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Published by Dr Charlotte Kirk and Lucy Shaw
Join us - Dr Charlotte Kirk and Lucy Shaw - as we dive into the tech, finance and politics powering the energy transition each week. We'll unpack what happened, why it matters, and what you need to know. With deep industry insights and unique insider knowledge, we'll keep you up to date with all the Power Plays.
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Recorded 25 August 2026. This week, we’re joined by Oliver Badenhorst, Vice President of Strategy and Business Operations at Solar Landscape. Drawing on his experience in commercial rooftop solar, energy strategy and US offshore wind, Ollie joins us in his personal capacity to discuss three major stories shaping the US energy sector: new solar import measures, restrictions on foreign-made inverters and the federal government’s offshore-wind lease refunds. 1 - New tariffs and minimum prices could raise US solar costs From December 2026, imported solar products will face a 15% tariff alongside minimum prices covering polysilicon, wafers, cells and modules. The $0.38/W module price floor could increase module costs for a 100 MW project from approximately $25 million to $38 million, adding around 12–13% to total project costs. The impact will vary by business model: community-solar developers may have more flexibility than utility-scale projects operating under long-term, fixed-price power contracts. The measures could support US manufacturing and reduce reliance on concentrated overseas supply chains, while raising energy costs and placing some marginal projects at risk. Developers may find administrative complexity, tax-credit eligibility rules and supply interruptions more disruptive than a clearly defined increase in equipment prices. 2 - Restrictions on foreign inverters address a growing cybersecurity risk The FCC has blocked new models of foreign-made, internet-connected power inverters from receiving US authorization, unless they qualify for an exemption or are linked to domestic production plans. Previously approved models can continue to be manufactured, imported, sold and installed, delaying the immediate impact on developers with existing inventories. Inverters connect solar panels, batteries and EV chargers to the grid and increasingly enable remote monitoring, bidirectional power flows and distributed-energy coordination. Large fleets managed through shared cloud platforms can expand the grid’s cyberattack surface, strengthening the case for secure firmware, controlled software updates and clear remote-access rights. The restrictions could encourage domestic power-electronics manufacturing, while reducing equipment choice and potentially slowing access to newer inverter technology. 3 - US offshore wind has been hit by financial, operational and political pressures The US government has agreed to return approximately $4 billion in offshore-wind lease payments, securing the cancellation of projects whose developers may otherwise have continued or challenged federal action. Many projects committed to fixed electricity prices before inflation, interest rates and supply-chain costs rose, weakening their economics. Offshore wind requires long development timelines, highly specialized equipment and complex construction at sea; the Jones Act adds further logistical constraints in the US. Turbine reliability problems, steel-price increases, constrained installation capacity and federal opposition have compounded the sector’s challenges. Falling solar and battery costs have strengthened a competing source of modular, rapidly deployable capacity, particularly as batteries allow solar generation to serve demand across more hours of the day.
Recorded on 21 August 2026 with this week’s co-host, Guy Cohen, who leads clean-firm-power analysis at Currence. There have been 2 recent news stories in the micro-reactors: Valar Atomics raised a $1 billion Series B, while Antares announced a $370 million Series C. We examine why investors are backing microreactors, what commercial progress looks like and the parallel opportunity in the infrastructure needed to deploy the reactors. 1. Why microreactors are attracting capital Microreactors produce 1–20 MW, are factory-built and transportable. Early markets include military bases, mines, remote communities and industrial sites dependent on diesel. They may suit smaller distributed computing facilities rather than gigawatt-scale AI campuses. Their advantage may be speed rather than cost: data centres could pay more for earlier power. US regulatory changes could enable fleet licensing, remote operation and smaller security footprints. 2. What would justify the valuations? Neither Valar nor Antares has a commercially licensed reactor in operation. Reaching criticality matters, but does not prove commercial viability. Stronger indicators would include customer contracts, financing and long-lead equipment orders. Developers must demonstrate licensing progress, fuel access, manufacturing capacity and delivery experience. Economics depend on factory production, standardisation and repeated deployment. 3. The opportunity extends beyond reactors Does nuclear really need more reactor designs, or stronger supply chains and delivery capabilities? Many advanced reactors require HALEU and specialised TRISO fuel. Announced non-Russian and non-Chinese HALEU production may support only around 5 GW by 2035. Projects also require fuel fabrication, heavy forgings, pressure vessels, turbines and skilled workers. Currence found reactor-developer funding fell 64% relative to H2 2025, while non-reactor funding rose 384%. In H1 2026, non-reactor startups raised as much as reactor developers. 4. How microreactors differ from SMRs The Valar and Antares deals follow years of slower-than-expected Western SMR deployment. But leading SMRs are moving from early-stage equity towards government support and project finance. Gen III+ designs benefit from established supply chains; Gen IV reactors face greater first-of-a-kind risks. Microreactors are attracting early-stage capital because their regulatory and commercial pathways are only now emerging. 5. Are existing reactors the faster opportunity? Restarts, uprates and life extensions can add capacity sooner and more cheaply. Microsoft is backing the 835 MW Three Mile Island restart. Palisades could return 800 MW to the grid. Meta’s 20-year Vistra agreement supports 433 MW of uprates. These projects matter this decade but cannot deliver the additional 100–300 GW contemplated by US targets. 6. Where nuclear fits in the power mix Can microreactors and SMRs compete with other clean-power sources? Enhanced geothermal targets 8–10¢/kWh, while DOE aims for 4.5¢/kWh by 2035. Solar delivers around 3–5¢/kWh; adding four-hour storage brings to 9–10¢/kWh. Nuclear offers higher capacity factors; geothermal may be cheaper and faster where resources exist. Falling battery costs could reduce future baseload requirements. Public markets could finance established nuclear companies.
Recorded on 13 August in California / 14 August in Australia. Excited to have Hamish McKenzie as our co-host this week. He is Deputy Director of Climate Change and Energy at the Grattan Institute , and previously worked in the private sector and parliament. This week we focus on 3 stories shaping Australia’s energy transition, and what they tell us about similar challenges playing out in the US and UK: 1. Australia’s proposed “bring your own power” rules for data centres: Australia already has 160 data centres , with over 90 in the pipeline , as investment and electricity demand grow rapidly. We discuss the government’s proposed framework requiring new data centres to procure 100% renewable electricity from additional generation , secure firming capacity, provide grid flexibility and respond to locational incentives. We look at how renewable matching could work, including proposals to divide procurement into different periods of the day rather than relying on annual matching. We explore the tension between data centres that can be developed in ~2 years and renewable projects that can take over 7, and what this could mean for wind, offshore wind, batteries and gas firming. 2. Australia’s 82% renewable-electricity target and electricity-market reform: Australia’s National Electricity Market is approaching 50% renewable generation , but project development is slowing as the country works towards its 82% renewables target by 2030 . We discuss delays to wind and transmission, community opposition, differing state policies and concerns that projects awarded support through the Capacity Investment Scheme may not all reach construction. We explain the tenor gap, developers need long-term revenue certainty to finance projects, while buyers are often reluctant to sign contracts beyond a few years. We examine the proposed contract-recycling mechanism intended to bridge that gap, and the challenges of implementing market reform across Australia’s federal and state governments. We discuss the changing generation mix: solar and batteries are growing rapidly, wind is struggling, batteries are increasingly displacing gas from intraday firming, and wholesale prices have fallen sharply over the past year. 3. Australia’s domestic gas policy during the Iran War: Australia is one of the world’s largest LNG exporters , while remaining heavily dependent on imported liquid fuels and exposed to international energy-market volatility. We discuss how east-coast LNG exports connected domestic gas consumers to global markets and contributed to higher and more volatile prices, particularly during the 2022 energy crisis. The government’s proposed domestic gas-reservation policy would require LNG exporters to make gas equivalent to 20% of exports available to the domestic market. We consider whether lower domestic gas prices could slow electrification, while improving energy security and limiting exposure to extreme global price spikes. We also look at batteries increasingly replacing gas for short-duration firming, while gas retains a role during longer periods of low renewable generation. We finish with Australia’s wider transition: renewables have risen from around 8% of electricity in 2010 to close to 50% today , rooftop solar and household batteries have scaled rapidly, and policymakers are now looking to commercial and industrial solar as another source of quickly deployable capacity.
Recorded 3 August 2026 This week, Charlotte and Lucy are joined by Will Rowe, Founder and CEO of Swaptopus , the joint venture between Octopus Energy Generation and CATL, building a battery-swapping network for electric HGVs across the UK and Europe. Story 1: Swaptopus & the future of electric freight Drawing on Will's experience in electrification and commercial transport, the discussion explores how battery swapping could accelerate HGV electrification across Europe. Topics include: ⚡ Battery swapping for HGVs: Why Swaptopus believes swapping can reduce downtime, improve vehicle utilisation and overcome grid constraints compared with conventional charging. 🚛 Designing the optimal system: The trade-offs between battery size, charging infrastructure, battery inventory and European freight duty cycles, and how autonomous trucks could reshape vehicle architecture. 🔋 Battery stations as energy assets: How swapping hubs could participate in electricity markets through flexibility services, energy trading and capacity markets alongside freight operations. ♻️ Battery manufacturing & second life: Standardisation across truck manufacturers, European battery supply chains, and how retired truck batteries could be repurposed for commercial and industrial energy storage. ⚖️ Hydrogen vs batteries: Why battery-electric trucking has accelerated so rapidly, whether infrastructure risks becoming stranded, and why flexible infrastructure matters more than backing a single technology pathway. 📈 Demand-side electrification: Why governments have focused on renewable generation but paid far less attention to electrifying transport, heating and industry, and the policy changes needed to accelerate adoption. Story 2: Andy Burnham, North Sea oil & climate leadership 🛢️ Andy Burnham's comments on taking a more pragmatic approach to North Sea oil and gas prompt a wider discussion about energy security, affordability and decarbonisation. Should climate leadership be measured by reducing fossil fuel production or fossil fuel demand? The role of gas in supporting highly renewable electricity systems. Lessons from Norway and China, where fossil fuel production continues alongside rapid electrification. The balance between industrial competitiveness, energy security and long-term climate goals. Story 3: Could balcony solar be a game changer in the UK? ☀️ The UK is set to legalise plug-in balcony solar systems, potentially opening rooftop generation to millions more households. We discuss: Whether balcony solar is primarily about electricity generation or consumer empowerment. How consumer-owned solar could accelerate the adoption of batteries and flexible demand. The role of distributed energy resources in the future electricity system. How electricity pricing and network charging should evolve as more consumers become both generators and users.
Recorded on 29 July. We're excited to welcome our second-ever guest host—and our first-ever triumvirate recording. Joining Charlotte and Lucy is Sulaiman Ilyas-Jarrett , former government advisor at the UK Deparment for Energy, Head of Renewable Delivery Policy & Strategy at DESNZ, senior energy adviser in Number 10 during the energy crisis, and currently a Policy Fellow at the University of Cambridge Centre for Science and Policy, and host of the Energy Revolution Podcast . We unpack what the UK's new Energy Secretary means for the future of energy policy, why electrification and demand-side policy are becoming the next major challenge after years of renewable build-out, and how new proposals to reform grid connections could reshape the race to build AI data centres. We also explore whether the UK's successful Contracts for Difference model has reached its limits, before looking at what China's solar manufacturing glut and India's push for domestic production reveal about the trade-offs between industrial policy, energy security and rapid decarbonisation. In this episode What Secretary Miatta Fahnbulleh's appointment means for UK energy policy and the shift from generation to consumers Why electrification, affordable electricity and demand-side policy are becoming the next frontier of the energy transition The debate around locational pricing, grid reform and what really determines where major industrial projects get built Ofgem's proposed grid connection fees for data centres and whether large electricity users should pay more for new infrastructure Contracts for Difference vs corporate PPAs, and what the next phase of renewable deployment could look like China's solar manufacturing oversupply, India's domestic manufacturing ambitions, and the balance between resilient supply chains and rapid deployment
Recorded 23rd July: First Charlotte explores how carbon is shifting from being viewed solely as a waste product to becoming a valuable industrial feedstock. From sustainable aviation fuel and captured-carbon running shoes to low-carbon chemicals and Europe's latest industrial policy, the episode examines how renewable electricity and CO₂ are reshaping heavy industry, and what it will take to scale these technologies commercially. Then Lucy discusses the first days of the UK's new government under Prime Minister Andy Burnham, the appointment of Energy Secretary Miatta Fahnbulleh, and what their early policy announcements could mean for energy affordability, electrification and the UK's long-term transition away from fossil fuels. This week's topics include: The ASTM approval of the methanol-to-jet (MTJ) pathway, creating a second commercial Power-to-Liquid route for sustainable aviation fuel alongside Fischer-Tropsch. Why MTJ could lower the cost of eSAF through higher jet fuel selectivity and smaller, more modular production plants. How captured carbon is being turned into high-performance running shoe midsoles through Infinium and On's new partnership. Dioxycle's collaboration with Adani to produce low-carbon formic acid from captured CO₂ using electrolysis. The European Commission's proposed €100 billion Industrial Decarbonisation Bank and Carbon Contracts for Difference. Reforms to the EU Emissions Trading System (ETS), including the expansion of carbon removals and new support for industrial decarbonisation. The UK's new government, early energy policy signals, electricity affordability, North Sea oil and gas, and the future direction of UK energy policy.
Recorded 12th July. This week we explore how extreme heat is reshaping electricity systems around the world, and why one of the biggest opportunities is improving how we use the infrastructure we already have. We begin by examining the record-breaking heatwaves across Europe , where soaring temperatures have contributed to thousands of excess deaths while exposing how electricity grids, homes and energy markets were designed for a cooler climate. We discuss Why cooling demand is becoming just as important as winter heating, How heat affects both electricity demand and electricity generation, Why technologies such as heat pumps, demand response and dynamic grid management will become increasingly important. We then turn to the United States, where PJM recorded all-time peak electricity demand during an East Coast heatwave. Despite having substantial backup generation, batteries and demand response capacity available, fragmented market rules and regulatory frameworks limited how effectively these resources could be used. We explore the forecasting errors, emergency reliability orders and operational challenges that forced grid operators to keep thermal power plants online and curtail large electricity users. The conversation also examines the hidden environmental and public health consequences of relying on diesel backup generators during grid emergencies, and why better coordination of distributed energy resources could provide cleaner, lower-cost alternatives. Finally, we look at two companies tackling one of the electricity sector's biggest challenges: unlocking more capacity from the grid we already have. GridSolver (WattCarbon & Resilience Energy) has launched an open-source platform that maps more than 66,000 US neighbourhoods to identify where batteries, flexible demand, EV charging and rooftop solar would provide the greatest value to the electricity grid. GridCARE , a Stanford spinout backed by a $64 million Series A , uses AI-powered digital models to identify hidden capacity across existing transmission and distribution networks, enabling faster grid connections without waiting years for new infrastructure. In this episode Extreme heat and electricity systems: Europe's record-breaking heatwaves and excess mortality Why cooling demand is becoming a major challenge for electricity grids How heat affects transmission lines, power plants and system reliability Why heat pumps can reduce both emissions and electricity costs Demand response and flexible electricity consumption during extreme weather The US grid under stress: PJM's record electricity demand during the East Coast heatwave Emergency reliability orders and backup generation Why forecasting errors created operational challenges The regulatory barriers preventing greater use of flexible resources The environmental and health impacts of diesel backup generators Getting more from the existing grid: How GridSolver identifies where distributed energy resources create the greatest value Why different neighbourhoods require different flexibility solutions How GridCARE uses AI to uncover unused grid capacity Why utilities are increasingly focused on improving grid utilisation before building new infrastructure How better coordination of existing assets could reduce electricity costs and accelerate new grid connections
Recorded 30 June – We explore how engineering, software and market design are reshaping AI infrastructure and electricity systems. Charlotte examines three stories linked by a common theme: making existing infrastructure dramatically more productive. From NVIDIA's warm-water cooling technology and AI-powered water heaters to the largest virtual power plant ever assembled, we explore how AI is driving innovation far beyond the chip itself. Lucy then discusses a major US Supreme Court ruling that could increase political influence over the Federal Energy Regulatory Commission (FERC), what that means for electricity markets, and why a new Columbia University report challenges the popular narrative that data centres are driving electricity price increases. 1. NVIDIA redesigns AI cooling with 45°C warm-water liquid cooling NVIDIA's next-generation Rubin AI platform is designed to operate using 45°C direct liquid cooling. Instead of cooling entire data halls with chilled air, warm water removes heat directly from chips, greatly reducing refrigeration energy and water consumption. AI competitiveness may increasingly depend not only on tokens per megawatt, but also on tokens per litre of water and per square metre of data centre space. 2. What if AI GPU's ran inside your water heater? Startup WATTER has partnered with AI company Subconscious to embed GPUs inside domestic hot water systems. Instead of treating heat as waste, every AI inference simultaneously produces hot water. Combining GPUs, liquid cooling, heat exchangers and thermal storage could create a new model of distributed AI infrastructure, much like the evolution of distributed electricity systems. 3. Sunrun, Tesla and Renew Home launch the largest US virtual power plant A 16.8 GW virtual power plant combines 7.8 GW of residential battery capacity, 9 GW of flexible demand, up to 9 million homes and more than 12 million connected devices. Rather than serving only utilities, the platform is designed to support AI data centres and hyperscalers, demonstrating how software can transform millions of distributed assets into critical electricity infrastructure. 4. Is politics beginning to reshape US electricity markets? A recent US Supreme Court decision could make independent regulators more susceptible to presidential influence. We discuss: why independent regulation matters for competitive electricity markets historical examples of governments influencing market design how political priorities could increasingly shape electricity regulation why investor confidence depends on stable, independent institutions 5. What is really driving electricity prices? A new report from Columbia University's Center on Global Energy Policy concludes that data centres are not the primary driver of recent electricity price increases. Instead, rising costs largely reflect: ageing transmission and distribution infrastructure wildfire and storm resilience investments equipment cost inflation higher natural gas prices broader structural issues within electricity markets 6. Markets versus public ownership Drawing on recent visits to Kenya and South Africa, Lucy reflects on how electricity markets are evolving internationally, including: electricity market liberalisation across Africa private investment versus state ownership wheeling arrangements and direct power sales what the UK's political debate could mean for future electricity market design.
Recorded 21st June. Lucy joins from a sweltering London, while Charlotte records from Lake Tahoe after racing the Broken Arrow Skyrace with The North Face team. We cover three stories spanning UK energy politics, FERC 2222, and rare-earth supply chains: Andy Burnham, Labour and the Future of UK Energy Policy Lucy looks at Andy Burnham’s election to Parliament in Makerfield and what it could mean for the future direction of Labour’s energy and infrastructure agenda. The discussion covers: why Burnham’s victory is being viewed as more than a routine by-election what a more devolved approach to energy policy could mean the debate around public ownership, public control and essential infrastructure whether nationalisation would reduce energy bills, or whether market design is the bigger issue how locational pricing and planning reform could affect where clean energy gets built the trade-off between local decision-making and a national energy strategy why affordability may become more politically important than net-zero targets FERC 2222, Data Centres and Virtual Power Plants Charlotte turns to the US, where FERC has ordered six major grid operators to explain whether data-centre interconnection costs are being shifted onto existing electricity customers. The discussion covers: how FERC Order 2222 opened wholesale electricity markets to aggregated DERs, including batteries, EVs, rooftop solar and flexible loads why the debate has intensified as hyperscale AI campuses seek hundreds of megawatts to gigawatts of new power demand why capacity is becoming one of the most valuable resources in the electricity system how 10,000 residential batteries can form a virtual power plant, while 100,000 batteries could provide roughly 1–1.5 GW of dispatchable capacity how VPPs can unlock value from existing infrastructure rather than waiting years for new transmission and substations why capacity payments, demand response and ancillary services are creating new revenue streams for distributed assets how community batteries and resilience hubs could provide backup power during outages while supporting grid reliability Phoenix Tailings and Rare-Earth Supply Chains Charlotte discusses Phoenix Tailings, the US rare-earth processing company that secured $500 million of financing from the Pentagon’s Office of Strategic Capital. The discussion covers: how rare-earth magnets underpin EVs, wind turbines, robotics, defence systems, data centres and industrial automation why China’s dominance of refining and magnet production has become a strategic concern the difference between mining rare earths and processing them into usable oxides, metals and magnets how Phoenix Tailings uses mine tailings, industrial waste streams and secondary feedstocks why rare-earth separation is one of the most technically challenging parts of the supply chain how advanced separation chemistry and electrochemical processing could reduce waste, emissions and reagent use the key scale-up challenges around yield, recovery, reliability, offtake and commercial execution Across the episode, the common theme is infrastructure: who pays for it, who controls it, and how governments, markets and technology shape the systems needed for the energy transition.
Recorded 14th June - Part 2: This episode was so packed that we’re releasing it in two parts, so we don’t have to cut any of the good bits. Here in Part 2, Lucy picks up the theme of state intervention in energy markets - looking at where governments are trying to shape, correct or accelerate the energy transition. First up: the European Union’s plans to expand carbon pricing for extra-EU aviation . The discussion covers: why most international aviation emissions are currently excluded from EU carbon pricing the history of the EU ETS, “stop the clock”, and the role of CORSIA how the EU is using both carbon pricing and RefuelEU Aviation to push airlines towards lower-carbon fuels why sustainable aviation fuel still faces major cost, scale and feedstock constraints the difference between bio-based SAF and e-SAF how aviation policy compares with maritime decarbonisation, the IMO and emerging global carbon pricing for shipping Lucy then turns to South Africa, where Eskom is launching Eskom Green and beginning to convert some of its coal-heavy sites towards renewables. We discuss: why coal still dominates South Africa’s power system how Eskom’s role is changing as the market liberalises why private sector renewables, rooftop solar and behind-the-meter power have grown in response to blackouts and high energy costs what it means for a state-owned utility to lead renewables deployment while the market is opening up Finally, Lucy looks at the UK’s latest grid connection reforms , after the National Energy System Operator approved 713 generation projects representing around 37 GW of capacity. The conversation explores: why grid connections have become one of the biggest bottlenecks in the UK power system how Clean Power 2030 is reshaping national planning why connecting more generation is only one side of the challenge the need to electrify heat, transport and demand alongside new supply how grid-enhancing technologies, dynamic line ratings, advanced conductors, topology optimisation, VPPs, distributed batteries, smart thermostats, EVs, heat pumps, microgrids and behind-the-meter assets can help get more out of the grid we already have Across all of these stories, the common theme is how governments and markets interact: when to intervene, when to let price signals work, and how to design energy systems that can scale clean power without making energy more expensive or less reliable.
Recorded 14th June: Charlotte and Lucy are both in the US this week - Charlotte in San Francisco and Lucy in Boston. This episode was so packed that we’re releasing it in two parts, so we don’t have to cut any of the good bits. Here in Part 1, Charlotte dives into the nuclear supply chain - not just reactors, but the materials, processing and fuel infrastructure needed to make nuclear power possible. First up: DISA Technologies , the Wyoming-based mineral processing and uranium remediation company that raised a $33 million round led by Galvanize Climate Solutions, with participation from BHP Ventures. DISA is scaling its High Pressure Slurry Ablation technology, which uses particle-to-particle collisions to liberate valuable minerals from ore, tailings and legacy mine waste. We discuss: why comminution is one of the biggest energy loads in mining how better mineral liberation can improve recovery rates why uranium remediation could become a critical part of rebuilding domestic nuclear fuel supply chains Charlotte then turns to Urenco , one of the world’s largest uranium enrichment companies, which announced a $1.5 billion expansion of its facility in New Mexico. The conversation explains: the uranium fuel cycle why enrichment is such a strategic choke point the difference between LEU and HALEU why fuel availability matters just as much as reactor deployment in any future nuclear buildout Finally for Part 1, we move from nuclear fuels to grid storage, covering recent momentum in sodium-ion and second-life batteries, including: ESS Tech’s partnership with Alsym Energy CATL ’s 60 GWh sodium-ion agreement with HyperStrong GM’s partnership with Peak Energy for stationary storage Moment Energy ’s $40 million Series B to repurpose EV batteries for grid applications Across all of these stories, the common theme is that the energy transition is increasingly about supply chains, processing capacity, infrastructure bottlenecks and the industrial systems needed to scale.ed to scale the energy transition.
Recorded 7th June. In this episode, we catch up after Charlotte’s set the record for the Fastest Known Time running the Camino de Santiago, and Lucy being elected as a local councillor. We then dive into four major energy stories spanning cutting-edge battery technologies, industrial decarbonisation, coal policy, and mine safety. Nyobolt's $60M Series C: The Future of Ultra-Fast Charging Nyobolt has become the latest UK battery unicorn after raising a $60 million Series C round. Charlotte explores why the company is taking a different approach from most battery developers by prioritising charging speed and power delivery rather than simply increasing energy density. Why conventional lithium-ion batteries struggle with ultra-fast charging How niobium-based anode materials allow lithium ions to move more rapidly through the battery The trade-off between energy density and power density Why fast charging matters more for robots, mining equipment, defence systems, and industrial automation than passenger EVs How higher utilisation can create significant economic value for robotic and autonomous systems The growing opportunity for high-power batteries in AI infrastructure and data centres Antora Energy's 5 GWh Thermal Battery Project Antora Energy has deployed one of the world's largest energy storage projects, using renewable electricity to provide industrial heat rather than electricity. Charlotte discusses why industrial heat represents one of the biggest decarbonisation challenges globally and how thermal batteries could help solve it. How Antora stores electricity as heat in solid carbon blocks at temperatures above 2,000°C Why industrial facilities need heat rather than electrons How thermal storage enables renewable energy to provide reliable 24/7 industrial steam and process heat The role of thermal batteries in sectors including steel, cement, chemicals, food processing, and pulp and paper How Antora's radiative heat transfer system differs from conventional thermal storage technologies The potential future use of thermophotovoltaics to convert stored heat back into electricity Why ethanol production is proving to be an attractive first commercial market Trump's $700 Million Coal Push The Trump administration has announced a new package of support for the US coal industry. Lucy examines the rationale behind the policy, the economics of coal in modern electricity markets, and whether coal still has a role to play in supporting grid reliability. New funding for coal plant upgrades, export infrastructure, and proposed new coal plants The difference between coal as a reliability resource and coal as baseload generation Whether preserving existing coal plants makes economic sense How coal compares with renewables, batteries, gas, and other firm power resources Whether AI-driven electricity demand changes the case for coal, as data-centre developers favour nuclear, geothermal, renewables, and storage over new coal generation China's Deadliest Coal Mine Accident Since 2009 We conclude with a discussion of a tragic coal mine accident in China that claimed 82 lives and what it reveals about the broader costs of fossil-fuel dependence. The human cost of coal mining and industrial accidents How safety regulations affect the economics of coal production Whether major incidents accelerate transitions away from coal The balance between energy security, affordability, and worker safety
This week on Power Plays (recorded May 13th, 2026), we are joined by a guest co-host, Henry Sanderson, while Charlotte completes an epic run in Spain. Henry is the author of Volt Rush, former journalist at Bloomberg and the Financial Times, and fellow at RUSI and Oxford Institute for Energy Studies. This week we cover: Trump's trip to China - why is he going, what will he ask for in the negotiation to secure rare earth supply chains, and will this lead to more investment in the US cleantech sector? The PJM's electricity market reform proposals - why there are calls for reform to capacity markets, what those reforms could look like, and will they will improve reliability? The Beijing Auto Show and evolving EV trends - the move towards luxury EVs and battery swapping for heavy-duty vehicles like trucks Struggling European battery manufacturers - Morrow's bankruptcy, why Europe's manufacturing has lagged China's Power price moves - how lower power prices drive EVs, changes in China's market connectivity and design
Recorded 2nd May 2026: This week we explore the forces reshaping distribution level power systems, the UK's new energy policy announcements, and the progress of fossil fuel phase-out after a historic conference in Colombia. Part One: DERs, VPPs, and the Grid Edge Stories from Octopus Energy, Uplight, Lunar Energy, & Span all point to the grid becoming more distributed, more intelligent, and more participatory. DERs - including home batteries, EV charging, & flexible demand - are increasingly being treated as real capacity resources rather than emergency backup systems. VPPs can now meet peak demand at significantly lower cost than conventional generation, using assets that already exist in homes & businesses. As electricity demand rises & interconnection timelines stretch, the fastest new capacity may come from distributed infrastructure not large centralized plants. Charlotte highlights: Octopus Energy & Uplight - to expand VPP capabilities in the US, focused on aggregating household devices into coordinated grid resources Octopus & Lunar Energy - to deliver integrated home energy systems combining batteries, energy management software, & retail electricity supply Octopus's residential battery deployment focused on mainstream adoption. Systems are designed to participate in demand response, energy arbitrage, & VPP programs, as household energy devices can function as infrastructure assets. Span announced plans to deploy GPUs at the grid edge , embedding compute directly into electrical infrastructure Part Two: UK Energy Policy and Breaking the link between gas and electricity prices The UK government announced a slate of policy proposals to reduce the cost of energy and accelerate decarbonisation. The flagship policy was offering voluntary wholesale contracts to legacy renewable generators to stabilise electricity prices and reduce exposure to gas-driven volatility. The proposal reflects a broader recognition that electricity markets remain heavily exposed to short-term price fluctuations & that long-term contracts can play a stabilising role for both producers & consumers. Lucy also covers: Market reforms, including wholesale prices and locational pricing Expanding energy development on publicly owned land to build 10GW of new supply The launch of a plug-in solar pilot program, Reforms to make on-street EV charging easier to deploy Part Three: Fossil Fuel Phase-out - the dream in Colombia and the reality on the ground The first ever Fossil Fuel Phase-out conference was held in Santa Marta, Colombia, this past week. Participants were optimistic about the outcome, agreeing to develop roadmaps in advance of the summit next year. But the world's biggest fossil fuel producers and consumers weren't there - China, the US, India, Russia, Saudi Arabia - so can we expect any change? Meanwhile: UAE left OPEC, signalling they want to increase oil production Chevron and ExxonMobil are resisting Trump's calls to increase oil production, signalling they want to keep prices higher for longer or are worried about a glut of supply coming India is experiencing higher than ever electricity demand in a deadly heatwave, increasing coal consumption after a 2025 decline.
Recorded 18th April 2026: This week we explore the forces reshaping heavy industry in the energy transition — from the role of of coal in global power systems to the rapidly evolving race to build low-carbon steel. In this episode: What the latest data says about global coal demand Why mining costs are rising - and how producers are responding The financing and technology choices shaping new green steel plants How renewable energy availability is reorganizing industrial supply chains Why geopolitical risk is becoming a core variable in industrial investment We unpack new data from Centre for Research on Energy and Clean Air which shows coal use has remained flat , examine rising mining input costs, and discuss how economics, infrastructure, and geopolitics are beginning to determine where the next generation of industrial facilities will be built. Coal India Limited warns of rising supply chain costs because of increases in explosives costs (driven by gas prices) and diesel for mine trucks (driven by oil prices). While the stated cost rises were high (26% and 54% respectively), the impact on overall coal costs in India is muted, less than 2% of costs. The state-controlled company has promised to insulate consumers from these price shocks and it can do so with a large profit margin cushion. This slightly reduces the incentive to switch to clean energy. Other miners may have to pass these cost increases on, for coal and other commodities, which could raise prices if there are fewer substitutes. Stegra (formerly H2 Green Steel) secured €1.4 billion in additional financing to complete construction of its flagship steel plant in northern Sweden — the first new steel mill in Europe in decades. The project reflects the practical reality that hydrogen infrastructure at industrial scale is still emerging. The financing underscores both the scale of investment required for industrial decarbonization and the importance of secure long-term demand contracts in making these projects bankable. SuSteel Namibia successfully demonstrated hydrogen-based iron production at an industrially relevant scale, marking a major step beyond pilot projects. The development highlights a broader shift in the steel value chain: energy-intensive processing is beginning to move to regions with abundant, low-cost renewable power. Rather than exporting hydrogen, Namibia is positioning itself to export higher-value intermediate products like direct reduced iron, capturing more industrial value locally. Proposed green iron projects in the Middle East are now facing increased uncertainty as geopolitical tensions raise shipping, insurance, and financing risks. Despite having some of the world’s lowest-cost energy and strong industrial infrastructure, the region’s risk profile is beginning to influence investment decisions. The story illustrates a growing reality for the energy transition: energy price alone is no longer decisive — reliability and geopolitical stability are becoming equally critical to project economics.
Recorded Sunday 12th April. we look at three forces reshaping the battery industry: Sodium-ion as a new chemistry moving toward commercialization, a new infrastructure model enabling heavy transport electrification, and a reminder that capital intensity can bankrupt even promising solutions. 1) Are Sodium Batteries Finally Ready for the Grid? - Inside Peak Energy's Sodium ion system: What is a sodium-ion battery, and how does it differ from traditional lithium-ion systems? Why is Peak Energy using sodium iron phosphate pyrophosphate (NFPP) cathodes and hard carbon anodes? How do sodium batteries compare with NMC and LFP on safety, supply chains, and lifetime cost? Why did the industry shift from NMC to LFP—and how does sodium extend that trend toward durability and affordability? Why are sodium batteries particularly suited to stationary grid storage despite lower energy density? How does passive cooling reduce equipment, maintenance, and system costs in large battery installations? Why do sodium batteries perform better in extreme cold conditions than lithium systems? How could abundant domestic sodium resources reshape long-term battery supply chains? Why might sodium be slightly more expensive today but cheaper over the full project life? 2) Why Did Zenobē Buy Revolv — and What Does It Say About Electric Trucking? What is Zenobē’s model as a fleet electrification and charging infrastructure provider? Why is acquiring Revolv’s truck fleet and charging depots strategically important? How large are electric truck batteries—and why can they require 250–600 kWh per vehicle? Why has charging infrastructure, not battery technology, been the main constraint on truck electrification? How do high-power chargers change the economics of long-distance trucking? Why are buses easier to electrify than heavy trucks from an operational perspective? What role do subsidies and depot investment play in scaling electric fleets? Why has battery-electric trucking gained momentum while hydrogen alternatives have struggled? 3) Ascend Elements Filed for Bankruptcy — What Actually Went Wrong? What is precursor cathode active material (pCAM), and why is it critical to battery manufacturing? How did Ascend attempt to build a circular battery supply chain through recycling? Why are battery materials plants among the most capital-intensive projects in the energy sector? How did falling lithium prices weaken recycling economics and cash flow? What happens when large facilities face delays, funding gaps, or canceled grants? How did Ascend’s strategy differ from competitors that diversified into energy storage or services? What does this case reveal about financing risk in emerging industrial supply chains? And more broadly: why do many clean energy bankruptcies stem from timing and capital structure rather than technology failure?
Recorded Sunday 29th March. Two very different stories highlight the complexity of the energy transition - from industrial decarbonisation in steel and cement to the increasingly political battle over offshore wind in the US and UK. Key topics: Why steel slag matters for low-carbon cement How electric arc furnaces (EAFs) are reshaping industrial waste How Cocoon Carbon could decarbonise both steel and concrete Trump refunding offshore wind leases in favour of oil and gas The UK rejecting Chinese turbine manufacturing investment What this means for costs, jobs, and industrial strategy Connecting two hard-to-abate sectors: steel (7%) and cement (8%) together account for ~15% of global GHG emissions, yet both remain under-discussed due to their reliance on hard-to-abate process emissions. Cocoon Carbon is a UK based company developing technology to convert EAF steel slag into supplementary cementitious material (SCM) that can replace up to 30% of ordinary Portland cement. Historically, ~70% of steel came from blast furnaces, producing slag that could be reused as SCM in cement. However, as steel production shifts from blast furnaces and basic oxygen furnaces to direct reduced iron and EAFs - cutting emissions by 40–70% - the slag chemistry changes, making it unusable in cement in its raw form. Cocoon's technology can process this EAF steel slag while molten (~1,500°C), directly at the steel plant, into a form usable as SCM, restoring its value. With ~100–150 kg of slag produced per tonne of steel, this creates a major new source of low-carbon cement input. The economics are compelling: raw slag sells for ~$15–25 per tonne, while processed SCM reaches ~$80–120 per tonne (~5× uplift). This improves steel plant economics, reduces waste, and supports the shift to EAFs. The US is the first target market, where ~70% of steel is already EAF-based and regulations are performance-driven. Cocoon has raised $15m in a Series A round; its modular units can be installed in 6–9 months. In wind , the US story centres on Trump refunding ~$1bn in offshore wind lease payments to TotalEnergies to cancel a 4 GW project and redirect capital into oil and gas. The leases were part of a ~$5bn auction round, with the refund representing ~3% of project cost. This reflects a broader anti-wind stance and may increase costs in regions where offshore wind is cheaper than gas. Offshore wind also raises a structural question: could it replicate fossil fuel royalties? US oil and gas generated ~$6bn in royalties in 2024 (ongoing payments), whereas wind leases are typically upfront rather than recurring. In the UK , a £1.5bn Mingyang turbine factory (≈1,500 jobs) was rejected on security grounds. A smaller £200m investment from Vestas (~500 jobs) may proceed, depending on auction demand. The UK’s decision prioritises energy security but highlights a trade-off: without stronger negotiation, the country risks missing out on manufacturing, jobs, and long-term industrial leverage while remaining dependent on foreign developers.
Live from Octopus Energy HQ: Over-hyped, Under-hyped, or Hyped-Just-Right? Introducing the origin story of Power Plays and celebrating with a live audience event hosted by Octopus Energy in London. We gave the audience six recent talking points in energy and asked them to vote: over-hyped, under-hyped, or hyped just right? The results weren't always what we expected. We also opened the floor to audience questions - from the future of the grid to hydropower's image problem, moonshots, and whether the North Sea still has a role to play. The game — six topics, audience votes, live debate: Enhanced geothermal — less than 1% of global geothermal output today, but with oil & gas tailwinds in the US, is it finally having its moment? Balcony solar — a technology that started in off-grid Africa and is now trending in Germany and the UK. Does the 4–6 year payback period justify the hype? Vehicle-to-grid — why we both think this is deeply underhyped Coal phase-out — under-hyped according to the room. Why the UK's experience gives us a misleading picture of where global coal consumption is actually going Copper supply — the metal driving electrification, new refining and recycling technologies, alongisde substitution and optimisation opportunties Critical minerals geopolitics — Lucy takes the contrarian position: are we strategising for 60 very different supply chains together in a frenzied race that risks making energy more expensive for everyone? Audience Q&A: The grid of the future: who builds it, who pays, and how distributed resources could let us do more with what we already have Why hydropower isn't sexy — and why it should be, from Snowy 2.0 to the Grand Renaissance and Itaipu Moonshots: space-based solar generation, beaming energy across time zones, and fusion
Recorded Sunday 15th March – In this episode we examine how the escalating Middle East conflict is moving beyond oil and gas headlines into the wider industrial systems that underpin the global economy. We focus on how disruption is transmitted through refined fuels, fertilizers, industrial gases and metals supply chains — and why these second-order effects often shape inflation, food prices, manufacturing and energy security more than the initial price spike itself. The episode closes with a discussion of resilience — from distributed energy and alternative production pathways to the policy options currently being considered in the UK. Key Questions Explored: Refined fuels: • Why do jet fuel and diesel markets tighten faster than crude oil supply? • Why are refineries configured for specific crude types and difficult to switch between? • How do refined fuel shortages feed directly into aviation, freight and consumer prices? Military logistics driving renewables adoption: • Why is fuel logistics one of the largest operational risks in military operations? • How do fuel supply convoys create security vulnerabilities in conflict zones? • Why are militaries investing in microgrids, solar and battery storage to reduce fuel dependence? Ammonia and fertilizers: • Why is ammonia production so tightly linked to natural gas prices? • How do fertilizer price increases transmit into global food costs and agricultural output? • Why do many countries maintain domestic fertilizer production as a matter of national security? Renewable ammonia and the Atome's Villeta project: • What makes renewable ammonia viable in locations with abundant low-cost electricity? • Why does proximity to agricultural demand and export infrastructure matter for project economics? • How does the Villeta project illustrate a shift in fertilizer production toward renewable energy sources? Helium: • Why is helium supply closely tied to natural gas processing infrastructure? • What happens to healthcare and semiconductor manufacturing when helium supply is disrupted, and what are knock-on effects for Taiwan? • Why are global helium markets particularly vulnerable due to concentrated production? Sulfur and sulfuric acid: • How does sulfur recovered from oil and gas processing become a critical industrial chemical? • Why is sulfuric acid essential for fertilizers, metal refining and battery material production? • How can disruption in sulfur supply ripple into mining, agriculture and manufacturing costs? What is the UK government doing to counter rising prices? • What short-term measures can governments use to support households during energy price spikes? • How might policies such as price monitoring, subsidies or targeted support be deployed? • Why are distributed energy technologies like rooftop solar, batteries and flexibility increasingly central to resilience?
Recorded Sunday 8th March – In this episode we examine the energy implications of the escalating Middle East conflict and the dynamics often missing from mainstream coverage. We explore how energy shocks move through global markets - from shipping insurance and LNG logistics to foreign exchange pressures and electricity system design. The discussion moves region by region - examining why the impacts differ across Asia, Europe, and the United States , and why some countries may actually accelerate their energy transition during crises . Key Questions Explored: Strait of Hormuz and global shipping How can shipping disruption occur without a formal blockade ? What impact do war risk insurance premiums have on tanker economics? How large is the cost increase when insurance rises to 1–2% of cargo value ? Shipping logistics and supply disruption What are the rerouting options if tankers avoid the Strait of Hormuz? How do longer routes affect LNG availability, shipping times, and prices ? Strategic reserves and floating oil storage How much oil is currently stored in floating storage at sea ? How do strategic petroleum reserves function during supply shocks? Why has China been building reserves in recent months? Regional exposure in Asia Why might China be exposed but relatively resilient ? Why are Pakistan, Bangladesh and Vietnam particularly vulnerable? Why are Japan and Korea , despite their wealth, among the world’s most exposed energy importers? Energy security and foreign exchange Why are fossil fuel imports effectively a continuous drain on foreign currency reserves ? How can energy price spikes trigger inflation and balance-of-payments pressures ? How does importing energy infrastructure differ from importing fuel? Crisis-driven energy transitions How did Cuba expand solar generation during an electricity crisis? Why are rooftop solar and batteries spreading rapidly in Pakistan ? How did Ethiopia’s EV policy emerge partly from foreign currency pressures? Electricity systems and grid resilience Why do electricity grids provide stability that off-grid systems struggle to replicate ? How did Spain’s limited interconnection with Europe increase blackout risk? Europe’s gas exposure Why do gas-fired power plants often set the marginal electricity price in Europe? How can relatively small gas shortages trigger large electricity price spikes ? The United States Why is the US relatively insulated from global energy shocks ? How do higher prices create producer windfalls but consumer pressure ? Could AI data centres significantly increase US gas demand ?
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Apple Podcasts rankings via the Mato Topic Intelligence Platform.
Observed September 14, 2026. Cached outside the daily freshness window; the positions keep the date they were taken on.
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