The energy transition is reshaping how companies make money. BNEF’s new Transition Risk and Opportunities Outlook models revenues for more than 70,000 companies as demand shifts across energy, transport and commodities. Businesses exposed to renewables, grids, EVs and transition metals could benefit, while others may face shrinking markets and rising carbon costs. So which companies are positioned to capture new opportunities, and which are most exposed to the transition? On today’s show, Kamala Schelling is joined by BloombergNEF finance policy and transition risk specialist Maia Mesanger and transition risk and alignment analyst Estella Agyepong to discuss their note “Transition Risk and Opportunity 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:

Transition Risk and Opportunity Outlook 2026 - https://www.bnef.com/insights/40403

The energy transition is reshaping how companies make money. BNEF&rsquo;s new Transition Risk and Opportunities Outlook models revenues for more than 70,000 companies as demand shifts across energy, transport and commodities. Businesses exposed to renewables, grids, EVs and transition metals could benefit, while others may face shrinking markets and rising carbon costs. So which companies are positioned to capture new opportunities, and which are most exposed to the transition? On today&rsquo;s show, Kamala Schelling is joined by BloombergNEF finance policy and transition risk specialist Maia Mesanger and transition risk and alignment analyst Estella Agyepong to discuss their note &ldquo;Transition Risk and Opportunity Outlook 2026.&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&nbsp;<a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Transition Risk and Opportunity Outlook 2026 - <a href="https://www.bnef.com/insights/40403">https://www.bnef.com/insights/40403</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

Where Transition Risk Meets Corporate Opportunity

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/42dde75b-7077-4c12-891e-b4dd00720ec3/transcript

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/40317

Power plants have a water problem that&rsquo;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&rsquo;s show, Tom Rowlands-Rees is joined by BloombergNEF climate research analyst Alistair Purdie to discuss findings from his note &ldquo;Thirst for Power: Water Stress in Electricity Generation.&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&nbsp;<a href="https://www.bnef.com/">bnef.com</a>
Links to research notes from this episode:
Thirst for Power: Water Stress in Electricity Generation - <a href="https://www.bnef.com/insights/40317">https://www.bnef.com/insights/40317</a>

Water Stress Brings Risks for Thirsty Power Generators

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/1591bfb5-1c69-4b90-9e33-b4d4015e5c00/transcript

Europe’s gas market is heading into winter with little room for error. Lower storage levels and disruption in the Middle East have left the region more exposed to weather and competition for LNG. BNEF’s base case sees European storage falling to 21% by the end of March, but a prolonged Strait of Hormuz disruption or a particularly cold winter could push it toward 10%. Much will depend on temperatures, renewable generation and LNG demand elsewhere, particularly in Asia. Longer term, new supply could loosen the global gas market, but BNEF expects that relief to arrive from 2028 onwards. So how tight could the gas market get this winter, and what could tip the balance? On today’s show, Tom Rowlands-Rees is joined by BloombergNEF European gas market analyst, Arham Muhammad, and weather team associate, Jess Hicks to discuss the notes “LNG Market Outlook 2035: Oversupply to Fuel Demand Growth” and “European Gas Market Outlook 2035.”

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 Gas Winter Outlook 2026-2027 - https://www.bnef.com/insights/40331

Europe&rsquo;s gas market is heading into winter with little room for error. Lower storage levels and disruption in the Middle East have left the region more exposed to weather and competition for LNG. BNEF&rsquo;s base case sees European storage falling to 21% by the end of March, but a prolonged Strait of Hormuz disruption or a particularly cold winter could push it toward 10%. Much will depend on temperatures, renewable generation and LNG demand elsewhere, particularly in Asia. Longer term, new supply could loosen the global gas market, but BNEF expects that relief to arrive from 2028 onwards. So how tight could the gas market get this winter, and what could tip the balance? On today&rsquo;s show, Tom Rowlands-Rees is joined by BloombergNEF European gas market analyst, Arham Muhammad, and weather team associate, Jess Hicks to discuss the notes &ldquo;LNG Market Outlook 2035: Oversupply to Fuel Demand Growth&rdquo; and &ldquo;European Gas Market Outlook 2035.&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:
European Gas Winter Outlook 2026-2027 - <a href="https://www.bnef.com/insights/40331">https://www.bnef.com/insights/40331</a>

Global Gas Tug of War Is Brewing for Winter

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7ab3fb9f-57ae-4eda-8456-b4cd015579f8/transcript

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/40191

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&rsquo;s show, Kamala Schelling is joined by BloombergNEF analyst Helen Ramsbottom to discuss her note &ldquo;Food Security During a Time of Geoeconomic Unrest.&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:
Food Security During a Time of Geoeconomic Unrest - <a href="https://www.bnef.com/insights/40191">https://www.bnef.com/insights/40191</a>

Food and Farming Caught in Geopolitical Crossfire

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/da9c499a-4acc-4119-bf45-b4c9007a0b77/transcript

Where Transition Risk Meets Corporate Opportunity

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