Power Plays

Charlotte Kirk and Lucy Shaw
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Join us - Dr Charlotte Kirk and Lucy Shaw - as we dive into the tech, finance and politics powering the energy transition each week. We'll unpack what happened, why it matters, and what you need to know. With deep industry insights and unique insider knowledge, we'll keep you up to date with all the Power Plays.

  1. The Renewable Grid (DERs, VPPs, the grid Edge), the UK’s Cost Reduction Policies, and fossil fuel phase-out

    3 DAYS AGO

    The Renewable Grid (DERs, VPPs, the grid Edge), the UK’s Cost Reduction Policies, and fossil fuel phase-out

    Recorded 2nd May 2026: This week we explore the forces reshaping distribution level power systems, the UK's new energy policy announcements, and the progress of fossil fuel phase-out after a historic conference in Colombia. Part One: DERs, VPPs, and the Grid Edge Stories from Octopus Energy, Uplight, Lunar Energy, & Span all point to the grid becoming more distributed, more intelligent, and more participatory. DERs - including home batteries, EV charging, & flexible demand - are increasingly being treated as real capacity resources rather than emergency backup systems. VPPs can now meet peak demand at significantly lower cost than conventional generation, using assets that already exist in homes & businesses. As electricity demand rises & interconnection timelines stretch, the fastest new capacity may come from distributed infrastructure not large centralized plants. Charlotte highlights: Octopus Energy & Uplight - to expand VPP capabilities in the US, focused on aggregating household devices into coordinated grid resourcesOctopus & Lunar Energy - to deliver integrated home energy systems combining batteries, energy management software, & retail electricity supplyOctopus's residential battery deployment focused on mainstream adoption. Systems are designed to participate in demand response, energy arbitrage, & VPP programs, as household energy devices can function as infrastructure assets.Span announced plans to deploy GPUs at the grid edge, embedding compute directly into electrical infrastructurePart Two: UK Energy Policy and Breaking the link between gas and electricity prices The UK government announced a slate of policy proposals to reduce the cost of energy and accelerate decarbonisation. The flagship policy was offering voluntary wholesale contracts to legacy renewable generators to stabilise electricity prices and reduce exposure to gas-driven volatility. The proposal reflects a broader recognition that electricity markets remain heavily exposed to short-term price fluctuations & that long-term contracts can play a stabilising role for both producers & consumers. Lucy also covers: Market reforms, including wholesale prices and locational pricingExpanding energy development on publicly owned land to build 10GW of new supplyThe launch of a plug-in solar pilot program,Reforms to make on-street EV charging easier to deployPart Three: Fossil Fuel Phase-out - the dream in Colombia and the reality on the ground The first ever Fossil Fuel Phase-out conference was held in Santa Marta, Colombia, this past week. Participants were optimistic about the outcome, agreeing to develop roadmaps in advance of the summit next year. But the world's biggest fossil fuel producers and consumers weren't there - China, the US, India, Russia, Saudi Arabia - so can we expect any change? Meanwhile: UAE left OPEC, signalling they want to increase oil productionChevron and ExxonMobil are resisting Trump's calls to increase oil production, signalling they want to keep prices higher for longer or are worried about a glut of supply comingIndia is experiencing higher than ever electricity demand in a deadly heatwave, increasing coal consumption after a 2025 decline.

    43 min
  2. Heavy Industry and the Energy Transition: From Mining inputs and Coal, to Green Iron and Steel projects

    26 APR

    Heavy Industry and the Energy Transition: From Mining inputs and Coal, to Green Iron and Steel projects

    Recorded 18th April 2026: This week we explore the forces reshaping heavy industry in the energy transition — from the role of of coal in global power systems to the rapidly evolving race to build low-carbon steel. In this episode: What the latest data says about global coal demandWhy mining costs are rising - and how producers are respondingThe financing and technology choices shaping new green steel plantsHow renewable energy availability is reorganizing industrial supply chainsWhy geopolitical risk is becoming a core variable in industrial investmentWe unpack new data from Centre for Research on Energy and Clean Air which shows coal use has remained flat, examine rising mining input costs, and discuss how economics, infrastructure, and geopolitics are beginning to determine where the next generation of industrial facilities will be built. Coal India Limited warns of rising supply chain costs because of increases in explosives costs (driven by gas prices) and diesel for mine trucks (driven by oil prices). While the stated cost rises were high (26% and 54% respectively), the impact on overall coal costs in India is muted, less than 2% of costs. The state-controlled company has promised to insulate consumers from these price shocks and it can do so with a large profit margin cushion. This slightly reduces the incentive to switch to clean energy. Other miners may have to pass these cost increases on, for coal and other commodities, which could raise prices if there are fewer substitutes. Stegra (formerly H2 Green Steel) secured €1.4 billion in additional financing to complete construction of its flagship steel plant in northern Sweden — the first new steel mill in Europe in decades. The project reflects the practical reality that hydrogen infrastructure at industrial scale is still emerging. The financing underscores both the scale of investment required for industrial decarbonization and the importance of secure long-term demand contracts in making these projects bankable. SuSteel Namibia successfully demonstrated hydrogen-based iron production at an industrially relevant scale, marking a major step beyond pilot projects. The development highlights a broader shift in the steel value chain: energy-intensive processing is beginning to move to regions with abundant, low-cost renewable power. Rather than exporting hydrogen, Namibia is positioning itself to export higher-value intermediate products like direct reduced iron, capturing more industrial value locally. Proposed green iron projects in the Middle East are now facing increased uncertainty as geopolitical tensions raise shipping, insurance, and financing risks. Despite having some of the world’s lowest-cost energy and strong industrial infrastructure, the region’s risk profile is beginning to influence investment decisions. The story illustrates a growing reality for the energy transition: energy price alone is no longer decisive — reliability and geopolitical stability are becoming equally critical to project economics.

    37 min
  3. Batteries: Peak Energy’s Sodium-Ion Commercialisation, Zenobē’s Electric Trucking Play, and Ascend Elements’ Recycling Bankruptcy

    15 APR

    Batteries: Peak Energy’s Sodium-Ion Commercialisation, Zenobē’s Electric Trucking Play, and Ascend Elements’ Recycling Bankruptcy

    Recorded Sunday 12th April. we look at three forces reshaping the battery industry: Sodium-ion as a new chemistry moving toward commercialization, a new infrastructure model enabling heavy transport electrification, and a reminder that capital intensity can bankrupt even promising solutions. 1) Are Sodium Batteries Finally Ready for the Grid? - Inside Peak Energy's Sodium ion system: What is a sodium-ion battery, and how does it differ from traditional lithium-ion systems?Why is Peak Energy using sodium iron phosphate pyrophosphate (NFPP) cathodes and hard carbon anodes?How do sodium batteries compare with NMC and LFP on safety, supply chains, and lifetime cost?Why did the industry shift from NMC to LFP—and how does sodium extend that trend toward durability and affordability?Why are sodium batteries particularly suited to stationary grid storage despite lower energy density?How does passive cooling reduce equipment, maintenance, and system costs in large battery installations?Why do sodium batteries perform better in extreme cold conditions than lithium systems?How could abundant domestic sodium resources reshape long-term battery supply chains?Why might sodium be slightly more expensive today but cheaper over the full project life?2) Why Did Zenobē Buy Revolv — and What Does It Say About Electric Trucking? What is Zenobē’s model as a fleet electrification and charging infrastructure provider?Why is acquiring Revolv’s truck fleet and charging depots strategically important?How large are electric truck batteries—and why can they require 250–600 kWh per vehicle?Why has charging infrastructure, not battery technology, been the main constraint on truck electrification?How do high-power chargers change the economics of long-distance trucking?Why are buses easier to electrify than heavy trucks from an operational perspective?What role do subsidies and depot investment play in scaling electric fleets?Why has battery-electric trucking gained momentum while hydrogen alternatives have struggled?3) Ascend Elements Filed for Bankruptcy — What Actually Went Wrong? What is precursor cathode active material (pCAM), and why is it critical to battery manufacturing?How did Ascend attempt to build a circular battery supply chain through recycling?Why are battery materials plants among the most capital-intensive projects in the energy sector?How did falling lithium prices weaken recycling economics and cash flow?What happens when large facilities face delays, funding gaps, or canceled grants?How did Ascend’s strategy differ from competitors that diversified into energy storage or services?What does this case reveal about financing risk in emerging industrial supply chains?And more broadly: why do many clean energy bankruptcies stem from timing and capital structure rather than technology failure?

    42 min
  4. Decarbonising Iron & Steel alongside Low-Carbon Cement, US Offshore Wind Cancellations, and UK turbine manufacturing rejections

    2 APR

    Decarbonising Iron & Steel alongside Low-Carbon Cement, US Offshore Wind Cancellations, and UK turbine manufacturing rejections

    Recorded Sunday 29th March. Two very different stories highlight the complexity of the energy transition - from industrial decarbonisation in steel and cement to the increasingly political battle over offshore wind in the US and UK. Key topics: Why steel slag matters for low-carbon cementHow electric arc furnaces (EAFs) are reshaping industrial wasteHow Cocoon Carbon could decarbonise both steel and concreteTrump refunding offshore wind leases in favour of oil and gasThe UK rejecting Chinese turbine manufacturing investmentWhat this means for costs, jobs, and industrial strategyConnecting two hard-to-abate sectors: steel (7%) and cement (8%) together account for ~15% of global GHG emissions, yet both remain under-discussed due to their reliance on hard-to-abate process emissions. Cocoon Carbon is a UK based company developing technology to convert EAF steel slag into supplementary cementitious material (SCM) that can replace up to 30% of ordinary Portland cement. Historically, ~70% of steel came from blast furnaces, producing slag that could be reused as SCM in cement. However, as steel production shifts from blast furnaces and basic oxygen furnaces to direct reduced iron and EAFs - cutting emissions by 40–70% - the slag chemistry changes, making it unusable in cement in its raw form. Cocoon's technology can process this EAF steel slag while molten (~1,500°C), directly at the steel plant, into a form usable as SCM, restoring its value. With ~100–150 kg of slag produced per tonne of steel, this creates a major new source of low-carbon cement input. The economics are compelling: raw slag sells for ~$15–25 per tonne, while processed SCM reaches ~$80–120 per tonne (~5× uplift). This improves steel plant economics, reduces waste, and supports the shift to EAFs. The US is the first target market, where ~70% of steel is already EAF-based and regulations are performance-driven. Cocoon has raised $15m in a Series A round; its modular units can be installed in 6–9 months. In wind, the US story centres on Trump refunding ~$1bn in offshore wind lease payments to TotalEnergies to cancel a 4 GW project and redirect capital into oil and gas. The leases were part of a ~$5bn auction round, with the refund representing ~3% of project cost. This reflects a broader anti-wind stance and may increase costs in regions where offshore wind is cheaper than gas. Offshore wind also raises a structural question: could it replicate fossil fuel royalties? US oil and gas generated ~$6bn in royalties in 2024 (ongoing payments), whereas wind leases are typically upfront rather than recurring. In the UK, a £1.5bn Mingyang turbine factory (≈1,500 jobs) was rejected on security grounds. A smaller £200m investment from Vestas (~500 jobs) may proceed, depending on auction demand. The UK’s decision prioritises energy security but highlights a trade-off: without stronger negotiation, the country risks missing out on manufacturing, jobs, and long-term industrial leverage while remaining dependent on foreign developers.

    40 min
  5. Power Plays Live at Octopus HQ: Over-hyped, Under-hyped or Hyped-just right

    27 MAR

    Power Plays Live at Octopus HQ: Over-hyped, Under-hyped or Hyped-just right

    Live from Octopus Energy HQ: Over-hyped, Under-hyped, or Hyped-Just-Right? Introducing the origin story of Power Plays and celebrating with a live audience event hosted by Octopus Energy in London. We gave the audience six recent talking points in energy and asked them to vote: over-hyped, under-hyped, or hyped just right? The results weren't always what we expected. We also opened the floor to audience questions - from the future of the grid to hydropower's image problem, moonshots, and whether the North Sea still has a role to play. The game — six topics, audience votes, live debate: Enhanced geothermal — less than 1% of global geothermal output today, but with oil & gas tailwinds in the US, is it finally having its moment?Balcony solar — a technology that started in off-grid Africa and is now trending in Germany and the UK. Does the 4–6 year payback period justify the hype?Vehicle-to-grid — why we both think this is deeply underhypedCoal phase-out — under-hyped according to the room. Why the UK's experience gives us a misleading picture of where global coal consumption is actually goingCopper supply — the metal driving electrification, new refining and recycling technologies, alongisde substitution and optimisation opportuntiesCritical minerals geopolitics — Lucy takes the contrarian position: are we strategising for 60 very different supply chains together in a frenzied race that risks making energy more expensive for everyone?Audience Q&A: The grid of the future: who builds it, who pays, and how distributed resources could let us do more with what we already haveWhy hydropower isn't sexy — and why it should be, from Snowy 2.0 to the Grand Renaissance and ItaipuMoonshots: space-based solar generation, beaming energy across time zones, and fusion

    38 min
  6. Secondary Energy Commodities: Refined Fuels, Fertilizers, Helium, and Sulphur, and the UK’s Energy Resilience Response

    20 MAR

    Secondary Energy Commodities: Refined Fuels, Fertilizers, Helium, and Sulphur, and the UK’s Energy Resilience Response

    Recorded Sunday 15th March – In this episode we examine how the escalating Middle East conflict is moving beyond oil and gas headlines into the wider industrial systems that underpin the global economy. We focus on how disruption is transmitted through refined fuels, fertilizers, industrial gases and metals supply chains — and why these second-order effects often shape inflation, food prices, manufacturing and energy security more than the initial price spike itself. The episode closes with a discussion of resilience — from distributed energy and alternative production pathways to the policy options currently being considered in the UK. Key Questions Explored: Refined fuels: • Why do jet fuel and diesel markets tighten faster than crude oil supply? • Why are refineries configured for specific crude types and difficult to switch between? • How do refined fuel shortages feed directly into aviation, freight and consumer prices? Military logistics driving renewables adoption: • Why is fuel logistics one of the largest operational risks in military operations? • How do fuel supply convoys create security vulnerabilities in conflict zones? • Why are militaries investing in microgrids, solar and battery storage to reduce fuel dependence? Ammonia and fertilizers: • Why is ammonia production so tightly linked to natural gas prices? • How do fertilizer price increases transmit into global food costs and agricultural output? • Why do many countries maintain domestic fertilizer production as a matter of national security? Renewable ammonia and the Atome's Villeta project: • What makes renewable ammonia viable in locations with abundant low-cost electricity? • Why does proximity to agricultural demand and export infrastructure matter for project economics? • How does the Villeta project illustrate a shift in fertilizer production toward renewable energy sources? Helium: • Why is helium supply closely tied to natural gas processing infrastructure? • What happens to healthcare and semiconductor manufacturing when helium supply is disrupted, and what are knock-on effects for Taiwan? • Why are global helium markets particularly vulnerable due to concentrated production? Sulfur and sulfuric acid: • How does sulfur recovered from oil and gas processing become a critical industrial chemical? • Why is sulfuric acid essential for fertilizers, metal refining and battery material production? • How can disruption in sulfur supply ripple into mining, agriculture and manufacturing costs? What is the UK government doing to counter rising prices? • What short-term measures can governments use to support households during energy price spikes? • How might policies such as price monitoring, subsidies or targeted support be deployed? • Why are distributed energy technologies like rooftop solar, batteries and flexibility increasingly central to resilience?

    50 min
  7. Energy Geopolitics: Global Market & Regional Trade Exposures, Foreign Exchange Pressures, and Crisis-Driven Electrification

    13 MAR

    Energy Geopolitics: Global Market & Regional Trade Exposures, Foreign Exchange Pressures, and Crisis-Driven Electrification

    Recorded Sunday 8th March – In this episode we examine the energy implications of the escalating Middle East conflict and the dynamics often missing from mainstream coverage. We explore how energy shocks move through global markets - from shipping insurance and LNG logistics to foreign exchange pressures and electricity system design. The discussion moves region by region - examining why the impacts differ across Asia, Europe, and the United States, and why some countries may actually accelerate their energy transition during crises. Key Questions Explored: Strait of Hormuz and global shipping How can shipping disruption occur without a formal blockade?What impact do war risk insurance premiums have on tanker economics?How large is the cost increase when insurance rises to 1–2% of cargo value?Shipping logistics and supply disruption What are the rerouting options if tankers avoid the Strait of Hormuz?How do longer routes affect LNG availability, shipping times, and prices?Strategic reserves and floating oil storage How much oil is currently stored in floating storage at sea?How do strategic petroleum reserves function during supply shocks?Why has China been building reserves in recent months?Regional exposure in Asia Why might China be exposed but relatively resilient?Why are Pakistan, Bangladesh and Vietnam particularly vulnerable?Why are Japan and Korea, despite their wealth, among the world’s most exposed energy importers?Energy security and foreign exchange Why are fossil fuel imports effectively a continuous drain on foreign currency reserves?How can energy price spikes trigger inflation and balance-of-payments pressures?How does importing energy infrastructure differ from importing fuel?Crisis-driven energy transitions How did Cuba expand solar generation during an electricity crisis?Why are rooftop solar and batteries spreading rapidly in Pakistan?How did Ethiopia’s EV policy emerge partly from foreign currency pressures?Electricity systems and grid resilience Why do electricity grids provide stability that off-grid systems struggle to replicate?How did Spain’s limited interconnection with Europe increase blackout risk?Europe’s gas exposure Why do gas-fired power plants often set the marginal electricity price in Europe?How can relatively small gas shortages trigger large electricity price spikes?The United States Why is the US relatively insulated from global energy shocks?How do higher prices create producer windfalls but consumer pressure?Could AI data centres significantly increase US gas demand?

    40 min
  8. Resilience: Google’s interconnection strategies, Form’s LDES commercialization, Iranian energy implications, and distributed battery benefits

    6 MAR

    Resilience: Google’s interconnection strategies, Form’s LDES commercialization, Iranian energy implications, and distributed battery benefits

    Recorded on Monday 2nd March. We discuss the first energy market reactions to the escalating Middle East conflict and what it reveals about global supply chains. We also explore Google’s new data-centre energy strategy, Form Energy’s push to commercialise 100-hour batteries, and how distributed storage can help free up capacity to bring more capacity online faster. Initial energy shocks from the Middle East escalation – what the conflict could mean for global energy and commodity markets.War-risk premiums and shipping implications – how insurance markets are disrupting global energy and commodity flows The overlooked commodity that links energy to food – why sulfur shortages could ripple through fertilizer markets and push up agricultural costs.Connecting load to the grid - why it's often harder than building new generation.Google’s new strategies for powering data centres – 2 projects in Minnesota and Texas each show different combinations of colocation, storage, and interconnection strategies to speed up interconnection.The rise of multi-day batteries – why LDES can reshape how grids handle extreme weather and renewable volatility.Form Energy – how iron-air batteries store electricity by turning iron into rust and back again.Why 100 hours matters – the multi-day grid stress events that this technology is built to solve.Batteries vs grid expansion – how distributed storage could defer hundreds of billions of dollars in transmission upgrades and bring more capacity online faster.A growing policy divide – why the US is subsidising energy manufacturing while Europe focuses on lowering electricity prices.

    33 min
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About

Join us - Dr Charlotte Kirk and Lucy Shaw - as we dive into the tech, finance and politics powering the energy transition each week. We'll unpack what happened, why it matters, and what you need to know. With deep industry insights and unique insider knowledge, we'll keep you up to date with all the Power Plays.

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  • Creator
    Charlotte Kirk and Lucy Shaw
  • Years Active
    2k
  • Episodes
    13
  • Rating
    Clean
  • Copyright
    © Charlotte Kirk and Lucy Shaw
  • Show Website
    Power Plays

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