications of rising energy demand from AI and advanced manufacturing If you enjoyed listening to this episode, attend the second edition of the Aurora Energy Transition Forum on October 21st, 2025 in New York! The event will bring together senior and influential leaders from the US energy sector - developers, utilities, investors, government, tech, and finance - to address America’s energy transition challenges and solutions. Join a curated group of senior decision-makers in a high-level setting designed to foster meaningful dialogue – more than just your usual networking. Head to Aurora’s website the to find out more and to book your ticket. We look forward to seeing you there!

This week on Energy Unplugged, we’re delighted to welcome Christoph Bellin, Head of Development & Projects at Alpiq. He joins Claudia Günther, our Research Lead for Northwestern Europe, to explore the evolving roles of flexible assets like battery storage and pumped hydro in Europe’s energy transition. Christoph is a senior energy executive with over two decades of experience in the European energy market. At Alpiq, he leads the Development & Projects unit, driving the growth of a pan-European Battery Energy Storage System (BESS) portfolio from investment through to commissioning. Main topics include: How Alpiq is expanding its flexible assets portfolio across Europe The key differences in development, financing, and operation of BESS and pumped hydro Whether batteries and pumped hydro are competitors or complementary technologies in the decarbonised grid

This week on Energy Unplugged, we’re delighted to welcome Elyette Roux, Executive Vice President for the Power Grid market division at Nexans, and Managing Director of the company’s Accessories Business Unit. She joins Pierre Dennery, Aurora’s Country Head for France, to examine the global challenges of deploying the grid infrastructure required for the energy transition. Elyette joined Nexans in 2021 and now oversees a division representing nearly 30% of the company’s business. She has held senior roles at Dassault Aviation, Schneider Electric, and Cisco, bringing a unique perspective on how industrial capability, innovation, and operations intersect in modernising grids. Main topics include the following: • How global supply chains, material availability, and workforce capacity are shaping grid project timelines • Strategies to accelerate deployment — from advanced manufacturing to cross-industry partnerships • The role of digitalisation and AI in enabling predictive maintenance, faster renewable integration, and more resilient networks

This week on Energy Unplugged, we’re delighted to welcome Ben Wilson, President of National Grid Ventures. He joins Dan Monzani, our Managing Director for UK & Ireland, to explore how infrastructure, interconnectors and electrification are shaping the future of the UK and global energy systems. Ben sits on the Executive Committee of National Grid and was appointed President of NGV in August 2024. NGV is the group’s competitive arm, operating a diverse portfolio of low-carbon and renewable energy businesses across the UK, Europe and the US, including interconnectors, battery storage, LNG and clean power generation. Main topics include the following: The future of interconnectors and hybrid offshore grids in building a more integrated European energy system The impact of electrification, AI, and economic growth on rising electricity demand The role of hydrogen in decarbonising emissions-intensive industries and enhancing system flexibility

This week on Energy Unplugged, we’re delighted to welcome Robert Brook, SVP and Managing Director of the Americas at Neara. He joins our Managing Director for North America, Oliver Kerr, to discuss the evolving state of grid infrastructure in the US and the technologies poised to transform it. Robert brings over 30 years of experience across the energy and information technology sectors. A recognised expert in infrastructure, asset management and risk mitigation, he has held leadership roles at PG&E, Esri, and Hecatic Labs. At Neara, he now works at the forefront of digital grid modelling and utility planning. Main topics include the following: The growing challenges posed by aging grid infrastructure and increasing electricity demand The role of grid-enhancing technologies, such as dynamic line ratings, in maximizing existing system capacity Climate resilience, wildfire mitigation, and the shift toward localised generation and smarter grid operations

In this episode, we explore how the explosive growth of AI is driving a rapid expansion of data centres, and how this surge is reshaping power systems and energy infrastructure around the world. Richard Howard, Aurora’s Global Research Director, is joined by Malavika Gode, Senior Associate in our UK Advisory team, to unpack the energy implications of this accelerating global trend and what it means for the future of electricity systems. Main topics include: The projected surge in power demand from data centres globally, and what’s driving it Key factors influencing where data centres are being built and how location decisions intersect with grid challenges How data centres are sourcing power today and what needs to happen for their growth to be sustainable

This week on Energy Unplugged, we’re delighted to welcome Harrison Moore, Head of Energy and Renewables at Azure Capital. He joins our Head of Australia, Weije Mak and Laura Perez del Olmo, Advisory Associate in our Sydney office to discuss the investment landscape in Australia for power and renewable assets. Harrison has over 15 years of experience in corporate advisory, working across a wide variety of engagements, including M&A and capital raisings, in particular within the energy, infrastructure and natural resources sectors. He has extensive utility-scale Battery Energy Storage System (BESS) experience, involving assets across all stages of development. Main topics include the following: The current investment landscape in Australia and the technologies attracting the most investor interest The impact of government tenders on financing assets in Australia Global uncertainty around the Green Energy Transition and what it means for Australia To delve deeper into the investment landscape in Australia, reach out to our Aurora experts here: Australia | Aurora Energy Research

This week on Energy Unplugged, we’re delighted to welcome Rosheen McGuckian, CEO, NTR. She joins our Head of Research for Western Europe & India, Marc Hedin, and Steph Unsworth, Research Senior Associate in our Oxford office, to discuss the consequences of grid constraints in European countries. Rosheen serves as the Chief Executive Officer of NTR, a leading investor and asset manager in Europe’s transition to clean energy. With over 25 years of experience and more than 3 GW of clean power investments, NTR’s expert interdisciplinary team now oversees 1.4 GW of clean energy and storage assets across seven European markets, operating on behalf of three investment funds. Main topics include the following: Impact on Internal Rate of Return (IRR), debt sizing, and project viability in project risk management Battery deployment as a potential solution in countries with weak grid infrastructure Characteristics of a bankable renewables project with unremunerated constraints in 2030 in Europe

This week on Energy Unplugged, we’re delighted to welcome Jürgen Mayerhofer, CEO & Co-Founder of enspired. He joins our Managing Director for Iberia & LATAM, Ana Barillas, to discuss battery optimisation. Jürgen holds an MBA in energy management and has worked in the energy sector for 20 years, contributing to the expansion of renewables in the grid in various expert positions. Under his leadership, enspired has evolved from a small-scale startup into a trusted institution with dozens of in-house specialists for AI trading services in Europe’s short-term power markets. Main topics include the following: How are battery optimisation and battery trading different? What does it take to unlock dependable revenues and finance for storage at scale? What challenges does co-location bring to the optimisation of a battery and what strategies can be pursued to overcome them?

This week on Energy Unplugged, we’re delighted to welcome Matt Grover, Director of Energy Markets at Fluence in Australia. He joins our Managing Director for APAC, Hugo Batten, and our Head of Research in APAC, James Ha, to discuss battery dispatch and economics. At Fluence in Australia, Matt leads the team responsible for the company’s Mosaic software product, which supports dozens of renewable generators and Battery Energy Storage System (BESS) assets in trading on the Australian National Electricity Market (NEM). Prior to joining Fluence, Matt held roles at AMS, EnelX, and EnerNOC. He brings over a decade of experience in Australia's NEM market operations. Main topics include the following: Key features of NEM’s market design and generation mix, and future changes at a system level The role of battery dispatch software in overall business cases Battery economics including merchant dispatch, offtake contracts, and virtual tolls

This week on Energy Unplugged, we’re delighted to welcome Mallika Ishwaran, Chief Economist, Shell. She joins our Managing Director for APAC, Hugo Batten, and our Global Research Director, Richard Howard, to discuss Shell’s 2025 Energy Security Scenarios. As Shell’s Chief Economist, Mallika advises on macroeconomic issues, economic trends, and related policy matters, shaping Shell’s long-term scenario outlooks. Prior to joining Shell, she had a distinguished career in the UK government, holding several senior roles, including Head of Policy Analysis at the Cabinet Office for the 2009 G20 London Summit. Main topics include the following: Impact of AI and rising energy demand in the models and scenarios The role of gas in the energy transition, and the biggest levers to bend the emissions curve down The best use of long-term energy models in the development of reports

This week on Energy Unplugged, we’re delighted to welcome Tom Glover, UK Country Chair, RWE. He joins Caroline Still, Project Leader in our Oxford Advisory team, to discuss the main challenges GB’s power sector is facing. As RWE’s UK Country Chair and Chair of the RWE UK Renewables Boards, Tom serves as the company’s most senior representative in the UK. He is responsible for leading national-level engagement and managing relationships with key stakeholders. In addition to his role at RWE, Tom is Chair of the Carbon Capture and Storage Association and a trustee for several charities. His previous experience includes roles at Barclays Capital, Enron, and PricewaterhouseCoopers. Main topics include the following: The impact of the Clean Power 2030 targets on the confidence of markets and investors What decisions need to be settled by strategic planning, and which should be market-driven? What can and should the UK be doing now to take advantage of the global uncertainty and remain attractive to global investors?

This week on Energy Unplugged, we’re delighted to welcome Jonathan Dillon, Partner at Clifford Chance. He joins our Global Research Director, Richard Howard, to discuss clean energy investment trends in Europe. Jonathan specialises in domestic and cross-border M&A for clean energy, renewables, and brownfield infrastructure assets. He advises private equity, infrastructure funds and other financial investors and has particular experience in competitive sale processes and the establishment of joint venture structures. Main topics include the following: How is the investor landscape evolving in terms of investor profiles, geographical interest, technology, and business models? How do investors perceive the emerging risks to the markets and technologies of focus? How much does the volatile geopolitical climate influence investors' decisions?

This week on Energy Unplugged, we’re delighted to welcome Margaret Cooney, Chief Operating Officer at Octopus Energy in New Zealand. She joins our Managing Director for APAC, Hugo Batten, and our Head of Australia, Weije Mak, to discuss New Zealand’s power market. Prior to Octopus Energy, Margaret was the Head of Powershop in New Zealand. She has also held roles at Meridian in New Zealand, and at OFWAT in the UK as their Head of Market Reform. Main topics include the following: New Zealand’s predominantly green energy mix and the key drivers of investment Evolving from Demand Side Response to Intelligent Demand in a nodal market with extended, linear grids like those in New Zealand. What are the challenges and advantages of operating in smaller, more isolated markets?

This week on Energy Unplugged, we’re delighted to welcome Jacob Stedman, CEO of Blykalla. He joins our Head of Nordics & Baltics, Alexander Esser, to discuss the role of nuclear energy and, more specifically, of small modular reactors (SMRs). Jacob is the CEO of Blykalla, a Swedish company specialising in the development and supply of lead-cooled SMRs. He is an accomplished entrepreneur and business leader with over 20 years of experience, having founded and led multiple start-ups and scale-ups. Most recently, he served as co-founder and CEO of Platform24, a leading Nordic SaaS company. Earlier in his career, Jacob spent six years at McKinsey & Company, where he focused on electricity generation and climate change. Main topics include the following: The role of nuclear power for a future power system The nuclear renaissance and the ambitions by the Swedish government Blykalla’s technology and advantages of SMR over conventional nuclear reactors

This week on Energy Unplugged, we’re delighted to welcome Dawn Owens, Head of Project Development and Commercial Markets at Fervo Energy. She joins our Managing Director for North America, Oliver Kerr, and Emma McElrath, Advisory Associate in our Oakland office, to discuss geothermal power in the US. In addition to overseeing the development of the geothermal company Fervo Energy, Dawn also serves as an Adjunct Lecturer at Stanford University. She brings a wealth of experience in the power sector, having held roles at NRG Energy, GenOn Energy, and other organisations. Main topics include the following: What is geothermal energy, and what are the differences between traditional and enhanced geothermal systems? The role of geothermal energy in the US power system Commercialisation of geothermal energy and barriers to a more widespread adoption

This week on Energy Unplugged, we’re delighted to welcome Marion Calcine, Chief Investment Officer at Ardian Infrastructure and Member of the Ardian France Executive Board. She joins our Research Lead for France & Iberia, Christina Rentell, to discuss investment strategies. As CIO, Marion supervises investment processes for Ardian Infrastructure Funds in Europe and in the Americas. She has served, or currently serves, on the boards of 3New, 4New, 2i Rete Gas, Trados M45, and Mila. On top of this, Marion co-leads digital project OPTA, which aims at optimizing operational performance and minimizing merchant risk of a 2GW portfolio. Main topics include the following: Investment strategies amidst market volatility Development of the hydrogen landscape Attractiveness of financing battery storage Enhancing operational efficiency in asset management

This week on Energy Unplugged, we’re delighted to welcome Guillaume de Goÿs, CEO of Aluminium Dunkerque. He joins our Head of France, Pierre Dennery, and Julia Breuing, Research Associate in our Berlin office to discuss the challenges energy consumers are facing from tariffs, electricity, and carbon prices. Guillaume began his career in the tire industry at Michelin before transitioning to the aluminium sector, working first in Cameroon and later in France. He is now CEO of Aluminium Dunkerque, the largest aluminium smelter in Europe and a global leader in low-carbon aluminium production. He also serves as President of Aluminium France and sits on the board of UNIDEN. Main topics include the following: Challenges faced by energy-intensive industries in Europe and whether the European Clean Industrial Deal addresses them Indirect emission compensation in Europe and its interactions with the Carbon Border Adjustment Mechanism (CBAM) The potential role of Power Purchase Agreements (PPAs) and flexibility

This week on Energy Unplugged, we're thrilled to welcome Sir Alex Chisholm, UK Chair of EDF and a Board Director at BT Group plc, along with Kirsty Gogan, Founding Director & Co-CEO of Terra Praxis and Managing Partner at LucidCatalyst. They'll be joining Dan Monzani, our Managing Director for the UK, Ireland, and India, for an insightful discussion on the role of nuclear power. Prior to EDF Energy and BT Group, Sir Alex worked at the top level of the UK Government, including 4 years in charge of the business and energy department. Kirsty’s experience counts 15 years as a senior advisor to Government on climate and energy policy, including 10 Downing St and the Office of the Deputy Prime Minister. The main topics up for discussion include the following: The role of nuclear in supporting data centre demand How to accelerate the deployment of small modular reactors, and the role of innovation in standardising their manufacturing The major barriers to successful new nuclear development, including funding, supply chains, skills base, and public support to this technology

This week on Energy Unplugged, we’re delighted to welcome Wendy Lam, CEO of Capsol Technologies. She joined our Head of Nordics & Baltics, Alexander Esser, to discuss the future of industrial decarbonisation. Wendy is an experienced technology leader with more than 20 years’ experience at major international industrial companies and has a proven track record of driving growth, developing strategic partnerships, and commercializing new technologies worldwide. Now, she leads Capsol Technologies, a carbon capture technology provider. They license their technology to Stockholm’s Värtaverket, which will be Europe’s first large-scale bio-energy carbon capture and storage, BECCS, plant when operational. Main topics include the following: The role of carbon capture in meeting climate goals The implications of the Clean Industrial Deal for industry and investment Real-world projects, including Europe’s first large-scale negative emissions plant

This week on Energy Unplugged, we’re excited to welcome Lucy Yu, CEO of the Centre for Net Zero, and Jon Norman, President of Hydrostor. They’ll join Marc Hedin, our Head of Research for Western Europe & India, to discuss how flexibility plays a crucial role in enabling a clean power grid. The Centre for Net Zero is an independent research unit within Octopus Energy, focused on providing data-driven insights into the future of demand flexibility. Hydrostor, based in Toronto, specializes in the development and operation of Advanced Compressed Air Energy Storage technology, offering energy storage solutions ranging from 8 hours to multiple days. Main topics include the following: Challenges in achieving a net-zero energy system The importance of flexibility in a clean power system Potential risks of lacking sufficient flexibility in the system

This week on Energy Unplugged, we're excited to welcome Carolina Nester, Head of Operations for Iberia at Sonnedix. She joins Christina Rentell, our Research Lead for France & Iberia, to discuss the challenges of curtailment and its impact. With over 17 years of experience in the photovoltaic (PV) sector, Carolina has a broad background spanning solar module manufacturing, installation permitting, design, construction management, and the supervision and control of solar assets, as well as PV consulting. Since joining Sonnedix in 2017, she has been responsible for optimizing and overseeing the performance of a solar asset portfolio generating €400M in revenue. Main topics include the following: Negative prices and their impact on regulated assets Evolution of grid curtailment in Iberia Automatic Power Reduction System (SRAP) as a mitigant of curtailment Support the show

In this episode of Energy Unplugged, our Head of Southeast Europe, Evangelos Gazis, is joined by Rebecca McManus, our Renewables Lead for European Power Markets, to disclose the main insights for Central and Eastern Europe (CEE) from our European Renewables Market Overview Report. Over the past decade, Europe's solar and wind energy capacity has increased to over 528 GW, driven by rising power demand, supportive policies, higher commodity prices, and supply chain improvements. CEE is on the cusp of a wave of investment in renewables and batteries, with Aurora forecasting 90GW of investments across the region between 2025 and 2030. Main topics include the following: The outlook for renewables across CEE, and how this varies between markets The emerging challenges, such as curtailment and negative prices, and impacts on renewable projects The available opportunities for renewables to help facilitate project financing Aurora is expanding into the Western Balkans! Soon we will be launching our products in the region to help investors, developers, and policymakers gain the key insights they need to make well-informed, decisions in this rapidly developing market. Support the show

This week on Energy Unplugged, we’re thrilled to welcome Nat Bullard, Co-Founder of Halcyon. He joined Oliver Kerr, our Managing Director for North America, and Hugo Batten, our Managing Director for APAC, to discuss the current state and future of global decarbonisation. Nat is the Co-Founder of Halcyon, an AI-powered platform focused on energy transition and decarbonisation. He is also the Founder and Managing Director of Business Climate, a decarbonisation consulting firm based in Singapore, and serves on the advisory boards of both Ember and Arcadia. Prior to this, Nat spent 15 years at BloombergNEF, where he concluded his tenure as the group’s Chief Content Officer. Main topics of discussion include: The impact AI may have on the energy transition over the next 10 years Recent dynamics in the Asian market, including India, China, and the Philippines Energy transition investment trends Support the show

This week on Energy Unplugged, we’re excited to welcome Sandhya Ganapathy, CEO of EDP Renewables North America. She joins our North America Managing Director, Oliver Kerr, to explore the US power market—its appeal, and the challenges and opportunities shaping its future. Before stepping into the CEO role in 2022, Sandhya was the Global Head of Investments and M&A, and also served as the Head of Investments and M&A for North America. With her vast experience in evaluating renewable energy investments and acquisitions, Sandhya brings a wealth of expertise to the conversation. Prior to joining EDPR, she spent over a decade as an investment banker, working with both regional and global banks across multiple regions. Main topics include the following: Opportunities and challenges arising from demand growth Given challenges with interconnection queues, is there a meaningful chance that any US markets will be short on power in the next 5 years? The attractiveness of the US power market, and its sources of competitive advantage Support the show

This week on Energy Unplugged, we are delighted to welcome Javier Cavada, President & CEO for EMEA, Mitsubishi Power. He joins our Global Research Director, Richard Howard and our Lead Expert for European Hydrogen Markets, Dilara Caglayan, to discuss electrification as a key pillar of decarbonisation. With over 20 years of global experience in the energy sector, Javier has successfully guided companies through every stage of corporate development and growth. Before joining Mitsubishi Power, he served as President and CEO of Highview Power. Prior to that, he spent 17 years at Wärtsilä Corporation, where he was President of the Energy Division and a member of the executive board. Main topics include the following: How to run a power system with a high growth of renewables and of power demand The role of flexibility in balancing the system The most attractive geographical markets for hydrogen Support the show

This week on Energy Unplugged, we're thrilled to welcome Philipp Man, Founder & CEO of terralayr, and Mikko Preuß, Vice President of the company. They join Eva Zimmerman, Senior Associate in our Berlin Research team, to discuss the German battery market. As a company, terralayr is committed to overcoming the challenges of renewable energy with a mission to create a future powered entirely by renewables. Their goal is to ensure a reliable, sustainable power supply, no matter the fluctuations in demand or energy sources, by use of their cloud platform for clean energy flexibility. Main topics of discussion include: Approaching batteries as an asset class, with a focus on financing and risk mitigation Insights into the German battery market Criteria for expanding into other battery markets Support the show

This week on Energy Unplugged, we are delighted to welcome Kelcy Pegler, CEO of FlexGen. He joins Olivier Beaufils, our Head of US Central, to explore the current landscape and future outlook of the energy storage industry in the U.S. Prior to joining FlexGen, Kelcy founded and chaired several companies in the renewables space, including Sofdesk (solar & storage software company) and Roof Diagnostics Solar (a residential solar installation company). He has been recognised by several business leadership awards, including EY’s Entrepreneur of the Year as a finalist, NJBIZ 40 Under 40, and Inc. Magazine’s Fastest-Growing Companies. Main topics include the following: Today’s grid being shaped by data centre demand growth, and the role batteries play in the equation Role of data analytics in battery deployment for developers and operators How market design is enabling and how it could incentivise more battery deployment in Texas and California Support the show

In this episode of Energy Unplugged, we are delighted to welcome Scott Mercer, CEO of Focused Energy discussing nuclear fusion with our Managing Director for North America, Oliver Kerr and Eva Zimmermann, Senior Associate in our Berlin office. Scott has served as the CEO of Focused Energy since February 2024. Before joining Focused Energy, he founded and led Volta Charging, guiding the company from its inception to a successful initial public offering (IPO). Over the course of his career, Scott has played a key role in more than 1,000 engineering and construction projects across the US and Europe. Main topics include the following: Nuclear fission VS fusion, and the different approaches people are taking to fusion Funding and commercialisation of nuclear fusion The role of nuclear fusion in the energy transition Support the show

In this episode of Energy Unplugged, we are thrilled to welcome Andrew Flanagan, CEO of RWE Clean Energy. He chats with Oliver Kerr, our Managing Director for North America, to discuss the current and future landscape of U.S. power markets. With over 25 years of experience in the US energy sector Andrew has a wealth of expertise. He leads the third-largest renewable energy business in North America and his career spans working with international teams across Europe. Andrew holds an MBA from Northwestern University’s Kellogg School of Management and a Bachelor of Science from the United States Merchant Marine Academy. Main topics of discussion include the following: How much of the load growth in the US is real, and how much of its forecasting should be factored in investment decisions? What challenges are interconnection queues in the US creating, and how are markets reacting? What will the results of the US election mean for the energy transition in the country? Support the show

In this episode of Energy Unplugged, we're excited to welcome Rohan Ma, the former Director of Energy Software at Tesla. Rohan joins Hugo Batten, our Managing Director for APAC, and Julia Hoos, our Head of USA East, for an insightful discussion on battery market economics. Rohan's career has focused on the intersection of energy economics and technology. The last 8 years saw him leading the global Energy Software team at Tesla, launching initiatives like Autobidder, Tesla's Virtual Power Plant, and the company’s retail electricity program, Tesla Electric. Before Tesla, Rohan held positions at SolarCity, Pacific Gas and Electric, Clearview Energy Partners, and the Chicago Climate Exchange. Main topics of discussion include the following: How did Autobidder develop within Tesla, and what were the biggest challenges facing scaling and rolling it out internationally? How do new battery markets compare to established ones, and which ones are the best for investment? How will the Trump Administration potentially impact the Inflation Reduction Act (IRA)? Support the show

In this episode of Energy Unplugged, we are thrilled to welcome Tyler Norris, James B. Duke Fellow at Duke University’s Nicholas School of the Environment. Tyler joins our Managing Director for North America, Oliver Kerr, to discuss the interconnection processes within U.S. power markets. Tyler's PhD research at Duke University focuses on electric power systems. His background includes roles as VP of Development at Cypress Creek Renewables, Director at S&P Global Platts, and Special Advisor for Tech-to-Market at the U.S. Department of Energy. Tyler has also served as an expert witness in multiple utility commission proceedings, with his insights featuring in prominent publications such as The New York Times and Foreign Affairs. Key topics in this episode include: What are interconnection processes, and why are these increasingly relevant in the US? “Invest and connect” vs “connect and manage” approaches to interconnection What will the results of the US election mean for the energy transition in the country? Support the show

In this episode of Energy Unplugged, we are delighted to welcome Axel Thiemann, CEO of Sonnedix, to discuss the investment climate for Battery Energy Storage System (BESS) in Europe. Axel joins our Global Research Director, Richard Howard, recorded live at the Aurora Battery Conference in November 2024. Axel has been with Sonnedix since 2011 and became CEO in 2018. Under his leadership, the company has experienced rapid growth and diversification to more than 3.5GW of operational capacity. Today, he leads a global team of over 500 employees across 10 countries. Main topics include the following: What are the factors and trends shaping the investment climate for BESS in Europe? What are the key risks and uncertainties for BESS investment in Europe, and how can these be managed? Where are the best opportunities and the hottest markets for BESS in Europe? Support the show

In this episode of Energy Unplugged, we are delighted to welcome Benjamin Merle, Chief Product Officer at Enpal, as he joins our Managing Director for Central Europe, Hanns Koenig, to discuss solar energy solutions and their role in the German power market. Since 2020, Benjamin has been responsible for product development and energy market topics at Enpal. Before this, he played a key role in establishing Aurora's German branch and worked as a consultant at McKinsey. He studied International Business Administration at Erasmus University in Rotterdam and Environmental Change and Management at the University of Oxford. Main topics include the following: The importance of supply chain security in the face of geopolitical tensions What is a virtual power plant, and how does it work within the power market? How can incentive schemes for rooftop solar in Germany be reformed to make them more system-friendly? Support the show