Switched On

Episodes

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  The Energy Transition Has One Big Metal Problem 11.11.2026 29m

  Copper could become the defining materials bottleneck of the energy transition. Demand is set to rise 60% by 2050, while declining ore quality and a lack of new mines threaten a significant supply gap. Can innovation and substitution ease the crunch, or will copper constrain the transition? On today’s show, Tom Rowlands-Rees is joined by Martin Tengler, BloombergNEF’s head of metals mining, to discuss this year’s edition of the flagship “Transition Metals Outlook” report. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Transition Metals Outlook 2026 - https://www.bnef.com/flagships/transition-metals-outlook Publicly available executive summary - https://about.bnef.com/insights/commodities/transition-metal-outlook/See omnystudio.com/listener for privacy information.
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  China’s Data Center Boom Goes Where Power Is Cheap 05.11.2026 25m

  China is steering its data center boom toward where power is plentiful and cheaper. National computing hubs are concentrating large projects in areas where land, electricity and fiber can be planned together. As capacity more than doubles through 2030, power-intensive computing is increasingly shifting toward North and Northwest China, where electricity is cheaper and renewable supply is abundant. That differs from the more market-led development seen in places such as the US. Established Chinese markets including Shanghai and Beijing remain important for workloads that need to stay close to users. So how is access to power reshaping where China builds its next generation of data centers? On today’s show, Kamala Schelling is joined by BloombergNEF’s head of Asia research, Fauziah Marzuki, to discuss the note “China Data Center Market Prospects.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: China Data Center Market Prospects - https://www.bnef.com/insights/40341See omnystudio.com/listener for privacy information.
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  Lula's Next Test is an Energy Crunch: Analyst Reaction 02.11.2026 20m

  Brazilian President Luiz Inácio Lula da Silva will enter his fourth term with an energy system transformed by electrification. The country’s rapid wind and solar growth has created a curtailment crisis, weighing on investment and increasing the need for greater grid flexibility and power-market reform. Meanwhile, surging EV sales are boosting local auto manufacturing while threatening future demand for Brazil’s huge biofuels industry. Policy continuity may not be enough to manage these pressures, particularly as the country’s clean-energy transition enters a more complicated phase. So, can Lula develop a new playbook for Brazil’s next wave of electrification? On today’s show, Kamala Schelling is joined by a senior associate from BloombergNEF’s Latin America team, Vinicius Nunes, to review findings from the analyst reaction “Brazil’s Clean-Energy Surge to Test Lula’s Next Term.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Brazil’s Clean-Energy Surge to Test Lula’s Next Term - https://www.bnef.com/analyst-reactions/tnj4zpt96osh00See omnystudio.com/listener for privacy information.
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  Europe’s Energy Strategy Faces the Cost of Dependence 29.10.2026 35m

  Europe’s energy shocks have exposed the cost of energy dependence. The loss of Russian gas accelerated investment in renewables and liquefied natural gas, but high prices, infrastructure bottlenecks and new import dependencies remain. Greater electrification could improve resilience by making better use of domestic power and flexible technologies. But high costs still weigh on industry. So can Europe turn energy resilience into a competitive advantage? At the BloombergNEF Summit London, Oliver Metcalfe, BNEF’s head of European research, moderated a panel titled “Reshaping Europe’s Strategic Future.” This episode brings listeners that panel, which featured BASF’s Matthias Dohrn, Octopus Energy Group’s Greg Jackson, JP Morgan’s Hannes Kofler, and SSE’s Deepa Venkateswaran. Today’s episode was recorded live at the BNEF Summit London. To learn more about our Summits and to listen to more interviews, please visit https://about.bnef.com/summit/See omnystudio.com/listener for privacy information.
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  Oil Shock Puts Heat Pumps in Play: Analyst Reaction 26.10.2026 14m

  The economics of heating your home are shifting. Whether a heat pump saves money increasingly depends on what heats your home, where you live and when you use electricity. Heating oil prices have surged to a two-decade high in the US, EU and UK, dramatically improving the economics of switching for some households, while changes to electricity tariffs can make heat pumps cheaper to run. With fossil-fuel prices volatile and power systems changing, electric heating is becoming more competitive. So where do heat pumps now make financial sense, and what could make them more attractive? On today’s show, Kamala Schelling is joined by Yara van Ingen, an associate from BloombergNEF’s tech, industry & innovation team, to discuss some of her notes, including “Heating Oil Spike Opens Market for More Heat Pumps,” and “French Heat Pump Owners Gain From Cheaper Midday Power.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Heating Oil Spike Opens Market for More Heat Pumps - https://www.bnef.com/shorts/tmxz2dt96osp00 French Heat Pump Owners Gain From Cheaper Midday Power - https://www.bnef.com/shorts/tmxxyvkk3nye00 Gas Price Spike Still Too Mild to Drive Heat Pump Surge - https://www.bnef.com/shorts/texo3ukk3ny900 Heat Pump Market Outlook 2026: Blip, Not Bust - https://www.bnef.com/insights/39389See omnystudio.com/listener for privacy information.
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  Gas Turbine Makers Cash In on Global Power Rush 21.10.2026 32m

  Gas turbines are a hot topic. Orders for this critical piece of infrastructure are surging alongside rising power demand and the need to refurbish aging power plants. Data centers are adding urgency, particularly in the US, and scarce delivery slots are pushing prices higher. Manufacturers are expanding production, but past overcapacity is keeping them cautious about chasing today’s demand too aggressively. So how long can the boom last? And can manufacturers capitalize on the gas turbine boom without overplaying their hand? On today’s show, Tom Rowlands-Rees is joined by BNEF global gas specialist Atin Jain to discuss findings from some of his research, including “Global Gas Turbine Order Trends 1H 2026: Records Shattered” and “Global Gas Turbine Manufacturing Outlook: Crunch, for Now.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Global Gas Turbine Order Trends 1H 2026: Records Shattered - https://www.bnef.com/insights/40519 US Data Center Gas Demand Outlook 2026-2035 - https://www.bnef.com/insights/40383 Global Gas Turbine Manufacturing Outlook: Crunch, for Now - https://www.bnef.com/insights/40247See omnystudio.com/listener for privacy information.
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  Europe's Power Markets Face a New Balancing Act 14.10.2026 31m

  Europe’s power mix is changing fast. Ample output from wind, solar and nuclear means that northwest Europe could require significantly less power from fossil fuels this winter than last. At the same time, rising electricity demand from EVs and data centers is shifting market dynamics across Europe, creating new opportunities for technologies like solar and batteries. So how are Europe’s power markets evolving, and what does that mean for prices and investment? On today’s show, Tom Rowlands-Rees is joined by Arhnue Tan from BNEF’s European power team to discuss findings from some of her team’s notes, including “European Power Monthly October 2026: Renewables Retreat,” “European Power Winter Outlook: Cleaner Mix,” and a series of outlooks covering individual power markets across Europe, which we’ve hyperlinked below. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: European Power Monthly October 2026: Renewables Retreat - https://www.bnef.com/insights/40545 European Power Winter Outlook: Cleaner Mix - https://www.bnef.com/insights/40431 Germany Power Market Outlook 2026: Batteries Versus Gas - https://www.bnef.com/insights/40407 Italy Power Market Outlook 2026: Renewables Edge Out Gas - https://www.bnef.com/insights/40373 Nordic Power Markets: Demand Outlook - https://www.bnef.com/insights/39425 France Power Market Outlook 2026: Price High, Supply Ample - https://www.bnef.com/insights/39197See omnystudio.com/listener for privacy information.
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  Where Transition Risk Meets Corporate Opportunity 08.10.2026 27m

  The energy transition is reshaping how companies make money. BNEF’s new Transition Risk and Opportunities Outlook models revenues for more than 70,000 companies as demand shifts across energy, transport and commodities. Businesses exposed to renewables, grids, EVs and transition metals could benefit, while others may face shrinking markets and rising carbon costs. So which companies are positioned to capture new opportunities, and which are most exposed to the transition? On today’s show, Kamala Schelling is joined by BloombergNEF finance policy and transition risk specialist Maia Mesanger and transition risk and alignment analyst Estella Agyepong to discuss their note “Transition Risk and Opportunity Outlook 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Transition Risk and Opportunity Outlook 2026 - https://www.bnef.com/insights/40403See omnystudio.com/listener for privacy information.
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  Water Stress Brings Risks for Thirsty Power Generators 30.09.2026 25m

  Power plants have a water problem that’s getting harder to ignore. Coal, gas and nuclear facilities rely heavily on water for cooling, leaving some exposed as drought and heat intensify pressure on freshwater supplies. Wind and solar generation have a dramatically lower dependence on water, but thermal plants will remain critical to power systems, and many existing assets are located in areas facing growing water stress. That creates risks beyond individual generators. Water shortages can constrain power supply just as heat pushes electricity demand higher, potentially affecting prices and consumers across the system. So how vulnerable is the power sector to water stress, and can the energy transition reduce the risk? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF climate research analyst Alistair Purdie to discuss findings from his note “Thirst for Power: Water Stress in Electricity Generation.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Thirst for Power: Water Stress in Electricity Generation - https://www.bnef.com/insights/40317See omnystudio.com/listener for privacy information.
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  Global Gas Tug of War Is Brewing for Winter 23.09.2026 27m

  Europe’s gas market is heading into winter with little room for error. Lower storage levels and disruption in the Middle East have left the region more exposed to weather and competition for LNG. BNEF’s base case sees European storage falling to 21% by the end of March, but a prolonged Strait of Hormuz disruption or a particularly cold winter could push it toward 10%. Much will depend on temperatures, renewable generation and LNG demand elsewhere, particularly in Asia. Longer term, new supply could loosen the global gas market, but BNEF expects that relief to arrive from 2028 onwards. So how tight could the gas market get this winter, and what could tip the balance? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF European gas market analyst, Arham Muhammad, and weather team associate, Jess Hicks to discuss the notes “LNG Market Outlook 2035: Oversupply to Fuel Demand Growth” and “European Gas Market Outlook 2035.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: European Gas Winter Outlook 2026-2027 - https://www.bnef.com/insights/40331See omnystudio.com/listener for privacy information.
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  Food and Farming Caught in Geopolitical Crossfire 18.09.2026 26m

  No country can feed itself entirely on its own. The global food system depends on a complex web of trade, not just for food but for fertilizer, animal feed, pesticides and labor. Even major agricultural exporters rely on imports somewhere in their supply chains, leaving markets exposed when extreme weather, conflict or trade disputes disrupt these connections. Those vulnerabilities can appear in unexpected places: China and the Middle East depend heavily on imported food while supplying fertilizer to the world, and Brazil is a major food exporter that relies on imported fertilizer to sustain production. So in an increasingly volatile world, what makes a food system resilient, and where are its weakest links? On today’s show, Kamala Schelling is joined by BloombergNEF analyst Helen Ramsbottom to discuss her note “Food Security During a Time of Geoeconomic Unrest.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Food Security During a Time of Geoeconomic Unrest - https://www.bnef.com/insights/40191See omnystudio.com/listener for privacy information.
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  US Grid Ban Hits Batteries Hardest: Analyst Reaction 14.09.2026 17m

  US efforts to secure its power grid could come at a cost. A new executive order could restrict grid and power equipment supplied by companies tied to China, with batteries particularly exposed. Around 60% of US lithium-ion battery imports came from mainland China and Hong Kong in 2025. The rules could boost demand for non-Chinese suppliers, but also increase costs and delay battery projects as developers await further guidance. So why could batteries feel the biggest impact from the latest US move to restrict Chinese power equipment? On today’s show, Kamala Schelling is joined by Zoe Zakrzewska, a member of BNEF’s trade and supply chain team, to discuss findings from her Analyst Reaction, “US Grid and Power Equipment Ban Hits Batteries Hardest.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: US Grid and Power Equipment Ban Hits Batteries Hardest - https://www.bnef.com/analyst-reactions/tkfzv6t9njly00See omnystudio.com/listener for privacy information.
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  BNEF Pioneers: Buses, Bioleaching and Better Batteries 09.09.2026 44m

  Some of the most interesting climate technologies don’t fit neatly into a category. That is the idea behind the Wildcard entries in BloombergNEF’s annual Pioneers competition, which recognizes promising innovations from across the energy transition. This year’s Wildcard winners span three very different fields: BasiGo is electrifying bus fleets in Africa, Endolith is using microbes and machine learning to recover more copper from low-grade ores, and GRST is developing a water-based battery binder designed to make lithium-ion cells less toxic and easier to recycle. On today’s show, Tom Rowlands-Rees and BNEF Pioneers co-chair Benjamin Kafri speak with all three companies about the technologies they’re building, the markets they’re targeting and the challenges of scaling up. More information regarding the upcoming 2027 BNEF Pioneers program can be found at about.bnef.com/about/pioneers/ Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Climate-Tech Companies to Watch in 2026: BNEF Pioneers - https://www.bnef.com/insights/39231See omnystudio.com/listener for privacy information.
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  Six Months In, the Iran War Redraws the Energy Map 02.09.2026 33m

  The Iran war is redrawing the global energy landscape. Six months of high oil prices and disrupted trade have strengthened the case for technologies that reduce reliance on imported fossil fuels. Chinese exports of solar, batteries and electric vehicles have risen, while markets across Africa, Asia and Latin America are seeing growing demand for clean technologies. But the response varies widely. Some governments are shielding consumers from higher fuel costs, while others are leaning more heavily on domestic fossil fuels as a source of energy security. So has the Iran war changed the direction of the energy transition, or simply its pace? On today’s show, Kamala Schelling is joined by, Ethan Zindler who leads BNEF's countries and policy research. Together they discuss the note “Six Months In: The Iran War’s Global Impact.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Six Months In: The Iran War’s Global Impact - https://www.bnef.com/insights/40249See omnystudio.com/listener for privacy information.
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  Turkey's Renewables Boom Has More Than Climate in Mind 27.08.2026 32m

  Turkey is quietly becoming a renewables heavyweight. Rapid wind and solar deployment is helping the country meet rising electricity demand while reducing exposure to imported fossil fuels. Turkey ranked among the world’s top 10 markets for new wind and solar capacity in 2025, and it is targeting 120 gigawatts of combined capacity by 2035. But sustaining that growth will require much greater investment in the grid, and meeting government transmission targets would require annual investment to rise roughly fivefold from 2025 levels. So can Turkey turn its renewable energy boom into a broader transformation of its power system and strengthen its energy security along the way? On today’s show, Tom Rowlands-Rees is joined by Abdullah Alkattan, BNEF’s Middle East energy transition analyst, to discuss findings from the “Turkey Transition Factbook 2026.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Turkey Transition Factbook 2026 - https://www.bnef.com/insights/39689See omnystudio.com/listener for privacy information.
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  States Put Data Centers on Pause: Analyst Reaction 24.08.2026 14m

  America’s data center boom is running into political resistance. Texas, New York and Pennsylvania are moving to slow or pause new projects amid concerns over electricity costs, infrastructure and local impacts. Texas alone accounts for around 20% of the US pipeline, meaning even short delays could cost developers billions. The pushback is increasingly bipartisan, as politicians respond to growing opposition from local communities and overloaded power grids. The result is new uncertainty for developers racing to secure electricity and bring projects online. So has America’s data center boom finally hit the brakes? And what happens next? On today’s show, Kamala Schelling is joined by BloombergNEF’s senior associate for North American policy, Derrick Flakoll, to discuss his recent notes “Texas’ Data Center Pause Could Cost Projects Billions” and “Pennsylvania’s Data Center Pushback Raises Pipeline Risk.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Pennsylvania’s Data Center Pushback Raises Pipeline Risk - https://www.bnef.com/analyst-reactions/tk0z0wt96osi00 Texas’ Data Center Pause Could Cost Projects Billions - https://www.bnef.com/insights/40105See omnystudio.com/listener for privacy information.
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  EV Boom Changes Lanes as New Markets Take the Wheel 20.08.2026 31m

  The electric vehicle boom is entering a new phase. As China’s market matures and the US steps back from EVs, emerging markets are becoming the new hotspot for electrified transport. At the same time, autonomous and shared vehicles are changing how cars are used. Robotaxis can travel much farther each year than private cars, potentially allowing fewer vehicles to provide the same amount of mobility. So as EV adoption evolves and autonomous driving takes off, what does the next phase of road transport look like? On this episode, Aleksandra O’Donovan and Andrew Grant, who lead BNEF’s EV and intelligent mobility teams, join Tom Rowlands-Rees to discuss the newest edition of the Electric Vehicle Outlook. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Long-Term Electric Vehicle Outlook 2026 - https://www.bnef.com/insights/39553 Executive Summary (free to access) - https://about.bnef.com/insights/clean-transport/electric-vehicle-outlook/See omnystudio.com/listener for privacy information.
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  EU Electrification Push Lacks Pull: Analyst Reaction 17.08.2026 18m

  Europe’s electrification ambitions are running ahead of its policies. The EU wants electricity to account for 46% of final energy consumption by 2040, but BNEF’s modeling suggests even a maximum-effort net-zero pathway would fall short. Getting closer will require greater support for electric vehicles, heat pumps and industry, while keeping electricity affordable. Much of that challenge will fall to member states, many of which are scaling back incentives or facing tight public finances. Meanwhile, the EU’s latest proposals do little to address the upfront costs of electrification. So what will it take to close the gap between Europe’s electrification targets and reality? On today’s show, Kamala Schelling is joined by BNEF’s head of policy, Victoria Cuming, to discuss her note “EU Electrification Goal Unreachable Without More Support.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: EU Electrification Goal Unreachable Without More Support - https://www.bnef.com/analyst-reactions/tibg16t9njlt00See omnystudio.com/listener for privacy information.
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  Offshore Wind Is Outgrowing the Boats That Build It 13.08.2026 26m

  Offshore wind turbines are getting too big for the ships that install them. BloombergNEF estimates more than 30 gigawatts of offshore wind installations could struggle to find suitable vessels through 2035 if turbine growth continues. But building bigger ships takes years and hundreds of millions of dollars, and retrofits have their limits. That leaves the industry facing a choice between expanding its installation fleet or slowing the relentless growth in turbine size. So could a shortage of sufficiently large vessels become offshore wind’s next major bottleneck? On today’s show, Kamala Schelling is joined by BloombergNEF wind team analyst Kajsa Jernetz to discuss her note “Wind Installation Vessels: You’re Gonna Need a Bigger Boat.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Wind Installation Vessels: You’re Gonna Need a Bigger Boat - https://www.bnef.com/insights/40141See omnystudio.com/listener for privacy information.
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  Rhine Drought Drives Fuel Costs Up: Analyst Reaction 10.08.2026 14m

  Europe’s energy supply chains are running out of water. Weeks of heat and drought have pushed Rhine water levels to exceptional lows, restricting barge traffic and sending gasoil freight rates to record levels. That is adding pressure to an already tight market for gasoil, diesel, jet fuel and other middle distillates, while exposing refineries, chemical plants and industries that depend on the river for critical supplies. Companies are responding with smaller cargoes, trucks, rail and shallow-draft vessels, but those alternatives come at a cost. And with warmer, drier conditions expected to persist in the near term, the disruption highlights a broader challenge for Europe: adapting critical energy infrastructure to increasingly severe weather. So how are low water levels on the Rhine disrupting Europe’s energy markets, and how long could the pressure last? On today’s show, Kamala Schelling is joined by BloombergNEF weather associate Jess Hicks and oil associate Claudio Lubis to review findings from their analyst reaction “Freight Rates Skyrocket in EU as Rhine River Runs Low.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Freight Rates Skyrocket in EU as Rhine River Runs Low - https://www.bnef.com/analyst-reactions/tj8l8skk3ny900See omnystudio.com/listener for privacy information.