Switched On

Europe’s power mix is changing fast. Ample output from wind, solar and nuclear means that northwest Europe could require significantly less power from fossil fuels this winter than last. At the same time, rising electricity demand from EVs and data centers is shifting market dynamics across Europe, creating new opportunities for technologies like solar and batteries. So how are Europe’s power markets evolving, and what does that mean for prices and investment? On today’s show, Tom Rowlands-Rees is joined by Arhnue Tan from BNEF’s European power team to discuss findings from some of her team’s notes, including “European Power Monthly October 2026: Renewables Retreat,” “European Power Winter Outlook: Cleaner Mix,” and a series of outlooks covering individual power markets across Europe, which we’ve hyperlinked below. Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: European Power Monthly October 2026: Renewables Retreat - https://www.bnef.com/insights/40545 European Power Winter Outlook: Cleaner Mix - https://www.bnef.com/insights/40431 Germany Power Market Outlook 2026: Batteries Versus Gas - https://www.bnef.com/insights/40407 Italy Power Market Outlook 2026: Renewables Edge Out Gas - https://www.bnef.com/insights/40373 Nordic Power Markets: Demand Outlook - https://www.bnef.com/insights/39425 France Power Market Outlook 2026: Price High, Supply Ample - https://www.bnef.com/insights/39197See omnystudio.com/listener for privacy information.

Power plants have a water problem that’s getting harder to ignore. Coal, gas and nuclear facilities rely heavily on water for cooling, leaving some exposed as drought and heat intensify pressure on freshwater supplies. Wind and solar generation have a dramatically lower dependence on water, but thermal plants will remain critical to power systems, and many existing assets are located in areas facing growing water stress. That creates risks beyond individual generators. Water shortages can constrain power supply just as heat pushes electricity demand higher, potentially affecting prices and consumers across the system. So how vulnerable is the power sector to water stress, and can the energy transition reduce the risk? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF climate research analyst Alistair Purdie to discuss findings from his note “Thirst for Power: Water Stress in Electricity Generation.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Thirst for Power: Water Stress in Electricity Generation - https://www.bnef.com/insights/40317See omnystudio.com/listener for privacy information.

No country can feed itself entirely on its own. The global food system depends on a complex web of trade, not just for food but for fertilizer, animal feed, pesticides and labor. Even major agricultural exporters rely on imports somewhere in their supply chains, leaving markets exposed when extreme weather, conflict or trade disputes disrupt these connections. Those vulnerabilities can appear in unexpected places: China and the Middle East depend heavily on imported food while supplying fertilizer to the world, and Brazil is a major food exporter that relies on imported fertilizer to sustain production. So in an increasingly volatile world, what makes a food system resilient, and where are its weakest links? On today’s show, Kamala Schelling is joined by BloombergNEF analyst Helen Ramsbottom to discuss her note “Food Security During a Time of Geoeconomic Unrest.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Food Security During a Time of Geoeconomic Unrest - https://www.bnef.com/insights/40191See omnystudio.com/listener for privacy information.

Artificial intelligence is heating up the race to build data centers, and with BloombergNEF projecting 194 gigawatts of demand by 2035, the biggest challenge isn't computing power…. It's electricity. Faced with years-long grid connection delays, developers are turning to on-site gas generation to bring projects online faster, creating a rapidly expanding market for turbines, engines, fuel cells and battery storage. Choosing the right technology is a trade-off between speed, cost, efficiency and emissions. And while on-site generation is often seen as a temporary bridge, developers are also weighing what role those assets could play once permanent grid connections become available. So is on-site gas generation a lasting part of the AI data center boom, or simply the fastest route through today’s power constraints? On this episode, Tom Rowlands-Rees is joined by Musfika Mishi, an analyst from BNEF’s technology and innovations team, to discuss her note “Data Center On-Site Gas Power Costs: Engines Beat Turbines.” Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com Links to research notes from this episode: Data Center On-Site Gas Power Costs: Engines Beat Turbines - https://www.bnef.com/insights/39767See omnystudio.com/listener for privacy information.