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Redefining Energy

Redefining Energy

By: Laurent Segalen and Gerard Reid
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Two investment bankers weekly explore how tech, finance, markets and regulations are radically redefining the world of energy: Renewable Energy, Electric Cars, Hydrogen, Battery Storage, Digitisation...
Your co-hosts: from Berlin, Gerard Reid and from London, Laurent Segalen.
Our LinkedIn page: https://www.linkedin.com/company/redefining-energy/
X handle: @Redef_EnergyLaurent Segalen and Gerard Reid Economics
Episodes
  • 221. LNG – Hormuz – “Apocalypse Now” - Mar26

    221. LNG – Hormuz – “Apocalypse Now” - Mar26
    Mar 23 2026
    Gerard and Laurent host Ira Joseph, a leading expert on gas and LNG markets at the Columbia Center on Global Energy, to explore how the Middle East conflict is reshaping the industry.

    In normal times, LNG supply is led by Qatar, the U.S., and Australia, with prices anchored to benchmarks like Henry Hub, TTF, and JKM. Before the war, markets were relatively well supplied, keeping prices stable.

    Three weeks into the conflict, that balance has shifted. Brent crude has climbed to about $110, European gas (TTF) to around $20/MMBtu, while U.S. Henry Hub remains near $3—highlighting growing regional divergence driven by infrastructure and trade flows.

    Two views have emerged: the White House sees a temporary disruption, while analysts like Jeff Currie and James Guttman argue this is a structural supply shock—captured by the idea that “you can’t print molecules.”

    The impact is uneven. Europe is highly exposed, Asia faces rising competition for cargoes, and emerging markets risk being priced out. The U.S. remains relatively insulated but increasingly vital as a supplier. Massive damage to key Gulf infrastructure such as South Pars and Ras Laffan will disrupt flows for months if not years.

    In response, short-term measures include stock releases, more coal production and demand cuts. Longer term the crisis may spur new LNG investment, accelerate energy security efforts, and boost the development of renewables while further fragmenting global markets.

    The takeaway: this is not just another cycle, but a structural shift in the future of energy.

    References
    HC Group podcasts with Paul Chapman
    https://open.spotify.com/episode/4FelokgY7oWXMxwyv75N0D?si=SgGNX7S_RZuFnry5Ckdi_Q
    https://open.spotify.com/episode/6bOCstN1chwOmB16u5SvRU?si=mu9PEjU9QQqvSHSmXlTafg

    On LNG. Ira Joseph papers
    https://www.energypolicy.columbia.edu/
    https://www.energypolicy.columbia.edu/us-israeli-attacks-on-iran-and-global-energy-impacts/
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    27 mins
  • 220. Deal Trends for M&A and Energy Financing - Mar26

    220. Deal Trends for M&A and Energy Financing - Mar26
    Mar 16 2026
    Six years after her last appearance on the podcast (Episode 28, 15 June 2020), Natasha Luther-Jones returns to join Laurent and Gerard for a lively catch-up on how both her career and the energy sector have evolved. What began with her being dubbed the “Queen of PPA” has expanded into a far broader role — prompting the hosts to crown her the “Energy Empress” as she now operates across the full spectrum of global energy and infrastructure.

    Natasha reflects on the evolution as the Global co-chair in the Energy & Natural Resources practice at DLA Piper, describing how client demand has shifted from single-asset transactions to complex, multi-technology, cross-border platforms. The market has matured significantly, with renewables now firmly established as mainstream infrastructure and capital becoming more disciplined and selective.

    A major growth area is battery energy storage systems (BESS), which have moved from being an adjunct to renewables to a core investment thesis in their own right. Storage, hybridisation and co-location strategies are reshaping project design, while revenue stacking and merchant exposure are demanding more sophisticated structuring and risk management.

    On the M&A front, Natasha highlights sustained deal activity and strong valuations for scaled platforms and development pipelines. The market is firmly in a consolidation phase, with investors prioritising portfolio and platform transactions over single-asset deals. Innovative financing models, including holdco structures and cross-collateralisation across diversified portfolios, are increasingly replacing traditional asset-by-asset project finance.

    The conversation also turns to the accelerating demand from AI-driven datacentres and the growing integration of digital infrastructure within energy complexes. As power demand surges, particularly for firm and clean energy, the convergence of energy and technology is creating new investment models and strategic partnerships — signalling that the next chapter of the energy transition will be defined as much by integration and capital structuring as by capacity build-out.
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    29 mins
  • 219. Hyperscalers vs US Utilities - Mar26

    219. Hyperscalers vs US Utilities - Mar26
    Mar 9 2026
    While Gerard is fixing his knee, Laurent invites Chris Seiple, Vice Chairman of WoodMac Power & Renewables group, to try to make sense of the scale of the coming power demand surge and the strain it is placing on today’s US market structures.

    AI-driven datacenter growth is pushing the US power system into uncharted territory. Roughly 180 GW of U.S. electricity commitments tied to datacenters represent about 30% incremental demand. Hyperscaler CAPEX is exploding. Demand is accelerating far faster than new supply can come online, setting up a near-term imbalance. In response, the U.S. utility sector is preparing for a potential $1.4 trillion investment supercycle over the next five years.

    In regulated markets, utilities are under pressure to modernize cost-of-service models and deliver massive capital programs while keeping electricity affordable. Companies such as Duke Energy, Southern Company, Entergy, and CenterPoint Energy are planning investments that run into the hundreds of billions.

    In deregulated markets, players like Constellation Energy, Vistra Corp., and NRG Energy face a structural mismatch: datacenters can be built faster than power plants, while price signals may not rise quickly enough to incentivize new generation. Some customers are exploring off-grid solutions, but these bring technical and economic challenges.

    The conclusion is clear: load growth is staggering. Parts of the system may move toward re-regulation, but that alone will not be enough. Rapid innovation—decentralized solutions, grid-enhancing technologies, faster interconnections, and deeper digitization—will be essential as utilities relearn how to build at scale and speed.

    Check an excellent WoodMac report on the Datacenters
    https://www.woodmac.com/horizons/us-data-centre-power-demand-challenges-electricity-market-model/
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    31 mins
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