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Redefining Energy

Redefining Energy

De : 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 Economie
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    • 216. Dancing While the Music Plays: Clean Energy Equities Market - Feb26

      216. Dancing While the Music Plays: Clean Energy Equities Market - Feb26
      Feb 16 2026
      Clean Energy equities have comfortably outperformed the major indices in 2025.

      Laurent and Gerard are joined by friend of the show Shanu Matthew, an equity portfolio manager everyone in the sector knows to unpack what’s really driving this performance.

      We begin by putting recent returns into a longer-term context — and by flagging an important caveat: some of the strongest results are coming from highly concentrated portfolios.

      Shanu makes a critical distinction that often gets blurred in market commentary: equipment providers versus sellers of electrons. On one side sit companies like GE Vernova, Siemens Energy, Schneider Electric, Caterpillar — and the surprise guest, Bloom Energy. On the other are utilities and IPPs. The divergence is striking. Equipment manufacturers have gone ballistic; utilities have performed, but at a far more pedestrian pace.

      The difference, unsurprisingly, is pricing power. Equipment suppliers — particularly those insulated from Chinese competition — have been able to push through aggressive price increases, turbocharged by surging demand from Hyperscalers. Utilities, by contrast, remain constrained by regulation, public scrutiny, and political pressure.

      The result? Hyperscalers are increasingly looking to self-generation: reciprocating engines, fuel cells, and a growing enthusiasm for frontier technologies such as Enhanced Geothermal and Small Modular Reactors.

      We walk through these alternatives, examine how public markets are valuing them today, and end where every cycle eventually leads us: Are we in a bubble?
      Or, as Chuck Prince, then CEO of Citigroup, famously put it on the eve of the 2008 financial crisis:
      “As long as the music is playing, you’ve got to get up and dance.”
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      34 min
    • 215. PPAs, FPAs, IPPs, Flex and Capture rates: new paradigms - Feb26

      215. PPAs, FPAs, IPPs, Flex and Capture rates: new paradigms - Feb26
      Feb 9 2026
      Luca Pedretti, Co-Founder, Pexapark, returns to discuss how volatility, market design, and new contract structures are transforming power markets and renewable economics. What begins with PPA pricing quickly evolves into a broader conversation about where value is now created in the clean energy system.

      We start with the growing importance of IFRS 13 fair value accounting. In increasingly volatile markets, long-term forecasts are no longer sufficient. Market-implied PPA prices are moving faster than fundamentals and are becoming a key signal for future capture rates and risk, forcing investors to reassess how renewable assets are valued.

      The discussion then turns to Flexibility Purchase Agreements (FPAs), including tolls and floors for batteries. FPAs reflect a fundamental shift from generation toward flexibility and optimisation, as renewable-heavy systems face cannibalisation, negative prices, and widening price spreads.

      With clean sources now accounting for nearly half of EU power generation, these side effects are becoming structural. Solar capture rates have dropped sharply in markets such as Germany, negative prices now occur in thousands of hours across Europe, and curtailment and balancing costs are rising. Batteries have become the system’s primary response.

      We also explore how the buyer landscape is shifting. Hyperscalers and data centres are increasingly driving private PPAs, utilities are regaining relevance through trading and optimisation, and stand-alone renewable PPAs are showing signs of saturation. Despite this, capital deployment across clean energy continues to grow, signalling a reallocation of value rather than a slowdown.

      The conversation concludes with a look ahead. Many renewable assets financed under merchant assumptions are now misaligned with today’s pricing reality. Battery tolls and floors are scaling quickly, consolidation among IPPs is accelerating, and capture rates remain unstable. The open question remains whether any buyers are willing to pay a green premium for co-located and hybrid projects in a market where flexibility has become central to value creation.

      Link to Pexapark reports
      IPPs:
      https://go.pexapark.com/next-gen-ipp-playbook

      Renewables Market Outlook 2026 - The Big Repricing: How volatility and BESS reshape clean energy markets (PPAs and FPAs):

      https://pexapark.com/pexapark-renewables-market-outlook-2026/
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      28 min
    • 214. Grid Resilience: hot risks, cold solutions - Feb26

      214. Grid Resilience: hot risks, cold solutions - Feb26
      Feb 2 2026
      Resilience is the buzzword of the moment—from Gerard’s personal resilience on display in Davos last week to the critical issue of grid resilience.

      The great Doug Houseman draws a useful distinction between reliability and resilience. “Reliability is about how well you keep the lights on, while resilience is about how quickly you can restore power after an outage.”

      Over the past year, blackouts caused by extreme weather, human error, and physical attacks have exposed an uncomfortable truth: electricity is no longer invisible background infrastructure. It is the backbone of modern society, and when it fails, everything else quickly follows.

      To explore these challenges, Laurent and Gerard sit down with Ronny Fiuren, one of the Nordics’ sharpest thinkers on energy. Ronny is the Founder of Mylicia Energy, an executive board member, and a strategic business developer with deep expertise in power markets, energy flexibility, and grid-oriented solutions.

      Together, they discuss why resilience has evolved from a technical afterthought into a strategic priority, and what recent events across Europe and North America are really telling us about the condition of our power grids.

      The conversation examines how decentralisation, flexibility, and the use of advanced technologies and AI matter more than ever. It also highlights the need for a shift in mindset, not only among grid operators but also regulators.

      They explore the value of interconnectors in strengthening power systems, while also unpacking their political dimensions and the strong public emotions that can emerge when electricity prices rise suddenly.

      Beyond weather-related disruptions and cyber threats, the discussion turns to new risks such as deliberate sabotage and how energy systems can be designed to cope with them.

      From Scandinavia to the rest of Europe, this is a timely conversation about how to build power systems capable of withstanding shocks in an increasingly electrified and digital world.

      ----
      Read Ember Europe Electricity Review
      https://ember-energy.org/latest-insights/european-electricity-review-2026/
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      30 min
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