Switched On

When the Iberian electrical grid blacked out earlier this year, there were real-life consequences. Widespread disruption of transportation, communication networks and essential services left Spain and Portugal temporarily paralyzed. Following the event, two separate reports were released by the Spanish government and the grid operator, Red Electrica de Espana, where both agreed that voltage fluctuations were the root cause of the outage. However, they then went on to present conflicting opinions as to why authorities were unable to bring voltage under control. So why did this voltage fluctuation occur in the first place, and what actions have been taken to protect the Iberian electricity grid from future incidents? On today’s show, Tom Rowlands-Rees is joined by Eva Gonzalez Isla, a senior associate from BNEF’s grids team, to discuss findings from her research note “Iberia Blackout: Blame Before Facts”.

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 Clears €750 Million for Grid After 16-Hour Blackout: React - https://www.bnef.com/analyst-reactions/sz4qsadwlu6800

Iberia Blackout: Blame Before Facts - https://www.bnef.com/insights/36887

Spain Blackout Accounts Pin Blame But Do Little for Grid: React - https://www.bnef.com/analyst-reactions/sy3km9dwlu6800

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This week, we explore how the legislation’s attack on renewable energy may push up electricity bills and damage US competitiveness in AI.

The tax credits in President Joe Biden’s sprawling Inflation Reduction Act were introduced to help the US keep up with rising electricity demand by making clean power sources cheaper. But now the big bill has changed all that, and an executive order issued days after its passage suggests his war on renewables isn’t over yet.

Joining host Stephanie Flanders to discuss this dramatic turn of events are guests Ethan Zindler, head of country and policy research at BloombergNEF and previously climate counselor to US Treasury Secretary Janet Yellen, and Bloomberg lobbying and influence reporter Emily Birnbaum.  

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Just how green are the investment portfolios of credit, equity and multi-asset funds? Building on its existing suite of banking and investment ratios, BloombergNEF has introduced the Energy Supply Fund-Enabled Capex Ratio, which assesses how much a given investment portfolio is contributing to low-carbon capital expenditures for every dollar directed to fossil fuels. Worldwide, low-carbon energy gets just 48 cents for every fossil-fuel dollar, but the regional picture when it comes to funding this new “industrial revolution” is far more complex. On today’s show, Dana Perkins is joined by BNEF finance and investment associate Ryan Loughead to discuss how investors are funding the low-carbon industrial revolution and the inaugural “Energy Supply Fund-Enabled Capex Ratio” report.

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:

Energy Supply Fund Enabled Capex Ratio - https://www.bnef.com/insights/36751

See omnystudio.com/listener for privacy information.

Everyone is talking about how much energy data centers and artificial intelligence will gobble up in the coming years. Yet AI is just one part of a vast, complex and constantly evolving energy landscape. So how will the AI revolution fit into a world where electric vehicles are displacing liquid road fuels, renewable-power projects are stuck in grid queues and big tech is investing in nuclear? On today’s show, Tom Rowlands-Rees is joined by Ian Berryman, BloombergNEF’s head of energy systems modeling, to discuss findings from this year’s edition of the New Energy Outlook. For the first time ever, BNEF’s flagship report has modeled the impact of data centers on the transition to a low-carbon economy. But how much of the global power supply will AI really require? And will additional clean energy sources be built to meet that added demand, or could the extra grid strain simply extend the lifespan of fossil-fuel generation?

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:

New Energy Outlook 2025 - https://www.bnef.com/insights/36179

Executive Summary - https://about.bnef.com/insights/clean-energy/new-energy-outlook/

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Sales of electric vehicles are set for another record-breaking year. Thanks to falling battery costs and a rise in affordable models, plug-in EVs will represent a quarter of global passenger car sales in 2025. And while a rollback in government support has taken a bite out of EV uptake in the US, other countries are more than making up for this setback. Chinese automakers have been growing their footprint overseas, leading to strong growth in emerging markets. In China itself, organic consumer demand will lead to 50% of new vehicle sales this year coming with a plug, far surpassing government targets, and strong domestic sales of range-extended EVs have led them to become the fastest-growing drivetrain in the world. On today’s show, Tom Rowlands-Rees is joined by Colin McKerracher, BloombergNEF’s Head of Clean Transport, to discuss findings from this year’s Electric Vehicle Outlook.

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:

Electric Vehicle Outlook 2025 - https://www.bnef.com/flagships/ev-outlook

See omnystudio.com/listener for privacy information.

The Trump administration has made no bones about its desire to revitalize the US’s nuclear power industry. With four new executive orders hot off the president’s desk, nuclear is being treated as a silver bullet, capable of meeting AI power demand while shoring up the country’s energy independence. The US is also looking to counter China and Russia, which in recent years have led the way in nuclear technology rollout both at home and abroad. But can this new policy push elicit the market response required to rebuild the US’s nuclear energy industrial base? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF’s lead nuclear analyst, Chris Gadomski, to discuss findings from his note “Trump Pushes Nuclear But Market Pull Is Uncertain.”

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:

Trump Pushes Nuclear But Market Pull Is Uncertain - https://www.bnef.com/insights/36697

See omnystudio.com/listener for privacy information.

Solar module prices have been cratering in recent years, dragged down by global oversupply. Yet while this glut of photovoltaics has hammered manufacturer profits, it has also allowed emerging economies that are hungry for affordable energy to get into the solar game, and demand growth is still strong this year. So what lies ahead for this notoriously tricky market, could energy storage help mitigate electricity price spikes, and what impact could the Trump administration’s tariffs have on domestic US solar manufacturing? On today’s show, Tom Rowlands-Rees is joined by Jenny Chase, a BloombergNEF solar specialist, to discuss findings from her note “2Q 2025 Global PV Market Outlook.”

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:

2Q 2025 Global PV Market Outlook - https://www.bnef.com/insights/36693

See omnystudio.com/listener for privacy information.

The oil and gas sector invested $33.4 billion in the energy transition last year. Yet while this figure suggests that decarbonization is a serious consideration for some fossil-fuel majors, just seven companies accounted for 85% of the sector’s low-carbon spend in 2024, and only 13 of 41 companies assessed raised low-carbon investment as a share of capex. So what are the different strategies oil and gas companies are pursuing when it comes to the energy transition? And why would a fossil-fuel company invest in clean tech in the first place? On today’s show, Tom Rowlands-Rees is joined by Claudio Lubis, an associate from BNEF’s downstream oil and chemicals team, to discuss findings from his note “Oil and Gas Energy Transition 2024: Clean Capex Jumps.”

Complementary BNEF research on the trends driving the transitions 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:

Oil and Gas Energy Transition 2024: Clean Capex Jumps - https://www.bnef.com/insights/36589

See omnystudio.com/listener for privacy information.

Europe is making quick work of executing large industrial decarbonization infrastructure projects. The continent now boasts large-scale facilities for carbon capture, storage and transit in the UK, Denmark, the Netherlands, Italy and Norway. But how have policymakers managed to incentivize and facilitate the installation of these massive projects, and what’s required to push the sector even further? At the 2025 BloombergNEF Summit Munich, Martin Tengler, BNEF’s head of hydrogen research, moderated a panel titled “Getting Industrial Decarbonization Megaprojects on Their Feet: Evaluating Early Success.” This episode brings listeners that panel, which featured Kristin Myskja, director general and head of climate, industry and technology for the Norwegian Ministry of Energy; Anders Hoffman, deputy permanent secretary for the Danish Ministry for Climate, Energy and Utilities; Dick Benschop, chair of the board at Mission Possible Partnership; and Stefanie Hiesinger, head of unit for low-carbon solutions for Directorate-General for Climate Action (DG CLIMA) at the European Commission.

To learn more about BNEF’s Summits taking place around the world and to see recordings of BNEF Talks at previous Summits, head to https://about.bnef.com/summit/.

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Extreme weather has always meant extreme risks for businesses and investors. Yet climate change has varied the calculus, and many businesses are facing new, potentially existential risks as the world and the energy transition heat up. As such, central banks and financial supervisors have begun conducting climate risk stress tests, to ensure these institutions are capable of mitigating the potential impacts of a changing climate. But what do these tests entail, which markets have been the most proactive in conducting them, and what exactly is “climate risk” anyway? On today’s show, Tom Rowlands-Rees is joined by Tifenn Brandily, BloombergNEF’s head of transition risk and alignment, and special guest Edo Schets, Bloomberg’s head of climate, nature and regulatory financial solutions, to discuss findings from the note “Climate Risk Stress Test Review”.

Complementary BNEF research on the trends driving the transitions 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:

Climate Risk Stress Test Review - https://www.bnef.com/insights/35901

TRACT - https://www.bnef.com/insights/34869

Worksheet Sample Library for Physical Risk - WSL PHYSICALRISK

Worksheet Sample Library for Water - WSL WATER

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