EnergyCents

Episodes

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  Drilling for power: Geothermal's unconventional moment (Ep. 267) 22.10.2026 30m

  The shale revolution transformed energy production. Could geothermal be next? In this episode, Carolyn Seto and Melissa Greig join Hill Vaden and Sam Humphreys to unpack how horizontal drilling, hydraulic fracturing and lessons from unconventional development are being applied underground to unlock new sources of clean, firm power. The conversation explores costs, scale, superhot rock and why the next few years could be pivotal for enhanced geothermal.   Learn more about S&P Global Energy here: https://www.spglobal.com/energy/en
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  Diesel in the danger zone: Inside the global diesel squeeze (Ep. 266) 15.10.2026 40m

  Diesel markets are under mounting pressure as disruptions in Russia and the Middle East squeeze global supplies just as the Northern Hemisphere heads into winter. In this episode of EnergyCents, Hill Vaden and Sam Humphreys are joined by Karim Fawaz and Will O'Neil to unpack what is driving the tightening market, whether the new US-Russia diesel deal can offer meaningful relief, and why governments are entering what Karim F calls the "policy danger zone". They also explore whether damaged refining capacity and wider logistical constraints could keep diesel markets tight even if geopolitical tensions ease.   Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Dr. Copper's Diagnosis: What Copper Is Telling Us About the Global Economy (Ep. 265) 08.10.2026 22m

  Copper sits at the heart of the energy transition, data centre expansion and global electrification. But behind the bullish headlines lies a market wrestling with tight mine supply, negative smelting margins, tariff uncertainty and rising interest rates. In this episode, Nick Trickett joins Hill Vaden and Sam Humphreys on EnergyCents to explain what is really driving copper prices and what the next 6-12 months could hold for one of the world's most important commodities.   Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Storms, Storage and Supply: Europe's winter energy outlook (Ep. 264) 01.10.2026 31m

  The rules of Europe's gas market have changed. Russian pipeline gas is gone, LNG is king, and storage has become one of the continent's most important energy buffers. This week on EnergyCents, Alun Davies joins Hill Vaden and Sam Humphreys to explain why Europe is entering winter with lower-than-expected gas inventories, how global LNG competition is influencing prices, and what a warmer or colder winter could mean for consumers and industry alike. From the Strait of Hormuz to European storage caverns, this episode explores the forces shaping one of the world's most important energy markets.   Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  After the Shock: What's Next for LNG? (Ep. 263) 24.09.2026 27m

  The closure of the Strait of Hormuz has removed a significant share of global LNG supply from the market, reshaping gas trade flows and raising questions about energy security ahead of winter. In this episode of EnergyCents, Sam Humphreys and Hill Vaden are joined by S&P Global gas expert Laurent Ruseckas to unpack the latest developments in global LNG markets.    Why have gas prices surged despite demand adjustments in Asia? Will Europe be able to refill storage and secure enough supply this winter? And if Europe is willing to pay whatever it takes, who is left competing for the world's remaining LNG cargoes?   Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Steady as she goes: US shale sector approaches higher oil prices with caution (Ep. 262) 17.09.2026 30m

  Oil prices are up by more than 75% since the start of the year and recently crossed the psychologically important $100/barrel milestone. The corresponding rise in US drilling rigs, however, has been far more modest.   S&P Global Energy Shale Sector expert Imre Kugler joins hosts Hill Vaden and Sam Humphreys to discuss activity levels in US shale, and why operators are hesitant to ramp up production despite higher prices. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Reuniting Gondwana: Why Big Oil is returning to West Africa. 10.09.2026 33m

  Why are the world's largest oil companies turning their attention back to West Africa? In this episode of EnergyCents, Sam Humphreys and Hill Vaden are joined by S&P Global's Justin Cochran and Roderick Bruce to explore the region's deepwater revival. From promising geology and the pursuit of "needle-moving" discoveries to improved fiscal terms and faster licensing, the conversation examines what is drawing exploration capital to Africa's Atlantic margin—and whether this renewed interest can translate into the next generation of major oil discoveries. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Talking refining capacity with Phillips 66 (Ep. 260) 03.09.2026 33m

  Phillips 66 is a US-based downstream energy company that operates through five core segments: Midstream, Chemicals, Refining, Marketing and Specialties (M&S), and Renewable Fuels. Sean Maher, Phillips 66 chief economist and head of investor relations, joins hosts Hill Vaden and Sam Humphreys to discuss how Phillips 66 is navigating the current high-margin, high-utilization environment and outline the investment priorities fueling the company's next leg of growth. Learn more about Phillips 66 at: https://investor.phillips66.com/investors/default.aspx Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  The Illusion of Crowds: In conversation with S2G 27.08.2026 35m

  What happens when plenty of capital enters the energy transition, but not enough of it reaches the companies best positioned to scale? In this episode of EnergyCents, Hill Vaden and Sam Humphreys speak with Francis O'Sullivan, Managing Director of Energy Investment at S2G, about "The Illusion of Crowds," a paper that challenges the idea that more investors automatically create a smarter, more effective market. They discuss how capital has become highly concentrated, why this matters for the "missing middle" — companies beyond venture stage but not yet ready for traditional infrastructure finance — and what LPs and GPs can do to better support practical, scalable energy innovation. Find out more about the paper and S2G here: https://www.s2ginvestments.com/insights/report-illusion-of-crowds Learn more about S&P Global Energy here: Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Quagmire: Scenario planning a case for lasting oil markets disruption (Ep. 258) 20.08.2026 33m

  Scenario planning allows investors and executives to prepare for situations outside of their base-case expectations. S&P Global Energy developed a new case called "Quagmire" that assumes conflict around the Strait of Hormuz becomes a permanent geopolitical feature and trade flows fragment in favor of regional energy security. Oil markets experts Louise Vertz and Sandra Abdallah join hosts Hill Vaden and Sam Humphreys to walk us through the assumptions in S&P Global Energy's "Quagmire" scenario and explain what lasting changes could be in store for oil markets if disruption turns from months into years. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Digital underground: Grid-forming inverters and the future of grid stability (Ep. 257) 13.08.2026 35m

  Traditional grids rely on the physical inertia of massive, spinning turbines to stabilize frequency during sudden power outages. This stability is being challenged by the growth of solar and wind power, which lack the physical spinning parts needed to buffer the grid. Grid-forming inverters create a 'digital inertia' that enables grid stability and are increasingly critical to ensuring reliability as grids transition. Renewable electricity experts Cormac Gilligan and Tiffany Wang join hosts Hill Vaden and Sam Humphreys to discuss the vital contribution of grid-forming inverters to grid stability and consider the business models and regional constructs behind their wider spread adoption. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Marginal utility: Lack of new capacity leads to boom time for North America refining (Ep. 256) 06.08.2026 32m

  Fresh investment in North American refining infrastructure stalled in prior years as the sector braced for long-term demand destruction. However, capacity has fallen faster than demand and profit margins are now healthier than many expected. Refining expert Debnil Chowdhury joins hosts Hill Vaden and Sam Humphreys to discuss the North American refining landscape and how disruptions in the Strait of Hormuz and Russia are contributing to high utilization and profitability for the sector. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  South America's Right Turn: The new political map of energy (Ep. 255) 30.07.2026 31m

  South America is undergoing a major political shift, with a wave of right-leaning governments reshaping the region's approach to energy and natural resources. In this episode, Upstream risk expert Ford Tanner joins hosts Hill Vaden and Sam Humphreys to explore what the rise of the "New Right" could mean for oil and gas investment, energy security, and the future of key markets including Argentina, Colombia, Brazil, and Venezuela.   Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Strait talk: Oil markets brace for new phase amid extended Hormuz tensions (Ep. 254) 23.07.2026 46m

  Oil and product markets showed unexpected resilience in prior weeks thanks, in large part, to reduced crude demand from China. The system is now much tighter and its resilience could be tested, particularly when it comes to refined product markets, as we enter a new phase.    Oil markets expert Karim Fawaz joins hosts Hill Vaden and Sam Humphreys to discuss the evolving balances of global crude and refined products as vessel traffic through the Strait of Hormuz continues to be limited. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Talking clean-energy investment trends with ACORE (Ep. 253) 16.07.2026 30m

  ACORE is a Washington-based non-profit that brings together partners in finance, policy and technology to advance clean energy initiatives in the US. ACORE SVP of Policy and Engagement Lesley Hunter joins hosts Hill Vaden and Sam Humphreys to discuss financing trends in the clean energy economy and consider how the sector is weathering changes in federal policy support. Learn more about ACORE at: https://acore.org/about/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Corn, Carbon and Competition: Ethanol's Next Chapter in the US (Ep. 252) 09.07.2026 30m

  Ethanol has been a cornerstone of the US biofuels industry for decades, but what role will it play in an energy system increasingly shaped by electrification, low-carbon fuels and evolving policy?   Biofuels expert Kevin Lindemer joins EnergyCents hosts Hill Vaden and Samantha Humphreys to explore the current state of the biofuels market, why ethanol remains central to US transportation fuels, and how policy, technology and market dynamics could influence the sector's future. From blending mandates and feedstock economics to emerging opportunities in sustainable fuels, the discussion examines where ethanol fits in the next phase of the energy transition.   Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Necessity breeds invention: US data centers developers embrace behind-the-meter power (Ep. 251) 02.07.2026 29m

  The US data center complex is building against speed-to-power mandates that require developers to get projects online as quickly as possible. Delays plugging into grid-connected power are forcing projects to invest in behind-the-meter (BTM) gas generation assets as they seek access to electricity. S&P Global Energy expert Ben Levitt joins hosts Hill Vaden and Sam Humphreys to discuss the rise of behind-the-meter power projects connected to data centers and how these projects are reshaping investments in US electricity generation. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Sea change: Offshore wind sector adjusts development plans as costs rise (Ep. 250) 25.06.2026 34m

  More than 90 GW of offshore wind capacity has been installed globally, split almost equally between Europe and China. Development in many parts of the world has slowed as rising interest rates and wavering policy support pressure new-project economics. S&P Global Energy expert Andrei Utkin joins hosts Hill Vaden and Sam Humphreys to discuss the global landscape for offshore wind and flag areas that will drive the next wave of sector growth. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  NIMBY: Data center developers wrestle with growing pains (Ep. 249) 18.06.2026 33m

  As data center projects become more visible across the US, they are having to manage more not-in-my-backyard (NIMBY) concerns from community stakeholders and policymakers.  These concerns often lead to delays, cancelations, and even state-wide moratoria that can thwart the ambition of AI innovators. S&P Energy expert Dan Thompson joins hosts Hill Vaden and Sam Humphreys to discuss the evolving pace of data center development in the US and how builders are navigating stakeholder concerns. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en
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  Talking energy-as-a-service with Budderfly (Ep. 248) 11.06.2026 28m

  Budderfly is an energy-as-a-service company that assumes responsibility for its commercial customers' utility bills and installs energy-efficiency equipment on their behalf. A portion of the monthly savings from its customers' reduced energy consumption then becomes a revenue stream for Budderfly.   Budderfly CEO Al Subbloie joins hosts Hill Vaden and Sam Humphreys to describe Budderfly's energy-as-a-service business model and how its solving energy waste with simplicity and scale. Learn more about Budderfly at: Budderfly | Energy Efficiency Company & Management Services Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en