Europe’s power mix is changing fast. Ample output from wind, solar and nuclear means that northwest Europe could require significantly less power from fossil fuels this winter than last. At the same time, rising electricity demand from EVs and data centers is shifting market dynamics across Europe, creating new opportunities for technologies like solar and batteries. So how are Europe’s power markets evolving, and what does that mean for prices and investment? On today’s show, Tom Rowlands-Rees is joined by Arhnue Tan from BNEF’s European power team to discuss findings from some of her team’s notes, including “European Power Monthly October 2026: Renewables Retreat,” “European Power Winter Outlook: Cleaner Mix,” and a series of outlooks covering individual power markets across Europe, which we’ve hyperlinked below.

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

European Power Monthly October 2026: Renewables Retreat - https://www.bnef.com/insights/40545

European Power Winter Outlook: Cleaner Mix - https://www.bnef.com/insights/40431

Germany Power Market Outlook 2026: Batteries Versus Gas - https://www.bnef.com/insights/40407

Italy Power Market Outlook 2026: Renewables Edge Out Gas - https://www.bnef.com/insights/40373

Nordic Power Markets: Demand Outlook - https://www.bnef.com/insights/39425

France Power Market Outlook 2026: Price High, Supply Ample - https://www.bnef.com/insights/39197

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The energy transition is reshaping how companies make money. BNEF’s new Transition Risk and Opportunities Outlook models revenues for more than 70,000 companies as demand shifts across energy, transport and commodities. Businesses exposed to renewables, grids, EVs and transition metals could benefit, while others may face shrinking markets and rising carbon costs. So which companies are positioned to capture new opportunities, and which are most exposed to the transition? On today’s show, Kamala Schelling is joined by BloombergNEF finance policy and transition risk specialist Maia Mesanger and transition risk and alignment analyst Estella Agyepong to discuss their note “Transition Risk and Opportunity Outlook 2026.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Transition Risk and Opportunity Outlook 2026 - https://www.bnef.com/insights/40403

See omnystudio.com/listener for privacy information.

Power plants have a water problem that’s getting harder to ignore. Coal, gas and nuclear facilities rely heavily on water for cooling, leaving some exposed as drought and heat intensify pressure on freshwater supplies. Wind and solar generation have a dramatically lower dependence on water, but thermal plants will remain critical to power systems, and many existing assets are located in areas facing growing water stress. That creates risks beyond individual generators. Water shortages can constrain power supply just as heat pushes electricity demand higher, potentially affecting prices and consumers across the system. So how vulnerable is the power sector to water stress, and can the energy transition reduce the risk? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF climate research analyst Alistair Purdie to discuss findings from his note “Thirst for Power: Water Stress in Electricity Generation.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Thirst for Power: Water Stress in Electricity Generation - https://www.bnef.com/insights/40317

See omnystudio.com/listener for privacy information.

Europe’s gas market is heading into winter with little room for error. Lower storage levels and disruption in the Middle East have left the region more exposed to weather and competition for LNG. BNEF’s base case sees European storage falling to 21% by the end of March, but a prolonged Strait of Hormuz disruption or a particularly cold winter could push it toward 10%. Much will depend on temperatures, renewable generation and LNG demand elsewhere, particularly in Asia. Longer term, new supply could loosen the global gas market, but BNEF expects that relief to arrive from 2028 onwards. So how tight could the gas market get this winter, and what could tip the balance? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF European gas market analyst, Arham Muhammad, and weather team associate, Jess Hicks to discuss the notes “LNG Market Outlook 2035: Oversupply to Fuel Demand Growth” and “European Gas Market Outlook 2035.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

European Gas Winter Outlook 2026-2027 - https://www.bnef.com/insights/40331

See omnystudio.com/listener for privacy information.

No country can feed itself entirely on its own. The global food system depends on a complex web of trade, not just for food but for fertilizer, animal feed, pesticides and labor. Even major agricultural exporters rely on imports somewhere in their supply chains, leaving markets exposed when extreme weather, conflict or trade disputes disrupt these connections. Those vulnerabilities can appear in unexpected places: China and the Middle East depend heavily on imported food while supplying fertilizer to the world, and Brazil is a major food exporter that relies on imported fertilizer to sustain production. So in an increasingly volatile world, what makes a food system resilient, and where are its weakest links? On today’s show, Kamala Schelling is joined by BloombergNEF analyst Helen Ramsbottom to discuss her note “Food Security During a Time of Geoeconomic Unrest.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Food Security During a Time of Geoeconomic Unrest - https://www.bnef.com/insights/40191

See omnystudio.com/listener for privacy information.

US efforts to secure its power grid could come at a cost. A new executive order could restrict grid and power equipment supplied by companies tied to China, with batteries particularly exposed. Around 60% of US lithium-ion battery imports came from mainland China and Hong Kong in 2025. The rules could boost demand for non-Chinese suppliers, but also increase costs and delay battery projects as developers await further guidance. So why could batteries feel the biggest impact from the latest US move to restrict Chinese power equipment? On today’s show, Kamala Schelling is joined by Zoe Zakrzewska, a member of BNEF’s trade and supply chain team, to discuss findings from her Analyst Reaction, “US Grid and Power Equipment Ban Hits Batteries Hardest.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

US Grid and Power Equipment Ban Hits Batteries Hardest - https://www.bnef.com/analyst-reactions/tkfzv6t9njly00

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Some of the most interesting climate technologies don’t fit neatly into a category. That is the idea behind the Wildcard entries in BloombergNEF’s annual Pioneers competition, which recognizes promising innovations from across the energy transition. This year’s Wildcard winners span three very different fields: BasiGo is electrifying bus fleets in Africa, Endolith is using microbes and machine learning to recover more copper from low-grade ores, and GRST is developing a water-based battery binder designed to make lithium-ion cells less toxic and easier to recycle. On today’s show, Tom Rowlands-Rees and BNEF Pioneers co-chair Benjamin Kafri speak with all three companies about the technologies they’re building, the markets they’re targeting and the challenges of scaling up. More information regarding the upcoming 2027 BNEF Pioneers program can be found at about.bnef.com/about/pioneers/

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Climate-Tech Companies to Watch in 2026: BNEF Pioneers - https://www.bnef.com/insights/39231

See omnystudio.com/listener for privacy information.

The Iran war is redrawing the global energy landscape. Six months of high oil prices and disrupted trade have strengthened the case for technologies that reduce reliance on imported fossil fuels. Chinese exports of solar, batteries and electric vehicles have risen, while markets across Africa, Asia and Latin America are seeing growing demand for clean technologies. But the response varies widely. Some governments are shielding consumers from higher fuel costs, while others are leaning more heavily on domestic fossil fuels as a source of energy security. So has the Iran war changed the direction of the energy transition, or simply its pace? On today’s show, Kamala Schelling is joined by, Ethan Zindler who leads BNEF's countries and policy research. Together they discuss the note “Six Months In: The Iran War’s Global Impact.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

Six Months In: The Iran War’s Global Impact - https://www.bnef.com/insights/40249

See omnystudio.com/listener for privacy information.