Switched On

Oil and gas prices are rising again as the Iran war shakes global energy markets. But so far Europe’s power system is holding up better than in 2022, when Russia invaded Ukraine. More renewables and lower demand have made Europe’s energy system more resilient, even as prices edge higher. Yet gas still matters, and as coal exits the power mix, exposure to future shocks could grow. So how vulnerable is Europe if disruption deepens? On today’s show, Kamala Schelling is joined by Kesavarthiniy Savarimuthu, BNEF’s head of European Power, to discuss her note: “Iran War Hasn’t Sparked a New European Energy Crisis - Yet.”
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:
Iran War Hasn’t Sparked a New European Energy Crisis - Yet - https://www.bnef.com/insights/38917
See omnystudio.com/listener for privacy information.

The US energy transition has hit an inflection point. Electricity generation reached a 20-year high last year, as renewables and energy storage accounted for 90% of new capacity additions. Energy-transition investment reached a record $378 billion, and more electric vehicles were sold than ever before. Yet all these headline figures occurred as federal policy support for clean technologies was scaled back. So what do the numbers really reveal about the state of the US energy transition, and how resilient are clean technologies as policy winds shift? On today’s show, Tom Rowlands-Rees is joined by Ethan Zindler, BloombergNEF’s head of country and policy research, and Trina White, a senior associate from the North America transition team, to review findings from the 2026 edition of the “Sustainable Energy in America Factbook,” which is produced each year in collaboration with the Business Council for Sustainable Energy.
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:
Sustainable Energy in America Factbook: 2026 Edition - https://www.bnef.com/insights/38735
See omnystudio.com/listener for privacy information.

Private capital is reshaping the energy transition. Once a niche corner of finance, private markets now manage tens of trillions of dollars globally, with a growing share directed toward clean energy strategies What sets this capital apart is not just scale, but structure: real assets such as wind, solar, grids and storage dominate, reflecting a preference for infrastructure-style returns and contracted cash flows. Dedicated transition funds have surged over the past decade, yet billions still sit as “dry powder,” committed but not yet deployed. So how does private capital influence where megawatts get built, and what does its rapid growth signal about the next phase of energy transition investment? On today’s show, Tom Rowlands-Rees is joined by Ryan Loughead, a senior associate from BNEF’s finance and investment team, to review findings from the note “Private Markets Primer: Mega Funds to Megawatts.”
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:
Private Markets Primer: Mega Funds to Megawatts - https://www.bnef.com/insights/38547
See omnystudio.com/listener for privacy information.

New guidance on the 45Z Clean Fuel Production Credit has clarified the outlook for US biofuels. The Treasury Department has confirmed that manure-based fuels can earn negative emissions scores, unlocking potential credits of around $7 per gallon for some renewable natural gas projects. The decision gives manure-based RNG a clear advantage, likely displacing other sources in the already saturated road fuel market. But beyond transport, where stacked subsidies make RNG viable, new demand remains uncertain. So how far can 45Z reshape the broader US biofuels market before the credit expires in 2029? On today’s show, Kamala Schelling is joined by Jade Patterson, a BNEF specialist in renewable fuels, to discuss his analyst reaction “Dairy and Swine Win Big in New US Biofuel Guidance.”
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:
Dairy and Swine Win Big in New US Biofuel Guidance: React - https://www.bnef.com/analyst-reactions/t9wrgjkk3o1c00
See omnystudio.com/listener for privacy information.

Investment in the energy transition reached a record $2.3 trillion last year. That’s a huge figure, but it tells only part of the story. Renewables investment dipped year-on-year as China shifted its power market policy, clean industry and carbon capture gained ground, and growth shifted toward Europe, the Middle East and Africa. Behind the total lies a careful process to define what counts, decide when capital is truly committed, and reconcile everything from electric-vehicle sales to nuclear construction and green debt issuance. So what does this year’s record really reveal about the trajectory of the energy transition? On today’s show, Tom Rowlands-Rees is joined by BNEF’s deputy CEO, Albert Cheung, to review findings from the “Energy Transition Investment Trends 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:
Energy Transition Investment Trends 2026 - https://www.bnef.com/flagships/clean-energy-investment
Publicly Available Summary - https://about.bnef.com/insights/finance/energy-transition-investment-trends/
See omnystudio.com/listener for privacy information.