Transmission

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The Inflation Reduction Act (IRA) changed everything for clean energy in the US. It unlocked hundreds of billions in incentives for renewables, storage, and manufacturing, sparking a wave of investment and development. Now with the introduction of the ‘One Big Beautiful Bill Act’ (OBBBA) new parameters are setting the stage for further shifts across the energy landscape.

But while this new legislation has turbocharged existing projects, it’s also added complexity. Developers and investors are navigating evolving tax guidance, new compliance requirements, and ongoing uncertainty about how quickly capital can move into clean energy. So, what’s really changed and what does it mean for the future of project finance in the US?

In this episode of Transmission, Alejandro de Diego speaks with Keith Martin, Partner at Norton Rose Fulbright, about how US policy is reshaping energy markets from the ground up. Together, they unpack how tax credits are structured and traded, what’s slowing the flow of capital into clean energy, and why long-term success will depend on clarity, consistency, and political follow-through.

Key topics covered:

• How US clean energy policy changed under the IRA and continues to develop under the OBBBA.

• How transferability is changing the way tax credits are financed.

• The role of tax equity in bringing large-scale renewable projects to life.

• What developers and investors need to know about new guidance and compliance.

• The risks and opportunities shaping the next phase of the US energy transition.

About our guest:

Keith Martin is a transactional lawyer and energy policy expert and partner at Norton Rose Fulbright, advising many of the world’s largest renewable energy investors and developers. With decades of experience at the intersection of law, finance, and policy, he offers deep insight into how landmark legislation is shaping the future of the US energy transition.

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

The Inflation Reduction Act (IRA) changed everything for clean energy in the US. It unlocked hundreds of billions in incentives for renewables, storage, and manufacturing, sparking a wave of investment and development. Now with the introduction of the ‘One Big Beautiful Bill Act’ (OBBBA) new parameters are setting the stage for further shifts across the energy landscape.

But while this new legislation has turbocharged existing projects, it’s also added complexity. Developers and investors are navigating evolving tax guidance, new compliance requirements, and ongoing uncertainty about how quickly capital can move into clean energy. So, what’s really changed and what does it mean for the future of project finance in the US?

In this episode of Transmission, Alejandro de Diego speaks with Keith Martin, Partner at Norton Rose Fulbright, about how US policy is reshaping energy markets from the ground up. Together, they unpack how tax credits are structured and traded, what’s slowing the flow of capital into clean energy, and why long-term success will depend on clarity, consistency, and political follow-through.

Key topics covered:

• How US clean energy policy changed under the IRA and continues to develop under the OBBBA.

• How transferability is changing the way tax credits are financed.

• The role of tax equity in bringing large-scale renewable projects to life.

• What developers and investors need to know about new guidance and compliance.

• The risks and opportunities shaping the next phase of the US energy transition.

About our guest:

Keith Martin is a transactional lawyer and energy policy expert and partner at Norton Rose Fulbright, advising many of the world’s largest renewable energy investors and developers. With decades of experience at the intersection of law, finance, and policy, he offers deep insight into how landmark legislation is shaping the future of the US energy transition.

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

Flexible and hybrid energy projects are essential for a resilient, decarbonised grid but they’re still the hardest to finance. Investors know flexibility has value, yet traditional project finance models can’t capture it, leaving critical projects stuck before they start.

In this episode of Transmission, Roberto Castiglioni and Helena Anderson from Ikigai Capital explain why today’s financing structures are failing to meet the needs of the modern grid. We explore why flexibility projects are so difficult to bank, what investors are missing when it comes to valuing hybrid assets, and how smarter financial modelling could unlock the next wave of storage, co-location, and system optimisation.

Key topics covered:

- Why flexibility and hybrid projects remain underfunded despite strong system need

- The revenue and risk barriers stopping co-located assets from reaching financial close

- How project finance must evolve to reflect system value, not just generation

- The role of regulation and market signals in de-risking investment

- What collaboration between developers, investors, and system operators could look like

About our guests:

Roberto Castiglioni and Helena Anderson are co-founders of Ikigai Group, an investment and advisory firm bridging the gap between capital and the energy transition. They specialise in developing and financing complex projects that combine renewables, storage, and flexibility solutions to create smarter, more resilient energy systems.

For more information, head to the Ikigai website. https://www.ikigai-capital.co.uk/

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

Flexible and hybrid energy projects are essential for a resilient, decarbonised grid but they’re still the hardest to finance. Investors know flexibility has value, yet traditional project finance models can’t capture it, leaving critical projects stuck before they start.

In this episode of Transmission, Roberto Castiglioni and Helena Anderson from Ikigai Capital explain why today’s financing structures are failing to meet the needs of the modern grid. We explore why flexibility projects are so difficult to bank, what investors are missing when it comes to valuing hybrid assets, and how smarter financial modelling could unlock the next wave of storage, co-location, and system optimisation.

Key topics covered:

- Why flexibility and hybrid projects remain underfunded despite strong system need

- The revenue and risk barriers stopping co-located assets from reaching financial close

- How project finance must evolve to reflect system value, not just generation

- The role of regulation and market signals in de-risking investment

- What collaboration between developers, investors, and system operators could look like

About our guests:

Roberto Castiglioni and Helena Anderson are co-founders of Ikigai Group, an investment and advisory firm bridging the gap between capital and the energy transition. They specialise in developing and financing complex projects that combine renewables, storage, and flexibility solutions to create smarter, more resilient energy systems.

For more information, head to the Ikigai website. https://www.ikigai-capital.co.uk/

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

The US energy market is complex, fragmented, heavily regulated, and dominated by legacy systems that make innovation difficult. Yet in that complexity lies opportunity. As the energy transition accelerates, retailers are rethinking what it means to serve customers and how technology can deliver cleaner, smarter, and more affordable power at scale.

In this episode of Transmission, Quentin is joined by Nick Chaset, CEO of Octopus Energy US, about how the company is bringing its UK model stateside and what it takes to adapt it to the realities of the American market.

We explore how Octopus is using technology to create customer-centric energy products, how flexibility can unlock system-wide efficiency, and why retail innovation might be the key to accelerating decarbonisation.

• Why legacy retail models are holding back customer innovation in energy

•The barriers and opportunities of transforming complex electricity markets

• How flexible tariffs and technology can empower consumers to shape demand

•The role of digital platforms in building smarter, more dynamic energy systems

• What the US can learn from global examples of customer-led decarbonisation

About our guest

Nick Chaset is CEO of Octopus Energy US, leading the company’s expansion across North America. He focuses on scaling Octopus’s customer-centric energy model, leveraging the Kraken platform to deliver affordable, flexible, and sustainable power to millions of American consumers.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

The US energy market is complex, fragmented, heavily regulated, and dominated by legacy systems that make innovation difficult. Yet in that complexity lies opportunity.

As the energy transition accelerates, retailers are rethinking what it means to serve customers and how technology can deliver cleaner, smarter, and more affordable power at scale.

In this episode of Transmission, Quentin is joined by Nick Chaset, CEO of Octopus Energy US, about how the company is bringing its UK model stateside and what it takes to adapt it to the realities of the American market.

We explore how Octopus is using technology to create customer-centric energy products, how flexibility can unlock system-wide efficiency, and why retail innovation might be the key to accelerating decarbonisation.

• Why legacy retail models are holding back customer innovation in energy

•The barriers and opportunities of transforming complex electricity markets

• How flexible tariffs and technology can empower consumers to shape demand

•The role of digital platforms in building smarter, more dynamic energy systems

• What the US can learn from global examples of customer-led decarbonisation

About our guest

Nick Chaset is CEO of Octopus Energy US, leading the company’s expansion across North America. He focuses on scaling Octopus’s customer-centric energy model, leveraging the Kraken platform to deliver affordable, flexible, and sustainable power to millions of American consumers. For more information on Octopus Energy US - head to their website. https://octopusenergy.com/

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

The grid was never designed for millions of distributed energy assets. Yet today, batteries, EVs, solar, and heat pumps are connecting faster than the network can reinforce - pushing grid capacity to its limits.

The result? Growing connection queues, rising curtailment, and a system struggling to keep pace with electrification. So how do we move from a grid that reacts to constraints to one that actively manages them?

DSOs are evolving and distribution-level flexibility matters now more than ever. What does it take to build market infrastructure that actually works for both system operators and flexibility providers?

In this episode of Transmission, James Johnston - CEO of Piclo, returns to the show to discuss explore how local flexibility markets are being used to manage congestion today and what digitalisation really means for networks.

Key topics covered:

• Why grid constraints are the biggest threat to the energy transition.

• How local flexibility markets are solving real congestion problems today.

• The evolving role of DSOs and how they coordinate with TSOs.

• What digitalisation means for system planning and grid visibility.

• Lessons from live flexibility markets in the UK, Europe, and the US.

About our guest

James Johnston is CEO and co-founder of Piclo, a flexibility marketplace used by network and system operators to procure flexibility from distributed energy resources. Through his work at Piclo, he is helping system operators manage congestion, reduce reinforcement costs, and accelerate the transition to a smarter, more flexible electricity system.

For more information, head to the Piclo website. https://www.piclo.com/

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

The grid was never designed for millions of distributed energy assets. Yet today, batteries, EVs, solar, and heat pumps are connecting faster than the network can reinforce - pushing grid capacity to its limits.

The result? Growing connection queues, rising curtailment, and a system struggling to keep pace with electrification. So how do we move from a grid that reacts to constraints to one that actively manages them?

DSOs are evolving and distribution-level flexibility matters now more than ever. What does it take to build market infrastructure that actually works for both system operators and flexibility providers?

In this episode of Transmission, James Johnston - CEO of Piclo, returns to the show to discuss explore how local flexibility markets are being used to manage congestion today and what digitalisation really means for networks.

Key topics covered:

• Why grid constraints are the biggest threat to the energy transition.

• How local flexibility markets are solving real congestion problems today.

• The evolving role of DSOs and how they coordinate with TSOs.

• What digitalisation means for system planning and grid visibility.

• Lessons from live flexibility markets in the UK, Europe, and the US.

About our guest

James Johnston is CEO and co-founder of Piclo, a flexibility marketplace used by network and system operators to procure flexibility from distributed energy resources. Through his work at Piclo, he is helping system operators manage congestion, reduce reinforcement costs, and accelerate the transition to a smarter, more flexible electricity system.

For more information, head to the Piclo website. https://www.piclo.com/

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

Energy certificates were designed to support the growth of renewables but today they sit at the centre of a credibility problem. Many companies claim to run on 100% renewable energy, yet most certificates only match electricity consumption on a yearly basis. In reality, businesses may still rely on fossil power for much of the day while using certificates to appear green on paper.

As pressure grows for transparency and real impact, the market is shifting. Granular energy certificates that track clean electricity hour by hour aim to close the gap between claims and reality.

In this episode of Transmission, Killian Daly, Executive Director at EnergyTag joins Joe to explore how 24/7 clean power works, what it means for PPAs, storage, and energy procurement, and why companies like Google and Microsoft are already demanding hourly matching.

Key topics covered:

• Why current energy certificates fail to reflect real clean energy use
• What granular certificates are and how they enable 24/7 matching
• How EnergyTag is defining global standards for hourly energy tracking
• Why transparency is now essential to credible decarbonisation claims
• What 24/7 procurement means for PPAs, storage, and system flexibility

About our guest:

Killian Daly is Executive director at EnergyTag, a global initiative developing standards for granular energy certificates to accelerate the shift to 24/7 clean electricity. An independent non-profit, advocating for policy reform and enabling the next generation of clean electricity markets. For more information on what EnergyTag do - head to their website.

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Want the latest news, analysis, and price indices from power markets around the globe - delivered to your inbox, every week?

Sign up for the Weekly Dispatch - Modo Energy’s unmissable newsletter.

https://bit.ly/TheWeeklyDispatch

Energy certificates were designed to support the growth of renewables but today they sit at the centre of a credibility problem. Many companies claim to run on 100% renewable energy, yet most certificates only match electricity consumption on a yearly basis. In reality, businesses may still rely on fossil power for much of the day while using certificates to appear green on paper.

As pressure grows for transparency and real impact, the market is shifting. Granular energy certificates that track clean electricity hour by hour aim to close the gap between claims and reality.

In this episode of Transmission, Killian Daly, Executive Director at EnergyTag joins Joe to explore how 24/7 clean power works, what it means for PPAs, storage, and energy procurement, and why companies like Google and Microsoft are already demanding hourly matching.

Key topics covered:

• Why current energy certificates fail to reflect real clean energy use
• What granular certificates are and how they enable 24/7 matching
• How EnergyTag is defining global standards for hourly energy tracking
• Why transparency is now essential to credible decarbonisation claims
• What 24/7 procurement means for PPAs, storage, and system flexibility

About our guest:

Killian Daly is Executive director at EnergyTag, a global initiative developing standards for granular energy certificates to accelerate the shift to 24/7 clean electricity. An independent non-profit, advocating for policy reform and enabling the next generation of clean electricity markets. For more information on what EnergyTag do - head to their website.

About Modo Energy:

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our interviews are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, conversations, data visualizations, live events, and more, follow us on LinkedIn. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.