PJM Interconnection is entering an era of explosive power demand. Home to a significant share of the world’s data centers, the largest US electricity market could soon be facing sky-high prices and scant supply. Yet stakeholders are divided on how best to respond. Should PJM focus on building new generation, or should it lean on flexible demand? And with no lever able to solve the problem single-handedly, what happens if supply simply can’t keep up? On today’s show, Tom Rowlands-Rees is joined by two members of BloombergNEF’s US power team, analyst Lara Kammen and senior associate David Mohammadi, to discuss their note “PJM Power Market Outlook 2026: Brace for Impact.”

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:

PJM Power Market Outlook 2026: Brace for Impact - https://www.bnef.com/insights/38947

PJM Interconnection is entering an era of explosive power demand. Home to a significant share of the world&rsquo;s data centers, the largest US electricity market could soon be facing sky-high prices and scant supply. Yet stakeholders are divided on how best to respond. Should PJM focus on building new generation, or should it lean on flexible demand? And with no lever able to solve the problem single-handedly, what happens if supply simply can&rsquo;t keep up? On today&rsquo;s show, Tom Rowlands-Rees is joined by two members of BloombergNEF&rsquo;s US power team, analyst Lara Kammen and senior associate David Mohammadi, to discuss their note &ldquo;PJM Power Market Outlook 2026: Brace for Impact.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
PJM Power Market Outlook 2026: Brace for Impact - <a href="https://www.bnef.com/insights/38947">https://www.bnef.com/insights/38947</a>

The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research.

The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research.

The future of energy, transport, sustainability and more from Bloomberg analysts

Switched On

PJM Grapples With Data Center Load and Supply Gaps

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3d55d2f4-8d4f-4985-ae58-b42d00970277/transcript

It’s been nearly a year since Spain’s catastrophic blackout and key questions remain. Post-mortem reports point to a complex chain reaction in the grid, with no single trigger and gaps in coordination between operators, regulators and generators. The findings expose deeper challenges: inconsistent voltage rules, rising operational complexity and a system evolving faster than its controls. Renewables were initially blamed for helping trigger the crisis, but they are fundamental to the Iberian grid and must be part of the solution. So what has Spain really learned, and how prepared are other power systems for the next shock? On today’s show, Kamala Schelling is joined by Eva Gonzalez Isla, a senior associate from BNEF’s grids team, to discuss her note: “Spain’s Blackout Reports Expose Voltage Safety Risks.”

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:

Spain’s Blackout Reports Expose Voltage Safety Risks - https://www.bnef.com/analyst-reactions/tcd1wrkjh6v700

It&rsquo;s been nearly a year since Spain&rsquo;s catastrophic blackout and key questions remain. Post-mortem reports point to a complex chain reaction in the grid, with no single trigger and gaps in coordination between operators, regulators and generators. The findings expose deeper challenges: inconsistent voltage rules, rising operational complexity and a system evolving faster than its controls. Renewables were initially blamed for helping trigger the crisis, but they are fundamental to the Iberian grid and must be part of the solution. So what has Spain really learned, and how prepared are other power systems for the next shock? On today&rsquo;s show, Kamala Schelling is joined by Eva Gonzalez Isla, a senior associate from BNEF&rsquo;s grids team, to discuss her note: &ldquo;Spain&rsquo;s Blackout Reports Expose Voltage Safety Risks.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Spain&rsquo;s Blackout Reports Expose Voltage Safety Risks - <a href="https://www.bnef.com/analyst-reactions/tcd1wrkjh6v700">https://www.bnef.com/analyst-reactions/tcd1wrkjh6v700</a>

Spanish Blackout Lessons One Year On: Analyst Reaction

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/78d2d420-af55-4d9a-a52a-b42a010630d6/transcript

Energy shocks don’t just move prices, they reshape trade. As oil and gas prices rise, countries reliant on energy imports are accelerating the shift toward clean technologies, from solar and batteries to electric vehicles. In many cases, that change is being driven by businesses and consumers responding directly to higher costs. Yet it also relies on trade dynamics and government priorities, at both the local and regional level. On today’s show, Tom Rowands-Rees is joined by Antoine Vagneur-Jones, BloombergNEF’s head of trade and supply chains, to discuss findings from some of his team’s notes, including “Trade Transition Scenarios: Outlook to 2050” and “Clean-Tech Tariffs Are Lower Than You Think.”

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:

Clean-Tech Tariffs Are Lower Than You Think - https://www.bnef.com/insights/39069

Trade Transition Scenarios: Outlook to 2050 - https://www.bnef.com/insights/38709

EVs Could Dominate Global Auto Trade in Just Five Years - https://www.bnef.com/shorts/tbfrcjt96oso00

What EU Guardrails Could Mean for Chinese Battery Firms - https://www.bnef.com/analyst-reactions/tbfdc1t9njlv00

Clean Energy Trade and Emerging Markets - https://www.bnef.com/insights/37867

Energy shocks don&rsquo;t just move prices, they reshape trade. As oil and gas prices rise, countries reliant on energy imports are accelerating the shift toward clean technologies, from solar and batteries to electric vehicles. In many cases, that change is being driven by businesses and consumers responding directly to higher costs. Yet it also relies on trade dynamics and government priorities, at both the local and regional level. On today&rsquo;s show, Tom Rowands-Rees is joined by Antoine Vagneur-Jones, BloombergNEF&rsquo;s head of trade and supply chains, to discuss findings from some of his team&rsquo;s notes, including &ldquo;Trade Transition Scenarios: Outlook to 2050&rdquo; and &ldquo;Clean-Tech Tariffs Are Lower Than You Think.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Clean-Tech Tariffs Are Lower Than You Think - <a href="https://www.bnef.com/insights/39069">https://www.bnef.com/insights/39069</a>
Trade Transition Scenarios: Outlook to 2050 - <a href="https://www.bnef.com/insights/38709">https://www.bnef.com/insights/38709</a>
EVs Could Dominate Global Auto Trade in Just Five Years -&nbsp;<a href="https://www.bnef.com/shorts/tbfrcjt96oso00">https://www.bnef.com/shorts/tbfrcjt96oso00</a>
What EU Guardrails Could Mean for Chinese Battery Firms - <a href="https://www.bnef.com/analyst-reactions/tbfdc1t9njlv00">https://www.bnef.com/analyst-reactions/tbfdc1t9njlv00</a>
Clean Energy Trade and Emerging Markets - <a href="https://www.bnef.com/insights/37867">https://www.bnef.com/insights/37867</a>

How Fuel Price Shocks Are Rewiring Clean Tech Trade

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c4cfc7bf-5be9-4af0-ae14-b42600929f4b/transcript

Nature risk is becoming a critical challenge for companies. It’s also incredibly complex. Exposure spans an array of largely local issues, from water and biodiversity to waste and pollution, making it harder to measure and compare across sectors and geographies than its better-known sibling climate risk. BloombergNEF’s new Nature Risk Management Scores aim to bring structure to that complexity, analyzing not only company exposure but also how effectively risks are managed. The results highlight a clear gap: firms with the greatest exposure are not always those taking the most action, and progress varies widely across different risk areas.So how do you measure something as diffuse as nature risk, and what do these scores reveal about which companies are best prepared? On today’s show, Tom Rowlands-Rees is joined by Alistair Purdie, a senior associate from BNEF’s nature and biodiversity team, to review findings from the note “Managing Nature Risk: Company League Tables.”

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:

Managing Nature Risk: Company League Tables - https://www.bnef.com/insights/38829

Nature risk is becoming a critical challenge for companies. It&rsquo;s also incredibly complex. Exposure spans an array of largely local issues, from water and biodiversity to waste and pollution, making it harder to measure and compare across sectors and geographies than its better-known sibling climate risk. BloombergNEF&rsquo;s new Nature Risk Management Scores aim to bring structure to that complexity, analyzing not only company exposure but also how effectively risks are managed. The results highlight a clear gap: firms with the greatest exposure are not always those taking the most action, and progress varies widely across different risk areas.So how do you measure something as diffuse as nature risk, and what do these scores reveal about which companies are best prepared? On today&rsquo;s show, Tom Rowlands-Rees is joined by Alistair Purdie, a senior associate from BNEF&rsquo;s nature and biodiversity team, to review findings from the note &ldquo;Managing Nature Risk: Company League Tables.&rdquo;
Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF&lt;GO&gt; on the Bloomberg Terminal or on <a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Managing Nature Risk: Company League Tables - <a href="https://www.bnef.com/insights/38829">https://www.bnef.com/insights/38829</a>

Beyond Climate: The Rise of Nature Risk

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/77e9565f-083a-485a-a98c-b41f018127fa/transcript

PJM Grapples With Data Center Load and Supply Gaps

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