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. NVIDIA’s chip cooling, GPUs in water heaters, the US’s largest VPP, a new Supreme Court ruling, and Columbia CGEP’s latest reports

    5d ago

    NVIDIA’s chip cooling, GPUs in water heaters, the US’s largest VPP, a new Supreme Court ruling, and Columbia CGEP’s latest reports

    Recorded 30 June – We explore how engineering, software and market design are reshaping AI infrastructure and electricity systems. Charlotte examines three stories linked by a common theme: making existing infrastructure dramatically more productive. From NVIDIA's warm-water cooling technology and AI-powered water heaters to the largest virtual power plant ever assembled, we explore how AI is driving innovation far beyond the chip itself. Lucy then discusses a major US Supreme Court ruling that could increase political influence over the Federal Energy Regulatory Commission (FERC), what that means for electricity markets, and why a new Columbia University report challenges the popular narrative that data centres are driving electricity price increases. 1. NVIDIA redesigns AI cooling with 45°C warm-water liquid cooling NVIDIA's next-generation Rubin AI platform is designed to operate using 45°C direct liquid cooling.Instead of cooling entire data halls with chilled air, warm water removes heat directly from chips, greatly reducing refrigeration energy and water consumption.AI competitiveness may increasingly depend not only on tokens per megawatt, but also on tokens per litre of water and per square metre of data centre space.2. What if AI GPU's ran inside your water heater? Startup WATTER has partnered with AI company Subconscious to embed GPUs inside domestic hot water systems.Instead of treating heat as waste, every AI inference simultaneously produces hot water.Combining GPUs, liquid cooling, heat exchangers and thermal storage could create a new model of distributed AI infrastructure, much like the evolution of distributed electricity systems.3. Sunrun, Tesla and Renew Home launch the largest US virtual power plant A 16.8 GW virtual power plant combines 7.8 GW of residential battery capacity, 9 GW of flexible demand, up to 9 million homes and more than 12 million connected devices.Rather than serving only utilities, the platform is designed to support AI data centres and hyperscalers, demonstrating how software can transform millions of distributed assets into critical electricity infrastructure.4. Is politics beginning to reshape US electricity markets? A recent US Supreme Court decision could make independent regulators more susceptible to presidential influence. We discuss: why independent regulation matters for competitive electricity marketshistorical examples of governments influencing market designhow political priorities could increasingly shape electricity regulationwhy investor confidence depends on stable, independent institutions5. What is really driving electricity prices? A new report from Columbia University's Center on Global Energy Policy concludes that data centres are not the primary driver of recent electricity price increases. Instead, rising costs largely reflect: ageing transmission and distribution infrastructurewildfire and storm resilience investmentsequipment cost inflationhigher natural gas pricesbroader structural issues within electricity markets6. Markets versus public ownership Drawing on recent visits to Kenya and South Africa, Lucy reflects on how electricity markets are evolving internationally, including: electricity market liberalisation across Africaprivate investment versus state ownershipwheeling arrangements and direct power saleswhat the UK's political debate could mean for future electricity market design.

    46 min
  2. Burnham's By-election & UK Energy Policy; FERC 2222, Data Centres, DERs & VPPS; Phoenix Tailings & Rare-Earth Supply Chains

    Jun 22

    Burnham's By-election & UK Energy Policy; FERC 2222, Data Centres, DERs & VPPS; Phoenix Tailings & Rare-Earth Supply Chains

    Recorded 21st June. Lucy joins from a sweltering London, while Charlotte records from Lake Tahoe after racing the Broken Arrow Skyrace with The North Face team. We cover three stories spanning UK energy politics, FERC 2222, and rare-earth supply chains: Andy Burnham, Labour and the Future of UK Energy PolicyLucy looks at Andy Burnham’s election to Parliament in Makerfield and what it could mean for the future direction of Labour’s energy and infrastructure agenda. The discussion covers: why Burnham’s victory is being viewed as more than a routine by-electionwhat a more devolved approach to energy policy could meanthe debate around public ownership, public control and essential infrastructurewhether nationalisation would reduce energy bills, or whether market design is the bigger issuehow locational pricing and planning reform could affect where clean energy gets builtthe trade-off between local decision-making and a national energy strategywhy affordability may become more politically important than net-zero targetsFERC 2222, Data Centres and Virtual Power PlantsCharlotte turns to the US, where FERC has ordered six major grid operators to explain whether data-centre interconnection costs are being shifted onto existing electricity customers. The discussion covers: how FERC Order 2222 opened wholesale electricity markets to aggregated DERs, including batteries, EVs, rooftop solar and flexible loadswhy the debate has intensified as hyperscale AI campuses seek hundreds of megawatts to gigawatts of new power demandwhy capacity is becoming one of the most valuable resources in the electricity systemhow 10,000 residential batteries can form a virtual power plant, while 100,000 batteries could provide roughly 1–1.5 GW of dispatchable capacityhow VPPs can unlock value from existing infrastructure rather than waiting years for new transmission and substationswhy capacity payments, demand response and ancillary services are creating new revenue streams for distributed assetshow community batteries and resilience hubs could provide backup power during outages while supporting grid reliabilityPhoenix Tailings and Rare-Earth Supply ChainsCharlotte discusses Phoenix Tailings, the US rare-earth processing company that secured $500 million of financing from the Pentagon’s Office of Strategic Capital. The discussion covers: how rare-earth magnets underpin EVs, wind turbines, robotics, defence systems, data centres and industrial automationwhy China’s dominance of refining and magnet production has become a strategic concernthe difference between mining rare earths and processing them into usable oxides, metals and magnetshow Phoenix Tailings uses mine tailings, industrial waste streams and secondary feedstockswhy rare-earth separation is one of the most technically challenging parts of the supply chainhow advanced separation chemistry and electrochemical processing could reduce waste, emissions and reagent usethe key scale-up challenges around yield, recovery, reliability, offtake and commercial executionAcross the episode, the common theme is infrastructure: who pays for it, who controls it, and how governments, markets and technology shape the systems needed for the energy transition.

    47 min
  3. Part 2: State Intervention in Energy - The EU's plans for Aviation Carbon Pricing, Eskom Green launch and the UK's Grid Connection Reforms

    Jun 18

    Part 2: State Intervention in Energy - The EU's plans for Aviation Carbon Pricing, Eskom Green launch and the UK's Grid Connection Reforms

    Recorded 14th June - Part 2: This episode was so packed that we’re releasing it in two parts, so we don’t have to cut any of the good bits. Here in Part 2, Lucy picks up the theme of state intervention in energy markets - looking at where governments are trying to shape, correct or accelerate the energy transition. First up: the European Union’s plans to expand carbon pricing for extra-EU aviation. The discussion covers: why most international aviation emissions are currently excluded from EU carbon pricingthe history of the EU ETS, “stop the clock”, and the role of CORSIAhow the EU is using both carbon pricing and RefuelEU Aviation to push airlines towards lower-carbon fuelswhy sustainable aviation fuel still faces major cost, scale and feedstock constraintsthe difference between bio-based SAF and e-SAFhow aviation policy compares with maritime decarbonisation, the IMO and emerging global carbon pricing for shippingLucy then turns to South Africa, where Eskom is launching Eskom Green and beginning to convert some of its coal-heavy sites towards renewables. We discuss: why coal still dominates South Africa’s power systemhow Eskom’s role is changing as the market liberaliseswhy private sector renewables, rooftop solar and behind-the-meter power have grown in response to blackouts and high energy costswhat it means for a state-owned utility to lead renewables deployment while the market is opening upFinally, Lucy looks at the UK’s latest grid connection reforms, after the National Energy System Operator approved 713 generation projects representing around 37 GW of capacity. The conversation explores: why grid connections have become one of the biggest bottlenecks in the UK power systemhow Clean Power 2030 is reshaping national planningwhy connecting more generation is only one side of the challengethe need to electrify heat, transport and demand alongside new supplyhow grid-enhancing technologies, dynamic line ratings, advanced conductors, topology optimisation, VPPs, distributed batteries, smart thermostats, EVs, heat pumps, microgrids and behind-the-meter assets can help get more out of the grid we already haveAcross all of these stories, the common theme is how governments and markets interact: when to intervene, when to let price signals work, and how to design energy systems that can scale clean power without making energy more expensive or less reliable.

    37 min
  4. Part 1: The Supply Chains Behind Nuclear Growth - From Critical Minerals Recovery to Uranium Enrichment, plus Energy Storage updates

    Jun 18

    Part 1: The Supply Chains Behind Nuclear Growth - From Critical Minerals Recovery to Uranium Enrichment, plus Energy Storage updates

    Recorded 14th June: Charlotte and Lucy are both in the US this week - Charlotte in San Francisco and Lucy in Boston. This episode was so packed that we’re releasing it in two parts, so we don’t have to cut any of the good bits. Here in Part 1, Charlotte dives into the nuclear supply chain - not just reactors, but the materials, processing and fuel infrastructure needed to make nuclear power possible. First up: DISA Technologies, the Wyoming-based mineral processing and uranium remediation company that raised a $33 million round led by Galvanize Climate Solutions, with participation from BHP Ventures. DISA is scaling its High Pressure Slurry Ablation technology, which uses particle-to-particle collisions to liberate valuable minerals from ore, tailings and legacy mine waste. We discuss: why comminution is one of the biggest energy loads in mininghow better mineral liberation can improve recovery rateswhy uranium remediation could become a critical part of rebuilding domestic nuclear fuel supply chainsCharlotte then turns to Urenco, one of the world’s largest uranium enrichment companies, which announced a $1.5 billion expansion of its facility in New Mexico. The conversation explains: the uranium fuel cyclewhy enrichment is such a strategic choke pointthe difference between LEU and HALEUwhy fuel availability matters just as much as reactor deployment in any future nuclear buildoutFinally for Part 1, we move from nuclear fuels to grid storage, covering recent momentum in sodium-ion and second-life batteries, including: ESS Tech’s partnership with Alsym EnergyCATL’s 60 GWh sodium-ion agreement with HyperStrongGM’s partnership with Peak Energy for stationary storageMoment Energy’s $40 million Series B to repurpose EV batteries for grid applicationsAcross all of these stories, the common theme is that the energy transition is increasingly about supply chains, processing capacity, infrastructure bottlenecks and the industrial systems needed to scale.ed to scale the energy transition.

    32 min
  5. Nyobolt's ultra-fast charging batteries, Antora's giant thermal battery, and Trump's attempted coal revival

    Jun 10

    Nyobolt's ultra-fast charging batteries, Antora's giant thermal battery, and Trump's attempted coal revival

    Recorded 7th June. In this episode, we catch up after Charlotte’s set the record for the Fastest Known Time running the Camino de Santiago, and Lucy being elected as a local councillor. We then dive into four major energy stories spanning cutting-edge battery technologies, industrial decarbonisation, coal policy, and mine safety. Nyobolt's $60M Series C: The Future of Ultra-Fast Charging Nyobolt has become the latest UK battery unicorn after raising a $60 million Series C round. Charlotte explores why the company is taking a different approach from most battery developers by prioritising charging speed and power delivery rather than simply increasing energy density. Why conventional lithium-ion batteries struggle with ultra-fast chargingHow niobium-based anode materials allow lithium ions to move more rapidly through the batteryThe trade-off between energy density and power densityWhy fast charging matters more for robots, mining equipment, defence systems, and industrial automation than passenger EVsHow higher utilisation can create significant economic value for robotic and autonomous systemsThe growing opportunity for high-power batteries in AI infrastructure and data centresAntora Energy's 5 GWh Thermal Battery Project Antora Energy has deployed one of the world's largest energy storage projects, using renewable electricity to provide industrial heat rather than electricity. Charlotte discusses why industrial heat represents one of the biggest decarbonisation challenges globally and how thermal batteries could help solve it. How Antora stores electricity as heat in solid carbon blocks at temperatures above 2,000°CWhy industrial facilities need heat rather than electronsHow thermal storage enables renewable energy to provide reliable 24/7 industrial steam and process heatThe role of thermal batteries in sectors including steel, cement, chemicals, food processing, and pulp and paperHow Antora's radiative heat transfer system differs from conventional thermal storage technologiesThe potential future use of thermophotovoltaics to convert stored heat back into electricityWhy ethanol production is proving to be an attractive first commercial marketTrump's $700 Million Coal Push The Trump administration has announced a new package of support for the US coal industry. Lucy examines the rationale behind the policy, the economics of coal in modern electricity markets, and whether coal still has a role to play in supporting grid reliability. New funding for coal plant upgrades, export infrastructure, and proposed new coal plantsThe difference between coal as a reliability resource and coal as baseload generationWhether preserving existing coal plants makes economic senseHow coal compares with renewables, batteries, gas, and other firm power resourcesWhether AI-driven electricity demand changes the case for coal, as data-centre developers favour nuclear, geothermal, renewables, and storage over new coal generationChina's Deadliest Coal Mine Accident Since 2009 We conclude with a discussion of a tragic coal mine accident in China that claimed 82 lives and what it reveals about the broader costs of fossil-fuel dependence. The human cost of coal mining and industrial accidentsHow safety regulations affect the economics of coal productionWhether major incidents accelerate transitions away from coalThe balance between energy security, affordability, and worker safety

    49 min
  6. Trump's trip to China on rare earths, electricity market reforms in the US, and the evolving Chinese EV market

    May 14

    Trump's trip to China on rare earths, electricity market reforms in the US, and the evolving Chinese EV market

    This week on Power Plays (recorded May 13th, 2026), we are joined by a guest co-host, Henry Sanderson, while Charlotte completes an epic run in Spain. Henry is the author of Volt Rush, former journalist at Bloomberg and the Financial Times, and fellow at RUSI and Oxford Institute for Energy Studies. This week we cover: Trump's trip to China - why is he going, what will he ask for in the negotiation to secure rare earth supply chains, and will this lead to more investment in the US cleantech sector?The PJM's electricity market reform proposals - why there are calls for reform to capacity markets, what those reforms could look like, and will they will improve reliability?The Beijing Auto Show and evolving EV trends - the move towards luxury EVs and battery swapping for heavy-duty vehicles like trucksStruggling European battery manufacturers - Morrow's bankruptcy, why Europe's manufacturing has lagged China'sPower price moves - how lower power prices drive EVs, changes in China's market connectivity and design

    43 min
  7. The Renewable Grid (DERs, VPPs, and the Grid Edge), plus the UK’s Cost Reduction Policies

    May 3

    The Renewable Grid (DERs, VPPs, and the Grid Edge), plus the UK’s Cost Reduction Policies

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

    Apr 26

    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
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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
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  • Episodes
    19
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  • Copyright
    © Charlotte Kirk and Lucy Shaw
  • Show Website
    Power Plays

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