EP.238 Marion Calcine on Long-Term Investing in Volatile Markets

This week on Energy Unplugged, we’re delighted to welcome Dawn Owens, Head of Project Development and Commercial Markets at Fervo Energy. She joins our Managing Director for North America, Oliver Kerr, and Emma McElrath, Advisory Associate in our Oakland office, to discuss geothermal power in the US. In addition to overseeing the development of the geothermal company Fervo Energy, Dawn also serves as an Adjunct Lecturer at Stanford University. She brings a wealth of experience in the power sector, having held roles at NRG Energy, GenOn Energy, and other organisations. Main topics include the following: What is geothermal energy, and what are the differences between traditional and enhanced geothermal systems? The role of geothermal energy in the US power system Commercialisation of geothermal energy and barriers to a more widespread adoption

This week on Energy Unplugged, we’re delighted to welcome Marion Calcine, Chief Investment Officer at Ardian Infrastructure and Member of the Ardian France Executive Board. She joins our Research Lead for France & Iberia, Christina Rentell, to discuss investment strategies. As CIO, Marion supervises investment processes for Ardian Infrastructure Funds in Europe and in the Americas. She has served, or currently serves, on the boards of 3New, 4New, 2i Rete Gas, Trados M45, and Mila. On top of this, Marion co-leads digital project OPTA, which aims at optimizing operational performance and minimizing merchant risk of a 2GW portfolio. Main topics include the following: Investment strategies amidst market volatility Development of the hydrogen landscape Attractiveness of financing battery storage Enhancing operational efficiency in asset management

This week on Energy Unplugged, we’re delighted to welcome Guillaume de Goÿs, CEO of Aluminium Dunkerque. He joins our Head of France, Pierre Dennery, and Julia Breuing, Research Associate in our Berlin office to discuss the challenges energy consumers are facing from tariffs, electricity, and carbon prices. Guillaume began his career in the tire industry at Michelin before transitioning to the aluminium sector, working first in Cameroon and later in France. He is now CEO of Aluminium Dunkerque, the largest aluminium smelter in Europe and a global leader in low-carbon aluminium production. He also serves as President of Aluminium France and sits on the board of UNIDEN. Main topics include the following: Challenges faced by energy-intensive industries in Europe and whether the European Clean Industrial Deal addresses them Indirect emission compensation in Europe and its interactions with the Carbon Border Adjustment Mechanism (CBAM) The potential role of Power Purchase Agreements (PPAs) and flexibility

This week on Energy Unplugged, we're thrilled to welcome Sir Alex Chisholm, UK Chair of EDF and a Board Director at BT Group plc, along with Kirsty Gogan, Founding Director & Co-CEO of Terra Praxis and Managing Partner at LucidCatalyst. They'll be joining Dan Monzani, our Managing Director for the UK, Ireland, and India, for an insightful discussion on the role of nuclear power. Prior to EDF Energy and BT Group, Sir Alex worked at the top level of the UK Government, including 4 years in charge of the business and energy department. Kirsty’s experience counts 15 years as a senior advisor to Government on climate and energy policy, including 10 Downing St and the Office of the Deputy Prime Minister. The main topics up for discussion include the following: The role of nuclear in supporting data centre demand How to accelerate the deployment of small modular reactors, and the role of innovation in standardising their manufacturing The major barriers to successful new nuclear development, including funding, supply chains, skills base, and public support to this technology

This week on Energy Unplugged, we’re delighted to welcome Wendy Lam, CEO of Capsol Technologies. She joined our Head of Nordics & Baltics, Alexander Esser, to discuss the future of industrial decarbonisation. Wendy is an experienced technology leader with more than 20 years’ experience at major international industrial companies and has a proven track record of driving growth, developing strategic partnerships, and commercializing new technologies worldwide. Now, she leads Capsol Technologies, a carbon capture technology provider. They license their technology to Stockholm’s Värtaverket, which will be Europe’s first large-scale bio-energy carbon capture and storage, BECCS, plant when operational. Main topics include the following: The role of carbon capture in meeting climate goals The implications of the Clean Industrial Deal for industry and investment Real-world projects, including Europe’s first large-scale negative emissions plant

This week on Energy Unplugged, we’re excited to welcome Lucy Yu, CEO of the Centre for Net Zero, and Jon Norman, President of Hydrostor. They’ll join Marc Hedin, our Head of Research for Western Europe & India, to discuss how flexibility plays a crucial role in enabling a clean power grid. The Centre for Net Zero is an independent research unit within Octopus Energy, focused on providing data-driven insights into the future of demand flexibility. Hydrostor, based in Toronto, specializes in the development and operation of Advanced Compressed Air Energy Storage technology, offering energy storage solutions ranging from 8 hours to multiple days. Main topics include the following: Challenges in achieving a net-zero energy system The importance of flexibility in a clean power system Potential risks of lacking sufficient flexibility in the system

This week on Energy Unplugged, we're excited to welcome Carolina Nester, Head of Operations for Iberia at Sonnedix. She joins Christina Rentell, our Research Lead for France & Iberia, to discuss the challenges of curtailment and its impact. With over 17 years of experience in the photovoltaic (PV) sector, Carolina has a broad background spanning solar module manufacturing, installation permitting, design, construction management, and the supervision and control of solar assets, as well as PV consulting. Since joining Sonnedix in 2017, she has been responsible for optimizing and overseeing the performance of a solar asset portfolio generating €400M in revenue. Main topics include the following: Negative prices and their impact on regulated assets Evolution of grid curtailment in Iberia Automatic Power Reduction System (SRAP) as a mitigant of curtailment Support the show

In this episode of Energy Unplugged, our Head of Southeast Europe, Evangelos Gazis, is joined by Rebecca McManus, our Renewables Lead for European Power Markets, to disclose the main insights for Central and Eastern Europe (CEE) from our European Renewables Market Overview Report. Over the past decade, Europe's solar and wind energy capacity has increased to over 528 GW, driven by rising power demand, supportive policies, higher commodity prices, and supply chain improvements. CEE is on the cusp of a wave of investment in renewables and batteries, with Aurora forecasting 90GW of investments across the region between 2025 and 2030. Main topics include the following: The outlook for renewables across CEE, and how this varies between markets The emerging challenges, such as curtailment and negative prices, and impacts on renewable projects The available opportunities for renewables to help facilitate project financing Aurora is expanding into the Western Balkans! Soon we will be launching our products in the region to help investors, developers, and policymakers gain the key insights they need to make well-informed, decisions in this rapidly developing market. Support the show

This week on Energy Unplugged, we’re thrilled to welcome Nat Bullard, Co-Founder of Halcyon. He joined Oliver Kerr, our Managing Director for North America, and Hugo Batten, our Managing Director for APAC, to discuss the current state and future of global decarbonisation. Nat is the Co-Founder of Halcyon, an AI-powered platform focused on energy transition and decarbonisation. He is also the Founder and Managing Director of Business Climate, a decarbonisation consulting firm based in Singapore, and serves on the advisory boards of both Ember and Arcadia. Prior to this, Nat spent 15 years at BloombergNEF, where he concluded his tenure as the group’s Chief Content Officer. Main topics of discussion include: The impact AI may have on the energy transition over the next 10 years Recent dynamics in the Asian market, including India, China, and the Philippines Energy transition investment trends Support the show

This week on Energy Unplugged, we’re excited to welcome Sandhya Ganapathy, CEO of EDP Renewables North America. She joins our North America Managing Director, Oliver Kerr, to explore the US power market—its appeal, and the challenges and opportunities shaping its future. Before stepping into the CEO role in 2022, Sandhya was the Global Head of Investments and M&A, and also served as the Head of Investments and M&A for North America. With her vast experience in evaluating renewable energy investments and acquisitions, Sandhya brings a wealth of expertise to the conversation. Prior to joining EDPR, she spent over a decade as an investment banker, working with both regional and global banks across multiple regions. Main topics include the following: Opportunities and challenges arising from demand growth Given challenges with interconnection queues, is there a meaningful chance that any US markets will be short on power in the next 5 years? The attractiveness of the US power market, and its sources of competitive advantage Support the show