PJM Interconnection is entering an era of explosive power demand. Home to a significant share of the world’s data centers, the largest US electricity market could soon be facing sky-high prices and scant supply. Yet stakeholders are divided on how best to respond. Should PJM focus on building new generation, or should it lean on flexible demand? And with no lever able to solve the problem single-handedly, what happens if supply simply can’t keep up? On today’s show, Tom Rowlands-Rees is joined by two members of BloombergNEF’s US power team, analyst Lara Kammen and senior associate David Mohammadi, to discuss their note “PJM Power Market Outlook 2026: Brace for Impact.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

PJM Power Market Outlook 2026: Brace for Impact - https://www.bnef.com/insights/38947

See omnystudio.com/listener for privacy information.

It’s been nearly a year since Spain’s catastrophic blackout and key questions remain. Post-mortem reports point to a complex chain reaction in the grid, with no single trigger and gaps in coordination between operators, regulators and generators. The findings expose deeper challenges: inconsistent voltage rules, rising operational complexity and a system evolving faster than its controls. Renewables were initially blamed for helping trigger the crisis, but they are fundamental to the Iberian grid and must be part of the solution. So what has Spain really learned, and how prepared are other power systems for the next shock? On today’s show, Kamala Schelling is joined by Eva Gonzalez Isla, a senior associate from BNEF’s grids team, to discuss her note: “Spain’s Blackout Reports Expose Voltage Safety Risks.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Spain’s Blackout Reports Expose Voltage Safety Risks - https://www.bnef.com/analyst-reactions/tcd1wrkjh6v700

See omnystudio.com/listener for privacy information.

Energy shocks don’t just move prices, they reshape trade. As oil and gas prices rise, countries reliant on energy imports are accelerating the shift toward clean technologies, from solar and batteries to electric vehicles. In many cases, that change is being driven by businesses and consumers responding directly to higher costs. Yet it also relies on trade dynamics and government priorities, at both the local and regional level. On today’s show, Tom Rowands-Rees is joined by Antoine Vagneur-Jones, BloombergNEF’s head of trade and supply chains, to discuss findings from some of his team’s notes, including “Trade Transition Scenarios: Outlook to 2050” and “Clean-Tech Tariffs Are Lower Than You Think.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Clean-Tech Tariffs Are Lower Than You Think - https://www.bnef.com/insights/39069

Trade Transition Scenarios: Outlook to 2050 - https://www.bnef.com/insights/38709

EVs Could Dominate Global Auto Trade in Just Five Years - https://www.bnef.com/shorts/tbfrcjt96oso00

What EU Guardrails Could Mean for Chinese Battery Firms - https://www.bnef.com/analyst-reactions/tbfdc1t9njlv00

Clean Energy Trade and Emerging Markets - https://www.bnef.com/insights/37867

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Nature risk is becoming a critical challenge for companies. It’s also incredibly complex. Exposure spans an array of largely local issues, from water and biodiversity to waste and pollution, making it harder to measure and compare across sectors and geographies than its better-known sibling climate risk. BloombergNEF’s new Nature Risk Management Scores aim to bring structure to that complexity, analyzing not only company exposure but also how effectively risks are managed. The results highlight a clear gap: firms with the greatest exposure are not always those taking the most action, and progress varies widely across different risk areas.So how do you measure something as diffuse as nature risk, and what do these scores reveal about which companies are best prepared? On today’s show, Tom Rowlands-Rees is joined by Alistair Purdie, a senior associate from BNEF’s nature and biodiversity team, to review findings from the note “Managing Nature Risk: Company League Tables.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Managing Nature Risk: Company League Tables - https://www.bnef.com/insights/38829

See omnystudio.com/listener for privacy information.

The energy transition is entering a more complex phase. Geopolitics, trade tensions and rapid technological change are reshaping markets, creating new risks as well as new opportunities. Demand is rising across clean power, electric vehicles and data centers, even as supply chains tighten and policy becomes more fragmented. At the same time, falling costs and new business models are opening fresh pathways for investment. So how can global markets navigate this complexity – and where are the opportunities emerging in the next phase of the transition? On today’s show, Kobad Bhavnagri, BloombergNEF’s head of strategy, reads a briefing note that was presented by BNEF CEO Jon Moore at this year’s Davos summit, titled “The Energy Transition: Finding Opportunity in Complexity.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

See omnystudio.com/listener for privacy information.

The cost to build and run clean-power projects used to be heading in one direction: down. That story is now getting more complicated. Battery storage costs continued to fall last year, while most other technologies became more expensive. Yet comparing technologies is far from straightforward. So how should we interpret these shifts in an increasingly complex power system, and what do these changing cost dynamics mean for the next phase of the energy transition? On today’s show, Tom Rowands-Rees is joined by Amar Vasdev, a senior associate from BNEF’s energy economics team, to discuss findings from the “Levelized Cost of Electricity 2026,” an annual flagship benchmark comparing the cost of building and running different power-generation technologies.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Levelized Cost of Electricity 2026 - https://www.bnef.com/flagships/lcoe

See omnystudio.com/listener for privacy information.

Oil and gas prices are rising again as the Iran war shakes global energy markets. But so far Europe’s power system is holding up better than in 2022, when Russia invaded Ukraine. More renewables and lower demand have made Europe’s energy system more resilient, even as prices edge higher. Yet gas still matters, and as coal exits the power mix, exposure to future shocks could grow. So how vulnerable is Europe if disruption deepens? On today’s show, Kamala Schelling is joined by Kesavarthiniy Savarimuthu, BNEF’s head of European Power, to discuss her note: “Iran War Hasn’t Sparked a New European Energy Crisis - Yet.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Iran War Hasn’t Sparked a New European Energy Crisis - Yet - https://www.bnef.com/insights/38917

See omnystudio.com/listener for privacy information.

The US energy transition has hit an inflection point. Electricity generation reached a 20-year high last year, as renewables and energy storage accounted for 90% of new capacity additions. Energy-transition investment reached a record $378 billion, and more electric vehicles were sold than ever before. Yet all these headline figures occurred as federal policy support for clean technologies was scaled back. So what do the numbers really reveal about the state of the US energy transition, and how resilient are clean technologies as policy winds shift? On today’s show, Tom Rowlands-Rees is joined by Ethan Zindler, BloombergNEF’s head of country and policy research, and Trina White, a senior associate from the North America transition team, to review findings from the 2026 edition of the “Sustainable Energy in America Factbook,” which is produced each year in collaboration with the Business Council for Sustainable Energy.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Sustainable Energy in America Factbook: 2026 Edition - https://www.bnef.com/insights/38735

See omnystudio.com/listener for privacy information.