EnergyCents

Hosted by S&P Global Energy

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Episodes

300

Latest episode

Aug 2026

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About the show

IHS Markit is now part of S&P Global. Hear exclusive energy insights and analysis, and engage with our experts as we explore the complex environment that shapes global energy markets. Follow EnergyCents, featuring our experts discussing the intersection of the financial and energy industries.

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60 recent

August 27, 202635 min

The Illusion of Crowds: In conversation with S2G

What happens when plenty of capital enters the energy transition, but not enough of it reaches the companies best positioned to scale? In this episode of EnergyCents, Hill Vaden and Sam Humphreys speak with Francis O'Sullivan, Managing Director of Energy Investment at S2G, about "The Illusion of Crowds," a paper that challenges the idea that more investors automatically create a smarter, more effective market. They discuss how capital has become highly concentrated, why this matters for the "missing middle" — companies beyond venture stage but not yet ready for traditional infrastructure finance — and what LPs and GPs can do to better support practical, scalable energy innovation. Find out more about the paper and S2G here: https://www.s2ginvestments.com/insights/report-illusion-of-crowds Learn more about S&P Global Energy here: Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

August 20, 202633 min

Quagmire: Scenario planning a case for lasting oil markets disruption (Ep. 258)

Scenario planning allows investors and executives to prepare for situations outside of their base-case expectations. S&P Global Energy developed a new case called "Quagmire" that assumes conflict around the Strait of Hormuz becomes a permanent geopolitical feature and trade flows fragment in favor of regional energy security. Oil markets experts Louise Vertz and Sandra Abdallah join hosts Hill Vaden and Sam Humphreys to walk us through the assumptions in S&P Global Energy's "Quagmire" scenario and explain what lasting changes could be in store for oil markets if disruption turns from months into years. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

August 13, 202635 min

Digital underground: Grid-forming inverters and the future of grid stability (Ep. 257)

Traditional grids rely on the physical inertia of massive, spinning turbines to stabilize frequency during sudden power outages. This stability is being challenged by the growth of solar and wind power, which lack the physical spinning parts needed to buffer the grid. Grid-forming inverters create a 'digital inertia' that enables grid stability and are increasingly critical to ensuring reliability as grids transition. Renewable electricity experts Cormac Gilligan and Tiffany Wang join hosts Hill Vaden and Sam Humphreys to discuss the vital contribution of grid-forming inverters to grid stability and consider the business models and regional constructs behind their wider spread adoption. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

August 6, 202632 min

Marginal utility: Lack of new capacity leads to boom time for North America refining (Ep. 256)

Fresh investment in North American refining infrastructure stalled in prior years as the sector braced for long-term demand destruction. However, capacity has fallen faster than demand and profit margins are now healthier than many expected. Refining expert Debnil Chowdhury joins hosts Hill Vaden and Sam Humphreys to discuss the North American refining landscape and how disruptions in the Strait of Hormuz and Russia are contributing to high utilization and profitability for the sector. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

July 30, 202631 min

South America's Right Turn: The new political map of energy (Ep. 255)

South America is undergoing a major political shift, with a wave of right-leaning governments reshaping the region's approach to energy and natural resources. In this episode, Upstream risk expert Ford Tanner joins hosts Hill Vaden and Sam Humphreys to explore what the rise of the "New Right" could mean for oil and gas investment, energy security, and the future of key markets including Argentina, Colombia, Brazil, and Venezuela. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

July 23, 202646 min

Strait talk: Oil markets brace for new phase amid extended Hormuz tensions (Ep. 254)

Oil and product markets showed unexpected resilience in prior weeks thanks, in large part, to reduced crude demand from China. The system is now much tighter and its resilience could be tested, particularly when it comes to refined product markets, as we enter a new phase. Oil markets expert Karim Fawaz joins hosts Hill Vaden and Sam Humphreys to discuss the evolving balances of global crude and refined products as vessel traffic through the Strait of Hormuz continues to be limited. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

July 16, 202630 min

Talking clean-energy investment trends with ACORE (Ep. 253)

ACORE is a Washington-based non-profit that brings together partners in finance, policy and technology to advance clean energy initiatives in the US. ACORE SVP of Policy and Engagement Lesley Hunter joins hosts Hill Vaden and Sam Humphreys to discuss financing trends in the clean energy economy and consider how the sector is weathering changes in federal policy support. Learn more about ACORE at: https://acore.org/about/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

July 9, 202630 min

Corn, Carbon and Competition: Ethanol's Next Chapter in the US (Ep. 252)

Ethanol has been a cornerstone of the US biofuels industry for decades, but what role will it play in an energy system increasingly shaped by electrification, low-carbon fuels and evolving policy? Biofuels expert Kevin Lindemer joins EnergyCents hosts Hill Vaden and Samantha Humphreys to explore the current state of the biofuels market, why ethanol remains central to US transportation fuels, and how policy, technology and market dynamics could influence the sector's future. From blending mandates and feedstock economics to emerging opportunities in sustainable fuels, the discussion examines where ethanol fits in the next phase of the energy transition. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

July 2, 202629 min

Necessity breeds invention: US data centers developers embrace behind-the-meter power (Ep. 251)

The US data center complex is building against speed-to-power mandates that require developers to get projects online as quickly as possible. Delays plugging into grid-connected power are forcing projects to invest in behind-the-meter (BTM) gas generation assets as they seek access to electricity. S&P Global Energy expert Ben Levitt joins hosts Hill Vaden and Sam Humphreys to discuss the rise of behind-the-meter power projects connected to data centers and how these projects are reshaping investments in US electricity generation. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

June 25, 202634 min

Sea change: Offshore wind sector adjusts development plans as costs rise (Ep. 250)

More than 90 GW of offshore wind capacity has been installed globally, split almost equally between Europe and China. Development in many parts of the world has slowed as rising interest rates and wavering policy support pressure new-project economics. S&P Global Energy expert Andrei Utkin joins hosts Hill Vaden and Sam Humphreys to discuss the global landscape for offshore wind and flag areas that will drive the next wave of sector growth. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en