Critical Minerals, Critical Moment: Metals in the Spotlight at CERAWeek (Ep. 239)

In the second installment of the CERAWeek x EnergyCents specials, the focus is on critical metals and the impact the world's geopolitical situation is having on the supply and demand cycle. Joining hosts Hill Vaden and Sam Humphreys live in Houston is a friend of the podcast, Nick Trickett, S&P Global Energy Capital Insights expert, who shares his take on the global metals market and what to look for in the coming months.  Learn more about CERAWeek at: https://www.ceraweek.com/en Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

CERAWeek anchored its 2026 theme around the title, "Convergence and Competition: Energy, Technology and Geopolitics," when the event hosted more than 12,000 participants in Houston this March. A palpable tension – unrelated to the energy event itself – also permeated this year's conference as travelers tried to time their departures for Houston's George Bush Intercontinental Airport with enough cushion to account for multi-hour TSA wait times. CERAWeek Executive Director Naki Mendoza joins hosts Hill Vaden and Sam Humphreys to discuss some of the biggest takeaways from CERAWeek 2026. Learn more about CERAWeek at: https://www.ceraweek.com/en Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Co-founder and CEO of Crux, Alfred Johnson, returns to EnergyCents and hosts Hill Vaden and Sam Humphreys to catch up on what has been happening in the US tax credit space since the introduction of the One Big Beautiful Bill Act at the end of 2025. The discuss the uncertanties companies have faced at the end of 2025 and how things are moving forward into 2026. Find out more about Crux at: https://www.cruxclimate.com Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Power Purchase Agreements, or PPAs, contractually guarantee revenues to power-generation projects for a fixed number of years and have underwriten the boom in renewable electricity development. The US tech sector dominated PPA activity in 2025 as it seeks to increase installed generation capacity in North America and maintains prior commitments to net-zero pledges. S&P Global Energy Experts Bruno Brunetti and Francis Browne join hosts Hill Vaden and Sam Humphreys to discuss recent trends in clean energy procurement and why market participants should expect evolution as the initial wave of PPA contracts rolls off and corporate buyers consider future commitments. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Unpack the next chapter of Argentina's energy story through the lens of Vaca Muerta, one of the world's most promising shale basins. In this episode, Argentina's Vice Minister of Energy and Mining Daniel Gonzalez joins hosts Hill Vaden and Sam Humphreys to explore recent the infrastructure build-out that is reshaping Argentina's ability to move hydrocarbons to market, the strategic openings for US shale players to bring capital, technology, and operational know-how, and the broader economic upside Vaca Muerta could unlock for Argentina's growth, exports, and fiscal stability. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Bloom Energy manufactures solid oxide fuel cell (SOFC) systems for on-site power generation projects and has been a major beneficiary of the US boom in data center development. Bloom's modular fuel cells produce power without combustion using pipeline-quality natural gas and offer developers the promise of being hydrogen-ready as that market develops. Bloom Energy Chief Commercial Officer Aman Joshi joins hosts Hill Vaden and Sam Humphreys to discuss how Bloom is navigating the boom in behind-the-meter power projects and why natural gas fuel cells may offer data center developers a compelling alternative to traditional gas-fired generation infrastructure. Learn more about Bloom Energy at: https://www.bloomenergy.com/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

The Canadian oil sands are making more than 3.5 million barrels per day and would be the major contributor to the Albertan government realizing its ambition of doubling provincial oil and gas production by 2035. S&P Global Energy Expert Kevin Birn joins hosts Hill Vaden and Sam Humphreys to discuss the current opportunity for Canadian oil sands as global oil demand outlooks are revised upward, US shale-sector inventory declines with each new well drilled, and Western policymakers prioritize energy security. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Europe moved its Carbon Border Adjustment Mechanism (CBAM) into its definitive phase in January 2026 after two years of emissions-data collection. The definitive phase now requires importers to begin paying for the carbon embedded into a select basket of goods – Iron and Steel, Aluminum, Cement, Fertilizers, Electricity, Hydrogen – when they are produced outside the reach of the EU's Emissions Trading System. S&P Global Energy Expert Max Mucenic joins hosts Hill Vaden and Sam Humphreys to discuss the financial liabilities accruing under this new phase of CBAM and consider potential impacts to the EU economy and its trade partners as payments come due. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Diversified Energy is a multi-basin US natural gas producer focused on growing itself through acquisitions of proved developed producing reserves.  In 2025, the company announced more than $2 billion in acquisitions, entered into a $2 billion capital partnership with Carlyle, and moved its primary listing to the New York Stock Exchange (NYSE) from the London Stock Exchange (LSE). Diversified Energy SVP of Investor Relations Doug Kris joins hosts Hill Vaden and Sam Humphreys to discuss Diversified's landmark year in 2025 and how the company has helped pioneer the use of hedged production and asset-backed securities (ABS) to finance its acquisitive growth strategy. Learn more about Diversified Energy at: https://www.div.energy/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Top Trends for 2026: Energy capital bets on AI-led power demand and positions for a cyclical oil surplus. AI will continue to be a dominant driver of energy capital flows in 2026 as growth investment pauses in amply supplied global oil and natural gas markets. These expectations and five more will direct the attention of energy investors over the coming year, according to S&P Global Energy's recently released report, "Top 2026 themes: AI's power crunch, LNG price pressure and the scramble for critical minerals." S&P Global Energy Expert Justin Jacobs joins hosts Hill Vaden and Sam Humphreys to discuss the top trends that will direct energy capital allocation in 2026. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en