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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
  • 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
  • 221. LNG – Hormuz – “Apocalypse Now” - Mar26

    221. LNG – Hormuz – “Apocalypse Now” - Mar26
    Mar 23 2026
    Gerard and Laurent host Ira Joseph, a leading expert on gas and LNG markets at the Columbia Center on Global Energy, to explore how the Middle East conflict is reshaping the industry.

    In normal times, LNG supply is led by Qatar, the U.S., and Australia, with prices anchored to benchmarks like Henry Hub, TTF, and JKM. Before the war, markets were relatively well supplied, keeping prices stable.

    Three weeks into the conflict, that balance has shifted. Brent crude has climbed to about $110, European gas (TTF) to around $20/MMBtu, while U.S. Henry Hub remains near $3—highlighting growing regional divergence driven by infrastructure and trade flows.

    Two views have emerged: the White House sees a temporary disruption, while analysts like Jeff Currie and James Gutman argue this is a structural supply shock—captured by the idea that “you can’t print molecules.”

    The impact is uneven. Europe is highly exposed, Asia faces rising competition for cargoes, and emerging markets risk being priced out. The U.S. remains relatively insulated but increasingly vital as a supplier. Massive damage to key Gulf infrastructure such as South Pars and Ras Laffan will disrupt flows for months if not years.

    In response, short-term measures include stock releases, more coal production and demand cuts. Longer term the crisis may spur new LNG investment, accelerate energy security efforts, and boost the development of renewables while further fragmenting global markets.

    The takeaway: this is not just another cycle, but a structural shift in the future of energy.

    References
    HC Group podcasts with Paul Chapman
    https://open.spotify.com/episode/4FelokgY7oWXMxwyv75N0D?si=SgGNX7S_RZuFnry5Ckdi_Q
    https://open.spotify.com/episode/6bOCstN1chwOmB16u5SvRU?si=mu9PEjU9QQqvSHSmXlTafg

    On LNG. Ira Joseph papers
    https://www.energypolicy.columbia.edu/
    https://www.energypolicy.columbia.edu/us-israeli-attacks-on-iran-and-global-energy-impacts/
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    27 mins
  • 220. Deal Trends for M&A and Energy Financing - Mar26

    220. Deal Trends for M&A and Energy Financing - Mar26
    Mar 16 2026
    Six years after her last appearance on the podcast (Episode 28, 15 June 2020), Natasha Luther-Jones returns to join Laurent and Gerard for a lively catch-up on how both her career and the energy sector have evolved. What began with her being dubbed the “Queen of PPA” has expanded into a far broader role — prompting the hosts to crown her the “Energy Empress” as she now operates across the full spectrum of global energy and infrastructure.

    Natasha reflects on the evolution as the Global co-chair in the Energy & Natural Resources practice at DLA Piper, describing how client demand has shifted from single-asset transactions to complex, multi-technology, cross-border platforms. The market has matured significantly, with renewables now firmly established as mainstream infrastructure and capital becoming more disciplined and selective.

    A major growth area is battery energy storage systems (BESS), which have moved from being an adjunct to renewables to a core investment thesis in their own right. Storage, hybridisation and co-location strategies are reshaping project design, while revenue stacking and merchant exposure are demanding more sophisticated structuring and risk management.

    On the M&A front, Natasha highlights sustained deal activity and strong valuations for scaled platforms and development pipelines. The market is firmly in a consolidation phase, with investors prioritising portfolio and platform transactions over single-asset deals. Innovative financing models, including holdco structures and cross-collateralisation across diversified portfolios, are increasingly replacing traditional asset-by-asset project finance.

    The conversation also turns to the accelerating demand from AI-driven datacentres and the growing integration of digital infrastructure within energy complexes. As power demand surges, particularly for firm and clean energy, the convergence of energy and technology is creating new investment models and strategic partnerships — signalling that the next chapter of the energy transition will be defined as much by integration and capital structuring as by capacity build-out.
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    29 mins
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