Switched On

Hydrogen’s place in the energy transition is changing. After years of hype around its role in reaching net zero, many projects have been delayed or canceled as costs remain high, policy support weakens and demand proves slow to materialize. Yet hydrogen is far from disappearing. Industries already consume vast amounts of the molecule today, and sectors such as fertilizers, refining and potentially steelmaking still have few viable alternatives for deep decarbonization. At the same time, countries like China and India continue to push ahead with deployment and industrial policy support. So after the hype cycle, where does hydrogen actually make economic sense in the energy transition? On today’s show, Tom Rowlands-Rees is joined by Martin Tengler, BloombergNEF’s head of hydrogen research, to discuss some of his department’s recent work, including “No, Iran War Won’t Boost Clean Hydrogen – Except in China” and “Hydrogen Supplier Market Shares 2026: US Blue in the Lead.”
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:
Hydrogen Lifted by AccelerateEU, But Expect No Miracles - https://www.bnef.com/analyst-reactions/tdxp93kk3ny800
Clean Hydrogen Production Assets Update - https://www.bnef.com/insights/39161
No, Iran War Won’t Boost Clean Hydrogen - Except in China - https://www.bnef.com/insights/39077
Hydrogen Supplier Market Shares 2026: US Blue in the Lead - https://www.bnef.com/insights/38839
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BloombergNEF’s Tier 1 lists have become a defining feature of the clean energy industry. Built on real project deployment data, they track which manufacturers’ products are actually being used in large, recently financed projects, offering a transparent way to navigate markets crowded with hundreds of suppliers. That simplicity has made the lists highly influential, but being on (or off) the list doesn’t tell the full story about product quality or risk. So what do these lists really reveal about the industry, and how should they be used in practice? On today’s show, Tom Rowlands-Rees is joined by Jenny Chase, lead solar analyst at BNEF, to discuss the Tier 1 lists’ genesis, their application, and why they help us understand the “Wild West” of the energy transition.
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:
BNEF Energy Storage Tier 1 List 2Q 2026 - https://www.bnef.com/insights/33123
Company Ranking: Tier 1 PV Module Makers - https://www.bnef.com/insights/10610
Company Ranking: Tier 1 Power Inverter Makers - https://www.bnef.com/insights/32073
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The AI boom is ushering in a new era for energy storage. As data center buildout accelerates, batteries are evolving from short-duration backup tools into larger, more flexible systems that can help bring facilities online faster and manage complex power needs. In the US in particular, a growing pipeline of projects is emerging, with batteries increasingly paired with on-site generation or used to smooth demand and unlock faster connections to the grid. So how are data centers changing the energy storage market, and what role could these systems play in the power grid of the future? On today’s show, Tom Rowlands-Rees is joined by, Caitilín McManus, a technology and innovation associate at BloombergNEF, to discuss her recently released note “Data Centers’ Energy Storage Ramp Up: Project List Grows.”
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:
Data Centers’ Energy Storage Ramp Up: Project List Grows - https://www.bnef.com/insights/39221

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Middle powers are navigating a more fragmented global order. As tensions rise between major economies, the countries caught in between are being forced to rethink how they manage trade, security and economic ties. Energy is at the center of that shift. Reducing reliance on imported fuels is becoming a strategic priority, with electrification and domestic clean energy seen not just as climate solutions, but as tools of resilience and sovereignty. So how are these countries adapting to a more uncertain world – and what does that mean for the future of the energy transition?
This episode features a conversation between Malcolm Turnbull, the 29th prime minister of Australia, and Kobad Bhavnagri, BNEF’s global head of strategy. Titled “Energy Transition in a Multipolar World: The Middle Power Perspective,” this discussion was recorded live at the 2026 BNEF Summit New York.
To learn more about our Summits and to listen to more interviews, please visit https://www.bnef.com/events
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Severe disruption in the Strait of Hormuz is rippling far beyond oil markets. Around 10% of global aluminum supply is tied to the Middle East, and with exports constrained, prices are surging and supply chains are tightening. The impact will extend across the global economy as aluminum is used from cars and electronics to construction, meaning higher prices can quickly feed through to everyday goods. While the shock may not change long-term supply outlooks, it is creating near-term shortages, and exposing vulnerabilities across multiple stages of the supply chain. So how does a regional conflict translate into a global materials crunch, and what does it mean for the energy transition? On today’s show, Kamala Schelling is joined by BloombergNEF’s head of metals and mining, Kwasi Ampofo, to discuss notes including “Industrial Metals Monthly: Supply Risks Rise on Iran War.”
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:
Industrial Metals Monthly: Supply Risks Rise on Iran War - https://www.bnef.com/insights/39205/view
Transition Metals Outlook 2025 - https://www.bnef.com/flagships/transition-metals-outlook
See omnystudio.com/listener for privacy information.