Energy Evolution

Measuring and reducing upstream methane emissions is critical for US gas producers, particularly as they look to export their product to markets like Europe and Asia, and as the tech industry turns to gas as a key solution to its voracious power demand.  In this episode, from the CERAWeek by S&P Global conference in Houston, co-host Dan Testa talks with Courtney Loper, head of government relations and public affairs for EQT Corp., one of the largest US gas producers and pipeline operators, about the steps the company has taken to improve methane measuring. Also joining the episode is Ben Webster, director of policy at MiQ, a nonprofit providing data and certifications to understand and reduce methane emissions.

Nicolle Butcher, President and CEO of Ontario Power Generation, leads OPG’s nuclear and generation strategy. She discusses starting construction on Darlington’s first BWRX-300 SMR and the plan to build four 300 MW units by the 2030s. Topics include why OPG moved first, how the reactor was chosen for deployability and low risk, and the focus on execution, cost competitiveness, and public utilities as early builders.

The closure of the Strait of Hormuz was long considered one of the energy market's great hypotheticals -- until it became a reality. In this special CERAWeek series episode of Energy Evolution, host Eklavya Gupte sits down with Dave Ernsberger, president of S&P Global Energy, to examine what may be the most significant energy supply disruption ever and how it's forcing a fundamental redrawing of the global energy map. With around 20% of the world's oil and LNG usually passing through this key chokepoint, the impact has been asymmetrical and severe -- India faces LPG shortages, Asian refiners are struggling with profitability, and fuel supplies are tightening sharply. The conversation also explores how this crisis is accelerating a structural shift in energy markets, particularly East of Suez, where the energy trifecta of affordability, security and sustainability has been upended. Ernsberger also looks at how the conflict is intersecting with the AI and data center boom -- creating inflationary pressures that reach from the Middle East to different states in the US.

Carbon accounting — the math of how emissions are calculated, reported and compared — is poised to move to the forefront of global trade and energy markets. Three critical developments in 2026 are forcing action: the implementation of the EU's Carbon Border Adjustment Mechanism, revisions to the Greenhouse Gas Protocol, and new industry-driven product-level carbon accounting efforts. In this episode, host Eklavya Gupte explores why harmonizing carbon accounting matters now, what's at stake, and how the commodity industry is responding to the urgent need for standardized, comparable emissions data. The discussion features S&P Global Energy Horizons analysts Kevin Birn, head of carbon research and the center of emissions excellence; Roman Kramarchuk, head of integrated narratives and policy analysis; and James Salo, head of partnerships and strategic initiatives.

California utility PG&E is studying the impacts of electrification to understand and prepare for a future grid with high levels of distributed energy resources, and significantly higher power demand.   But although PG&E expects to spend about $25 billion by 2040 on grid upgrades, the distribution portion of customers’ electric bills could decrease up to 25% over that period as added revenue from increased power usage more than covers the investment costs.   In this episode, host Dan Testa speaks with Quinn Nakayama, PG&E’s senior director of grid research, innovation and development, about this process and how the utility is deploying technology to make electrification easier for customers, particularly by lowering the cost of upgrades necessary to charge electric vehicles at home.  

Max Lin, S&P Global/Platts reporter who analyzes tanker markets, and Kelly Norways, S&P Global/Platts journalist tracking shipping risks, discuss the shadow tanker network. They unpack its scale and logistics, the EU’s proposed maritime services ban and how it differs from the price cap, enforcement and industry reactions, and the environmental and safety dangers posed by aging, noncompliant vessels.

The European Hydrogen Bank is meant to be Europe’s big enabler for large-scale renewable hydrogen production, so why did the EU’s second auction fail to deliver on its promise? In this episode of Energy Evolution, host Eklavya Gupte speaks with James Burgess, senior reporter at S&P Global Energy Platts, and Matthew Hodgkinson, senior principal analyst at S&P Global Energy Horizons, who explain why so many projects withdrew from the auction process and explore what’s next for the EU’s flagship model for kick-starting the green hydrogen sector. Our experts assess the challenges facing the nascent market and take a look at other recent developments across the region, including the latest from the H2Global import auctions and how the EU’s Carbon Border Adjustment Mechanism is affecting hydrogen trade. Related content: News feature: European hydrogen industry digests failure of second EU auction H2Global news (Subscriber content): H2Global European hydrogen import auction opens global lot with Eur353/MWh cap Price assessments (Subscriber content): Spain Alkaline Renewable PPA Derived Hydrogen Eur/kg SARHE00

Offshore wind once looked like a natural play for oil majors: big offshore projects, complex engineering, and familiar operating conditions. But as costs and interest rates have risen, the sector’s economics have started to clash with the companies’ return expectations. This has revealed a business model where capital is invested upfront, payback is slow, and the competitive advantage often lies in power market and contracting expertise, rather than just offshore execution. In this episode, host Eklavya Gupte is joined by Alex Blackburne, senior reporter at S&P Global Energy, to unpack the shifting strategies of European oil majors in offshore wind.  We also hear from Julio Dal Poz, managing director in the energy transition practice at FTI Consulting, who explains why offshore wind has proven to be a challenging fit for companies accustomed to quicker returns and greater upside potential.

As AI-driven electricity demand surges and companies race to decarbonize, environmental commodity markets are growing swiftly. Host Eklavya Gupte interviews John Melby, CEO of Xpansiv, who provides insight into what it takes to create the digital trading infrastructure for markets ranging from carbon credits to renewable energy certificates and power purchase agreements. We also hear from Marie-louise du Bois, director for energy transition price reporting at Platts, part of S&P Global Energy, who discusses the challenges of pricing these evolving markets — from the simultaneous fragmentation and convergence of carbon markets to the rise of biomethane and even nuclear certificates. The discussion also covers how large corporates are managing their carbon footprints as they build AI infrastructure and why carbon-differentiated commodities could reshape global trade.

Greenland has suddenly emerged as a focal point in the global competition for critical minerals and energy. This episode explores the Arctic island's strategic importance through conversations examining how resource competition and geopolitics are converging in one of Earth's most remote locations. Host Eklavya Gupte speaks with Kip Keen, senior reporter at S&P Global Energy, on Greenland's mineral potential and the sobering realities facing companies that have invested there. Euan Sadden, senior editor at S&P Global Energy, interviews Jørgen T. Hammeken-Holm, deputy minister at Greenland's ministry of business, mineral resources and energy, about the regulatory environment and investor response to growing interest in the island's mineral wealth. Euan also speaks with Nicolas Jouan, a defense and security analyst at RAND, who explains why Greenland has become such a strategic focal point in a new era of resource security.