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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
  • 224. From Wind farms (yield) to Datacenters (growth) - Apr26

    224. From Wind farms (yield) to Datacenters (growth) - Apr26
    Apr 13 2026
    Laurent and Gerard sit down with Paul O’Donnel, Partner at SchrodersGreencoat, a fund manager that has invested more than €13 billion and controls over 400 renewable energy assets across Europe, the Americas, and Asia. Paul has spent 17 years at Greencoat and became Partner in 2022, following Schroders’ acquisition of the platform, which itself was acquired by Nuveen in 2026.

    Greencoat has a distinctive structure, as it manages listed vehicles—historically known as YieldCos—designed to provide stable dividends to investors through long-term infrastructure assets.

    The discussion begins with a deep dive into the evolution of the renewable energy sector over the past 10–15 years. The market has shifted from portfolios primarily backed by government-supported contracts to a more dynamic growth strategy built on active portfolio management, trading, power purchase agreements (PPAs) with hyperscalers, and the hybridisation of assets. A key milestone in this evolution has been the push toward vertical integration, illustrated by partnerships such as the Greencoat collaboration with CATL.

    The conversation also explores the growing convergence between energy investors and real estate or digital infrastructure investors, particularly in the financing of datacenters. Energy supply and cooling infrastructure are becoming increasingly critical components of data centre investment strategies. While off-grid solutions are sometimes feasible in the United States—typically involving off-grid power combined with on-grid gas—such options remain very limited in Europe.

    Datacenters geography is also evolving. First-generation facilities were typically located close to major load centres and urban demand hubs, whereas second-generation developments are moving further away from large cities to areas where land and power availability are more abundant. This shift is driving strong interest in brownfield sites, including former coal plants, steel mills, and refineries.

    The transition from a pure yield model to a growth-oriented strategy has been well received by the market, particularly after several years of lacklustre share price performance. This approach mirrors the playbook seen at Quinbrook and Intersect and is increasingly viewed as the winning strategy in the current market environment.
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    30 mins
  • 223. Solar + Storage: The Economic Core of the Future Grid

    223. Solar + Storage: The Economic Core of the Future Grid
    Apr 6 2026
    Gerard is invited by Ana Conde from PVcase to make the case for solar paired with storage as the economic foundation of the future energy system.

    We are in the midst of a technological revolution driven by electrification and AI. But building the energy system that can power this shift requires more than adding new capacity — it demands system-level thinking, new coordination mechanisms, and new financial models to ensure a smooth transition.

    They explore how solar moved from a niche technology to the backbone of modern energy infrastructure and why pairing it with storage is no longer optional for project bankability and long-term competitiveness.

    They discuss how grid outages act as warning signals, exposing the fragility of legacy infrastructure, and what that implies for resilience in an increasingly electrified world.

    The conversation also examines the economic incentives, institutional inertia, and behavioural forces that resist technological change — and how innovative business models are beginning to unlock faster adoption.

    This episode goes beyond viewing solar as a technology alone. It unpacks the economics and coordination required to build a resilient, low-cost energy system capable of supporting the AI-driven future.
    --
    An episode delivered in partnership with SolarPower Europe. SolarPower Europe has established the ‘Battery Storage Europe Platform’ (advocacy, COMs campaigning, networking) around battery storage. Companies should join as members to help us push messages on solar, flexibility and batteries https://www.batterystorageeurope.org/
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    32 mins
  • 222. Understanding Energy and Technology in China - Mar26

    222. Understanding Energy and Technology in China - Mar26
    Mar 30 2026
    Laurent and Gerard speak with Dr. Michal Meidan, Head of China Energy Research at the China Energy Research Programme at the Oxford Institute for Energy Studies, about the profound transformation reshaping China’s energy system. At the heart of the discussion is the country’s pivot from “molecules” to “electrons” — a structural shift from fossil fuels toward electrification powered by renewables, batteries, and electric mobility. This transition is not just about decarbonization; it represents a broader industrial and technological reconfiguration with global consequences. At the same time, China remains central to fossil fuel markets: it is the world's largest fossil fuel importer and is set to maintain that position for the rest of this decade and beyond. Still the recent events in the Strait of Hormuz have vindicated China’s energy policy of diversification, investment and strategic storage.

    China’s approach reflects a distinctive “dual track” model in which command-and-control planning coexists with market dynamics. Central government frameworks, including the recent 15th Five-Year Plan, set strategic direction, while provinces interpret and implement policy with varying degrees of alignment or competition. At times collaborative and at times antagonistic, the relationship between Beijing and local authorities shapes how targets are pursued and reported. China often reframes its narrative retrospectively, particularly where electric vehicles and battery production have dramatically surpassed official expectations, highlighting the interplay between state ambition and private-sector execution.

    At the same time, the transition has been propelled by powerful entrepreneurial forces. Leaders such as Robin Zheng of CATL and Stella Li of BYD embody the “animal spirits” that have driven innovation and scale in batteries and electric vehicles. In many cases, private firms have exceeded policy goals, complicating simplistic narratives of top-down control and demonstrating how state guidance and commercial dynamism reinforce one another.

    Energy security remains a central pillar of this strategy. The current Hormuz crisis as well as the power shortages of 2020–2022 have exposed vulnerabilities in China’s system and reinforced the leadership’s determination to build integrated domestic supply chains and reduce reliance on imported fuels and critical materials. Industrial policy and energy policy are deeply intertwined, with electrification, renewables, and advanced manufacturing serving both resilience and competitiveness objectives. The drive for clean technology is therefore as much about strategic autonomy as it is about environmental stewardship.

    Finally, the episode also addresses persistent misconceptions in Europe and the United States about China’s system, challenging both exaggerated fears and wishful thinking. Understanding China’s energy transition requires grappling with its internal tensions, strategic pragmatism, and the scale of its ambitions.

    Oxford Institute
    https://www.oxfordenergy.org/publications/disruption-in-the-strait-of-hormuz-implications-for-chinas-energy-markets-and-policies/

    Carbon Brief and Lauri Myllyvirta
    15FYP coverage https://www.carbonbrief.org/qa-what-does-chinas-15th-five-year-plan-mean-for-climate-change/
    Latest on China emisisons https://www.carbonbrief.org/analysis-chinas-co2-emissions-have-now-been-flat-or-falling-for-21-months/
    Impact on GDP https://www.carbonbrief.org/analysis-clean-energy-drove-more-than-a-third-of-chinas-gdp-growth-in-2025/
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    32 mins
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