The Crosscurrents Reshaping Energy
In our view, the energy system sits at the intersection of several powerful mega forces shaping the global economy. Among the most relevant to the energy transition are:

• Digital disruption and AI: The rise of artificial intelligence has created unprecedented demand for power-hungry data centres
• Geopolitical competition: Industrial policy and trade protectionism are reshaping supply chains and markets for critical technologies
• Climate, energy, and industrial policy: Governments are constantly rebalancing objectives across security, affordability, resilience, and decarbonisation

Together, these forces are accelerating capital expenditure and creating mismatches between demand growth, investment flows and investment performance. 

An Evolving Energy Transition
The trajectory of the energy transition continues to be debated, with seemingly divergent signals across regions, sectors and markets. 

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