Stepchange

The grid powers everything around you. And it is in crisis. We cannot build AI, decarbonize our economy, or deliver affordable electricity if we don’t rebuild. And yet, the largest machine humankind has ever made is a miracle.For nearly a century, electricity got cheaper every decade and the grid became so reliable that we stopped thinking about it altogether. This machine was not designed; it accumulated through a century and a half of decisions with unforeseen consequences. And now we are demanding that this aging, fragmented system grow faster than it has in generations.To understand the struggle and opportunity of this moment, we have to understand how the grid came to be. It is an epic story of inventors and electrocutions, of a man who brought power to the masses and then lost everything, of an America that built massive new industries to win wars, of regulatory ambition and regulatory failure, of catastrophic blackouts, and of a trillion-dollar energy transition we are living through right now.Plug in for the story of the grid. This is the fourth episode of the Stepchange Show where we explore the technologies and systems that have transformed human civilization.Read the full transcript and research notes.Presented by Crusoe:Crusoe is the vertically integrated AI company, with over 3 gigawatts of AI data center infrastructure built. Crusoe Industries manufactures everything from custom server systems to industrial controls — and is opening that capability to customers who want to build data centers faster. Get in touch: crusoe.ai/stepchangeChapters(00:00:00) - The Largest Machine (Intro)(00:03:28) - Dawn of Electricity (1700s–1870s)(00:14:16) - War of the Currents (1870s–1890s)(00:42:51) - The Utility Monopoly (1890s–1930s)(01:20:58) - New Deal & WWII (1930s–1945)(01:46:34) - Boom & Cracks (1950s–1970s)(02:14:40) - The Restructuring Era (1970s–2000s)(02:53:38) - Renewables & Climate (2000s–2020s)(03:16:32) - AI Demand Shock (2020s+)(03:42:08) - Affordability Crisis (Today)(04:00:36) - Reflections & The Future (What’s Next)The Stepchange Show is a production of Stepchange Ventures. Hosted by Ben Shwab Eidelson and Anay Shah. We would love to hear from you at hi@stepchange.show. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit stepchangeshow.substack.com

Listen to this on Apple Podcasts, Spotify, YouTube, or wherever you listen to podcasts.Welcome to the second episode of Stepchange—where we explore the technologies and systems that have transformed human civilization.In Part II of our coal saga, we witness how this ancient rock evolved from household hearths to the invisible force powering the modern world. The 20th century would see coal take on its most consequential role yet—as the foundation of electrical grids that would light cities, power industry, and ultimately reshape geopolitics.We journey through coal's central role in America's Gilded Age monopolies, the brutal labor battles that defined generations of miners' lives, and the critical part it played in two world wars. We'll see how coal fueled China and India's economic miracles even as it began to fade in the West, and how these competing trajectories continue to shape our climate future.Coal remains the single largest source of electricity globally and our greatest contributor to climate-impacting emissions. Its story isn't just history—it's the backdrop against which our energy transition must unfold.Thank you for joining us for the second episode of Stepchange. Don’t forget to subscribe. Share your thoughts by emailing us at hi@stepchange.show.Hosts: Ben Shwab Eidelson and Anay ShahReferenced & Recommendations:* Coal: Part I* Our World in Data* Abundance by Ezra Klein and Derek Thompson* Climate Papa with Travis McCoy and David Roberts* Deli Boys This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit stepchangeshow.substack.com

Full notes at stepchange.showWelcome to the debut episode of Stepchange—a podcast telling the stories of human progress. We unpack the technologies, systems, and infrastructure that shape our world.Coal is the story of a step change—a transformation so profound that it reshaped the course of human history. The rise of coal reshaped economies, societies, and the very way we live. It became the foundation of the Industrial Revolution and powered a new era of progress, but this leap forward came at a tremendous cost.Coal’s story begins with ancient plants that captured sunlight and locked away carbon over millennia. These deposits, buried deep in the Earth, would one day drive empires and fuel industries that transformed the world. Yet, behind this transformation lies a complex and often difficult legacy.Even as coal has faded from the forefront of our energy landscape, its fingerprints remain everywhere. The technologies it spawned, from steam engines and the rail to industrial manufacturing, continue to underpin our modern world. At the same time, coal’s legacy is inseparable from many of the challenges we face today, from labor abuse and environmental degradation to global climate change.In this debut episode, we explore the first chapter of coal's story, from its early discovery and use through the dawn of the 20th century.Thank you for joining us for the first episode of Stepchange. Don’t forget to subscribe and share your thoughts by emailing us at hi@stepchange.show.Hosts: Ben Shwab Eidelson and Anay ShahTimestamps00:00:00 - Welcome to Stepchange00:03:37 - The Birth of Coal00:09:39 - Coal's Early History00:17:01 - Britain's Coal Transformation00:25:49 - Reshaping Home & Hearth00:34:49 - The Iron & Coke Revolution00:44:28 - The Steam Engine Breakthrough01:03:37 - The Railway Revolution01:19:50 - The Rise of Industrial Cities01:38:57 - Life in the Mines01:54:37 - Coal Comes to America02:24:11 - Themes & ReflectionsClosing reading & listening recommendations:* Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World* Brian Cox* Google’s quantum chip Willow announcement* The Singularity Is Nearer: When We Merge with AI* Quantum Country: A free introduction to quantum computing and quantum mechanics* Never Enough: From Barista to Billionaire* Meditations for MortalsFor episode sources and a full transcript see show notes at stepchange.show/p/coal-part-i This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit stepchangeshow.substack.com