DeepSummary
In this episode of The Energy Gang podcast, Ed Crooks speaks with leaders from companies driving the energy transition, discussing opportunities and challenges in low-carbon energy. Greg Jackson, CEO of Octopus Energy, talks about his ambitions for the US market and the company's Kraken technology platform aimed at digitizing utilities. David Carroll, Chief Renewables Officer at Engie, discusses regulatory frameworks like the Inflation Reduction Act and challenges in renewable energy deployment such as transmission constraints.
Ana Kalash, Managing Director of EDP Renewables' Hydrogen Business Unit, explores the potential role of hydrogen in decarbonization, particularly for hard-to-abate sectors. She acknowledges the waning hype around hydrogen but believes it can still play an important part if implemented correctly. Bill Newsom, President and CEO of Mitsubishi Power Americas, talks about addressing the demand for clean, firm power through technologies like hydrogen and carbon capture, which could help meet the electricity needs of new data centers and factories.
The episode delves into the growth in electricity demand, driven by factors like data centers and manufacturing, and the challenges of providing clean, dispatchable power to meet this demand. The guests discuss the role of policies, regulatory frameworks, and technologies in facilitating the energy transition while overcoming obstacles like supply chain constraints and public acceptance.
Key Episodes Takeaways
- Digitalization and technologies like Octopus Energy's Kraken platform can help utilities better manage the transition to renewable energy sources.
- Regulatory frameworks and policies, such as the Inflation Reduction Act and FERC's Order No. 1920, play a crucial role in catalyzing the adoption of renewable energy sources.
- While the hype around hydrogen has waned, it can still play a significant role in decarbonization, particularly for hard-to-abate sectors, if implemented correctly and with proper regulatory oversight.
- Clean, firm power solutions like hydrogen and carbon capture are being explored to address the growing demand for dispatchable, low-carbon electricity from data centers, manufacturing facilities, and electric vehicles.
- The increasing demand for electricity poses challenges in terms of supply chain constraints and the ability to rapidly deploy new generation capacity.
- There is a need for a pragmatic and risk-mitigated approach to charting the path towards net-zero emissions by 2050, acknowledging the costs and challenges involved.
- Public acceptance and addressing concerns about energy affordability and security are crucial for the successful transition to low-carbon energy sources.
- Economic benefits, efficiency gains, and energy security should be emphasized in messaging around the energy transition, rather than solely focusing on sustainability objectives.
Top Episodes Quotes
- “We were able to raise very large sums of capital. Now that meant that we've had an incredibly strong team from the beginning that we're able to manage risk very effectively.“ by Greg Jackson
- “We underwrite that for ten years. So by specifying the amount of solar panel, battery heat pump and smart hot water heater, and then managing that through artificial intelligence, zero bills.“ by Greg Jackson
- “The legislation and the regulatory framework in place must ensure that we don't facilitate the development of renewable hydrogen projects in a way that we really compromise the fundamental purpose for doing that.“ by Ana Kalash
- “We have to chart a path to get there by 2050. Pragmatically and good stewards of the technologies and the risk mitigating and the cost of doing these.“ by Bill Newsom
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Episode Information
The Energy Gang
Wood Mackenzie
6/27/24
In this second special episode of Wood Mackenzie's The Energy Gang, recorded at the Reuters Global Energy Transition 2024 conference in New York, we speak with leaders at some of the key companies shaping the energy transition. We hear about how they are tackling the challenge of meeting rising demand for electricity while at the same time reducing emissions.
Greg Jackson, CEO of Octopus Energy, talks about his ambitions in the US market, which are centered around selling the company’s Kraken technology platform to utilities. He highlights the global potential of digitalization in propelling the energy transition forward.
The transition towards renewable energy is governed not only by technological progress, but also by regulatory and policy frameworks. Our second guest, David Carroll, Chief Renewables Officer at Engie, talks about how legislation including the Inflation Reduction Act, and regulatory initiatives such as the Federal Energy Regulatory Commission's (FERC) Order No. 1920, can catalyze the adoption of renewable energy sources.
Next we talk to Ana Quelhas, Managing Director of the Hydrogen Business Unit at EDP Renewables, about the role of hydrogen in the shift away from carbon-intensive energy. Some of the hype around low-carbon hydrogen has been dying away over the past year or two. But Ana Quelhas argues that, if done right, hydrogen can still be an important part of a zero-carbon energy system, for uses where direct electrification may not be feasible.
And finally, Bill Newsom, President and CEO of Mitsubishi Power Americas, tells us about what the energy revolution means for equipment suppliers. His company is developing and deploying solutions that address the demand for “clean firm” power that is available round-the-clock, through hydrogen and carbon capture. He talks about the prospect that these technologies could help provide the massive increase in 24/7 low-carbon electricity that will be required for new data centers and factories, and to charge electric vehicles.
Look out for the next special episode from day three of the conference, available on Friday June 28.
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