Switched On

As power grids become more digital and interconnected, they are also becoming more exposed. Utilities are facing a growing mix of physical and cyber threats, from attacks on substations to increasingly sophisticated efforts to infiltrate the systems used to monitor and operate the grid. Smart meters, distributed energy resources and connected devices are creating new vulnerabilities, while AI has the potential to both strengthen defenses and lower the barrier to more complex attacks. Yet security spending remains difficult to prioritize, forcing utilities and regulators to weigh uncertain risks against other pressing investment needs. So how should the power sector think about grid security, and what does resilience look like in an increasingly connected energy system? On today’s show, Tom Rowlands-Rees is joined by Hayley Lai, an analyst from BNEF’s grids team, to discuss findings from her note “Physical and Cyber Threats Reshape US Grid Investment.”
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:
Physical and Cyber Threats Reshape US Grid Investment - https://www.bnef.com/insights/39285
See omnystudio.com/listener for privacy information.

El Niño has officially arrived, and there are concerns this time that the weather phenomenon might be more intense than most years, a so-called “super” event. With Pacific Ocean temperatures now exceeding the threshold for one of the strongest forms of the weather pattern, the risk of prolonged heat, drought, low wind and other disruptive weather events is rising across multiple regions at once. For commodity and power markets, that can mean greater volatility, from wind droughts in Europe and hydropower stress in the Nordics to shifting hurricane risks in the US. Yet El Niño can also ease pressure in some markets, influencing winter temperatures, rainfall patterns and energy demand in ways that are not always straightforward. So what does a super El Niño mean for commodities, power markets and energy systems, and where are the biggest risks likely to emerge? On today’s show, Kamala Schelling is joined by BloombergNEF’s weather analysts, Jess Hicks and Ryan Ward, to discuss some of their team’s notes, including “Weather and Commodities: Summer Outlook 2026 Marks El Niño” and “Atlantic Hurricane Outlook 2026: El Niño Lowers Count.”
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:
Atlantic Hurricane Outlook 2026: El Niño Lowers Count - https://www.bnef.com/insights/39663
Weather and Commodities: Summer Outlook 2026 Marks El Niño - https://www.bnef.com/insights/39615
AI Models Show Edge in Tropical Cyclone Prediction - https://www.bnef.com/insights/39679

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Heat pumps are at a crossroads. After a decade of growth, global sales fell in 2025 as weaker construction activity weighed on key markets. Yet the longer-term picture remains resilient. Heat pumps have continued to gain ground against fossil fuel heating in several regions, while Europe remains a focal point for adoption, shaped by a shifting mix of subsidies, energy prices and consumer demand. So what is driving heat pump uptake today, and what will determine whether electrified heating can move into the mainstream? On today’s show, Tom Rowlands-Rees is joined by Yara van Ingen, an associate from our building decarbonization team, to discuss her note “Heat Pump Market Outlook 2026: Blip, Not Bust.”
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:
Heat Pump Market Outlook 2026: Blip, Not Bust - https://www.bnef.com/insights/39389
See omnystudio.com/listener for privacy information.

Gas and oil are on a sharply divergent path. In BloombergNEF’s Economic Transition Scenario, oil demand peaks before the end of the decade, while gas demand continues to grow as expanding power systems seek reliable sources of generation. At the same time, constraints on everything from gas turbine supply chains to grid infrastructure are emerging as critical bottlenecks. So how does the global energy system evolve from here, and what do these competing pressures reveal about what lies ahead for the energy transition? On today’s show, Tom Rowlands-Rees is joined by Ian Berryman, BloombergNEF’s head of energy systems modeling, to discuss findings from the New Energy Outlook 2026.
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:
New Energy Outlook 2026 - https://www.bnef.com/flagships/new-energy-outlook
Executive Summary - https://about.bnef.com/insights/clean-energy/new-energy-outlook/
See omnystudio.com/listener for privacy information.

China’s latest export data is offering an early glimpse into how higher fossil fuel prices may be reshaping trade in clean energy technology. Shipments of solar products, batteries and electric vehicles rose sharply in recent months, with some of the strongest growth coming from emerging markets that are heavily exposed to oil and gas imports. The figures arrive as many fuel-importing economies face renewed pressure from elevated energy prices. While it remains too early to draw firm conclusions, the data provides some of the clearest evidence yet that energy security concerns may be feeding through into clean-tech demand. So are rising fossil fuel prices beginning to accelerate the energy transition, and where could the next wave of clean-tech growth emerge? On today’s show, Kamala Schelling is joined by Antoine Vagneur-Jones, BNEF’s head of trade and supply chains, to discuss his note “China Clean-Tech Exports Trend Up Amid High Oil Prices” and “Energy Transition Supply Chains Outlook 2026.”
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:
China Clean-Tech Exports Trend Up Amid High Oil Prices - https://www.bnef.com/analyst-reactions/tfcdnwt9njlu00
Energy Transition Supply Chains Outlook 2026 - https://www.bnef.com/insights/39531
See omnystudio.com/listener for privacy information.