The Angle from T. Rowe Price Energy Transition – Charting the Path to Cleaner and Cheaper Power
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Jan 21, 2026 Maria Elena Drew, Head of Global Sustainability at T. Rowe Price, is an expert in decarbonization and energy security. She discusses why the energy narrative has soured in some regions. She explains how renewables became the lowest-cost option and how energy security reshapes investment priorities. She contrasts US, EU, and China approaches and explores nuclear’s revived role and chaotic versus orderly transition scenarios.
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Economics Has Overtaken Policy
- Renewables are now the lowest-cost source of supply in most regions, shifting the transition driver from policy to economics.
- Energy security and economics together make it unlikely the world will reverse course away from decarbonization.
Energy Security Will Drive Strategic Investment
- Energy security will strongly influence investment choices over the next 3–10 years, prompting long-term strategic spending.
- Expect more grid expansion, reinforcement, battery storage, and potentially nuclear to shore up secure supply.
Energy Security Means Different Things By Region
- Energy security means uninterrupted availability at an affordable price and covers short- and long-term geopolitical and domestic risks.
- The U.S., EU, and China all face security pressures, but the U.S. focus is more on electricity demand for AI rather than fuel imports.