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Redefining Energy

Redefining Energy

By: Laurent Segalen and Gerard Reid
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 Two investment bankers weekly explore how tech, finance, markets and regulations are radically redefining the world of energy: Renewable Energy, Electric Cars, Hydrogen, Battery Storage, Digitisation...
Your co-hosts: from Berlin, Gerard Reid and from London, Laurent Segalen.
Our LinkedIn page: https://www.linkedin.com/company/redefining-energy/
X handle: @Redef_EnergyLaurent Segalen and Gerard Reid Economics
Episodes
  • 185. Blackouts - Jul25

    185. Blackouts - Jul25
    Jul 7 2025
    What Really Happened During the Iberian Blackout This Spring? And How Should We Make Sense of the Conflicting Reports?

    To shed light on the events, Gerard and Laurent are joined by global energy expert Steve Berberich, who served as President and CEO of the California Independent System Operator (CAISO) from 2011 to 2020. Steve led CAISO through the August 2020 blackout in California and now serves as President and CEO of Onward Energy.

    We begin by placing the Iberian blackout in a broader context—comparing and contrasting it with major grid failures from recent years: South Australia 2016, California 2020, Texas Uri 2021, Ireland 2024, Louisiana 2025 and of course Iberia 2025.

    We examine both the long-term systemic weaknesses and short-term triggering events behind each case—identifying patterns, divergences, and the reforms that followed in their aftermath. Then we turn our full attention to Spain. Unlike the other blackouts, the Iberian event did not stem from extreme weather. Instead, Steve—along with Gerard and Laurent—dives deep into the underlying structural vulnerabilities of the Spanish grid.

    From regulatory gaps and design flaws to operational mistakes, we scrutinize the entire system and arrive at a set of clear, evidence-based conclusions.

    Link to Gerard’s substack https://www.linkedin.com/pulse/spains-grid-blame-blackouts-bureaucracy-gerard-reid-tiqre/

    Link to the Energy Institute Report https://www.energyinst.org/statistical-review
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    25 mins
  • 184. Market dynamics and Pricing of Battery Materials - Jun25

    184. Market dynamics and Pricing of Battery Materials - Jun25
    Jun 22 2025
    Six years ago, Simon Moores, CEO of Benchmark Minerals Intelligence shook the world in a now legendary testimony in front of the US Senate. Then, Simon predicted the exponential growth of batteries and the control that China was starting to exert of the supply chains.

    Fast forward today, we bring in, Caspar Rawles, Simon’s trusted lieutenant, and COO of Benchmark Mineral Intelligence to assess how Simon’s predictions panned out. What was prophetic and what never materialized. Benchmark Mineral Intelligence, a London-based Price Reporting Agency (PRA) founded in 2014, specializes in lithium-ion battery and EV supply chains, offering IOSCO-accredited price assessments, supply-demand forecasts, ESG analytics, consultancy, global events, and policy influence.

    It focuses on critical minerals and recently expanded with Rho Motion, valued at $500M. Caspar talks about the growth of BMI, about the importance of its agreement with ICE, and how he sees the future.

    Laurent and Gerard conclude on Lithium and Rare Earths. Not really what you expect.
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    33 mins
  • 183. Energy Security from the front line: Eastern Europe and Renewables - Jun25

    183. Energy Security from the front line: Eastern Europe and Renewables - Jun25
    Jun 15 2025
    Laurent remembers vividly his trip to Sofia Bulgaria in winter 2009 when the Russians had cut the gas for Bulgaria during a -15C winter. Russia was already playing hard ball because of (guess what) a financial disagreement with Ukraine. The blackmail lasted 3 weeks, and the poor Bulgarians were cutting the trees from their equivalent of Hyde Park or Central Park not to freeze to death.

    Lots of progress has been made since then, and Eastern Europe is an emerging bright spot of development for Renewables. It is not just about Economics but also about Security of Supply. We bring in Dimitar Enchev, Cofounder & CEO Europe at CWP - a global renewable energy company, behind some of the largest projects in Southeast Europe.

    CWP has been active since 2007 and developed the largest projects in Serbia, Bulgaria, Romania, including Europe’s largest onshore wind farm for 10 years – a 600MW project in Romania and has now partnered with Mercuria, one of the largest energy trading houses in the world. They discuss how Eastern Europe felt the largest blunt of Russia’s Energy War and how they have been accustomed to living, surviving and thriving with a hostile and aggressive neighbour, always prompt to weaponize energy. Is Europe “bringing a knife to a gunfight” when it comes to countering Russia?

    We explain how opportunities have risen from this difficult environment and how the decorrelation of wind and solar between the East and West of the Continent, and a continuous integration with the global European Grid creates significant investment opportunities. It is about Transmission, Resilience, Hybridization and digitization.
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    27 mins
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