Montel Weekly

The US-Israeli led war in Iran and the prolonged disruption in the Strait of Hormuz is once again exposing Europe’s vulnerability to global energy shocks; raising urgent questions about gas storage, LNG dependency and whether governments have learned anything from previous crises.In this episode of PluggedIn, Montel’s Richard speaks with Henning Gloystein from Eurasia Group and Saul Kavonic from MST Marquee about the escalating conflict and growing risks facing energy markets and global supply chains.Could shipping flows resume within weeks, or are market participants underestimating the possibility of years of disruption? The discussion explores fuel shortages, LNG price risks, Europe’s storage dilemma, China’s strategic positioning, and why many analysts believe the global economy is only beginning to feel the effects of the crisis.With competing forecasts and mounting geopolitical tensions, the episode examines what comes next for energy markets, and whether the world is prepared for a prolonged supply sho

Negative power prices  are becoming increasingly commonplace in Europe’s electricity markets.  With solar generation soaring and renewable buildout accelerating, Europe’s power systems are increasingly producing more electricity than consumers need during certain hours of the day. The result? Wholesale electricity prices falling below zero, with generators effectively paying the market to take their power.But are negative prices actually a problem — or a sign that the energy transition is working? Should we be celebrating curtailment?The panel explores why countries like Germany, the Netherlands, France and Spain are seeing growing numbers of negative-price hours, how grid congestion and inflexible generation are contributing to the issue, and whether batteries, storage and demand-side flexibility can keep pace with the rapid expansion of renewables.They also debate why overbuilding renewables is economically rational, and whether current market structures are fit for a power system dominated by wind and sola

Norway - and the Nordic power system more generally - have seen fewer instances of negative prices than their continental counterparts in recent weeks. Why has the region been “snorkelling” while others have been plumbing the depths of negative prices.Norway’s hydropower system is under pressure after one of the coldest winters in 16 years and a prolonged period of low precipitation. Reservoir levels in southern Norway remain well below normal, raising questions about energy security, winter preparedness and the growing role of Europe’s interconnected power markets. But is the situation really as serious as headlines suggest?Joined by some of the foremost experts on Norwegian hydropower and the market dynamics, together, they explore how low snowpack, dry weather patterns and shifting hydrological balances are affecting Norway’s power outlook — and why imported renewable energy from continental Europe may actually help save water in Nordic reservoirs ahead of winter.The panel also dives into the explosion of

Europe may have emerged from winter without a full-scale gas crisis; but with storage levels unusually low, geopolitical tensions rising, and summer-winter price spreads offering little commercial incentive, the real challenge may only just be beginning.Germany, home to Europe's largest gas storage capacity, is facing mounting pressure to refill ahead of winter while the war in the Middle East, uncertainty around LNG transit through the Strait of Hormuz, and fragile industrial demand all cloud the outlook. Across Europe, policymakers are weighing whether market forces alone can deliver enough supply; or if strategic intervention may once again be required.Will Europe’s gas market rebalance in time, or are governments heading back into crisis-management mode?Host:Richard Sverrisson – Editor-in-Chief, Montel NewsGuests:Maria Haensch – Germany Correspondent, Montel NewsSebastian Gulbis – Managing Director, Enervis Energy Advisors GmbHErisa Pasko – Senior European Gas Analyst, Energy AspectsEditor:Alexandra

From the streets of Paris to the heart of Europe’s energy regulation, this episode explores how geopolitics, market design and infrastructure are reshaping France’s - and  the continent’s - energy future.As tensions in the Gulf ripple through global gas prices and Europe’s energy markets,  France finds itself in a uniquely resilient position, buoyed by nuclear power, growing renewables and strong export capacity. But beneath that stability lie complex questions about pricing, interconnectors, and the long-term balance between supply, demand and affordability.So how can Europe maintain energy security, keep prices competitive, and still accelerate the transition to a low-carbon future?In this episode, Richard sits down with Emmanuelle Wargon, President of France’s Energy Regulator (CRE) and Chair of the Board of Regulators at ACER. She shares insights into France’s evolving power mix, why electricity prices there have largely decoupled from gas, and how Europe is navigating the pressures of global gas supply s

Across Europe, power prices are behaving in ways that are leaving even seasoned market participants questioning what they’re seeing. From negative prices to seemingly counterintuitive flows between some price zones, the electricity system is becoming harder to interpret, and certainly more complex.On April 6, negative prices of EUR -15,000/MWh in Belgium's balancing market highlighted just how volatile and weather-driven Europe's power system has become. But are these signals a sign of dysfunction, or simply the reality of a system in transition?So, what’s really going on beneath the surface?In this episode, we unpack what’s driving so-called “odd” or “irrational” pricing across Europe, from the rise of renewables and battery storage to the increasing role of algorithmic trading and complex market design. We also explore whether market participants are equipped to handle this growing complexity, and what risks and opportunities lie ahead.#EnergyMarkets #PowerMarkets #ElectricityPrices #EnergyTransit

A fragile ceasefire in the Gulf offers a moment of relief;  but is it already beginning to unravel and will it have lasting implications for gas supply in the region and far beyond?Recorded on the morning of April 9, amid fast-moving geopolitical developments, this special episode examines what the latest developments mean for global energy markets, LNG flows, and Europe’s energy security.Is this ceasefire a genuine turning point, or simply a pause before further escalation? Host Richard Sverrisson speaks with Montel’s Deputy Editor-in-Chief Laurence Walker, before diving deeper with leading analysts Ana Maria Jaller-Makarewicz and Arne Lohmann-Rasmussen. Together, they unpack the reality behind halted LNG tankers, the uncertainty surrounding the Strait of Hormuz, and the growing risks facing global gas markets.As tensions remain high and clarity remains low, one thing is certain: energy markets are entering a new phase of volatility. #EnergyMarkets #LNG #Geopolitics #GulfCrisis #Ceasefire #GasMarkets #Energy

In this episode of Plugged In, we return to Power Purchase Agreements (PPAs) and their role in Europe’s energy transition.After years of rapid expansion, the PPA market hit a slowdown in 2025. Falling capture rates, rising negative prices and increasing volatility have made deals harder to structure and price, forcing both buyers and sellers to rethink how risk is shared.At the same time, renewable capacity continues to grow, reshaping price dynamics and pushing the market into a more complex and mature phase.So is this a temporary slowdown… or a fundamental shift in how the PPA market works?Richard speaks to Luca Pedretti, COO and co-founder of Pexapark, and Chirag Ahuja, Implementation Director at Broadpeak Partners, to break down the data, trends and structural changes shaping the market. Setting the scene is our Italy correspondent, Alina Trabattoni.Host: Richard Sverrisson – Editor-in-Chief, Montel NewsGuests: Alina Trabattoni – Italy Correspondent, Montel Luca Pedretti – COO & Co-founder, Pexapark C

In this episode of Plugged In, we turn to a topic we haven’t covered often; but one that’s rapidly moving back into the spotlight: coal.As war in the Middle East disrupts LNG supply chains and drives gas prices sharply higher, European power markets are being forced to adapt. With gas-fired generation becoming increasingly expensive, coal is, at least temporarily, regaining economic relevance.We’re now seeing early signs of increased coal imports, particularly in key markets like Germany, alongside shifting profitability dynamics between coal and gas-fired generation.So is this just a short-term market reaction… or a more significant structural change? Richard  speaks to Toby Hassall, Lead Analyst at London Stock Exchange Group, and Firat Ergene, Lead Insight Analyst at Kpler, join the podcast to break down the data, covering fuel switching, regional demand, price dynamics, and what forward markets are signalling for winter and beyond. Setting the scene is our own Laurence Walker.  Host: Richard Sverrisson –

In the third episode of our energy crisis miniseries, we turn to Europe’s power markets, where rising gas prices, renewed volatility and political uncertainty are once again putting the electricity system under pressure.Although the current crisis is not a repeat of 2022, it is exposing fresh vulnerabilities; from low hydro levels in the Nordics and gas storage concerns in western Europe, to growing questions over market design, interconnectors and the pace of the energy transition.So how resilient is Europe’s power system this time around? And what happens when geopolitical shocks collide with an increasingly complex power market?Richard is  joined by Montel analysts Jean-Paul Harreman, Fintan Devenney and Priyanka Shinde to unpack the impact across Europe;  from battery revenues and price spikes to liquidity risks, policy shifts and the regions most exposed in the months ahead.Host: Richard Sverrisson – Editor-in-Chief, Montel NewsGuests:Jean-Paul Harreman – Director, Analytics, MontelFintan Devenney – Mark

*** This episode was recorded on Wednesday before attacks on Qatari and Iranian energy infrastructure. But the message from the guests is still highly relevant - the wholesale gas market has not fully priced in the geopolitical risk premium. In this second episode of our special series on the war in Iran and its implications for energy markets, we focus on a potential looming gas crisis. As Europe enters the crucial storage refill season with lower-than-usual inventories and a far more complex global backdrop.Competition for LNG is intensifying, particularly between Europe and Asia, while geopolitical tensions in the Middle East are raising the risk of supply disruption and renewed price volatility.So how exposed is Europe this time around? And could this crisis prove even more severe than 2022?Riichard speaks to Saul Kavonic, Head of Energy Research at MST Marquee, who warns that the current disruption could trigger a deeper global gas shock.In addition, Ole Hvalbye, Commodities Analyst at SEB Research, join

As wholesale markets remain nervous and volatile, there are renewed calls for policymakers to intervene to shield large energy users from spiking prices. But are markets failing? And could ill-conceived, knee-jerk interventions disrupt the EU’s internal energy market?Rising geopolitical tensions and disruption to key global shipping routes have pushed gas, power and oil prices sharply higher in recent weeks. While Europe’s energy system is better prepared than it was during the 2022 crisis, volatility in wholesale markets has revived concerns about the impact of rising energy costs on industry.In this episode, Richard speaks with Montel’s EU correspondent about the options being considered in Brussels ahead of a key meeting of EU leaders, before discussing with experts from the power sector and energy-intensive industry whether Europe could be facing another energy shock, why electricity prices remain structurally high for manufacturers, and whether calls for market intervention risk undermining the EU’s inte

Italy has launched one of the most controversial proposals in the European energy market in years.In a bid to lower electricity prices and boost the competitiveness of Italian industry, the government has proposed shifting the cost of carbon emissions from gas-fired power plants to consumers. Supporters say the move could reduce wholesale power prices and ease pressure on businesses facing high energy costs.But critics warn it could undermine the foundations of the EU Emissions Trading System (ETS); the cornerstone of Europe’s climate policy.In this episode, Richard speaks with international experts about why carbon prices have been falling, what Italy’s proposed reforms could mean for the power market, and the potential impact on renewable investment and corporate PPAs. They also discuss whether the proposal could distort electricity markets across Europe and the legal challenges the European Commission may raise.Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Hæge Fjellheim - Head of Carbon A

Middle East escalation has put the Strait of Hormuz; the world’s key energy chokepoint, under threat. We assess the impact on Brent crude, European gas (TTF), and global LNG, with a focus on Qatar’s supply and Europe’s exposure. Joined by Hussein Ibish, Senior Resident Scholar at the Arab Gulf States Institute, Dan Marks, Research Fellow for Energy Security at RUSI, and Henning Gloystein, Eurasia Group, they discuss whether Iran would truly close Hormuz, the risks to shipping and infrastructure, and what comes next for global energy markets.Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Hussein Ibish - Senior Resident Scholar at the Arab Gulf States InstituteDan Marks - Research Fellow for Energy Security at RUSIHenning Gloystein - Eurasia GroupLaurence Walker - Montel NewsEditor: Alex Carlon, Oscar BirkProducer: Alex CarlonSubscribe to the podcast on our website, via Apple Podcasts or Spotify#StraitOfHormuz #HormuzCrisis #OilPrices #LNG #QatarLNG #EnergyMarkets #EnergyCrisis #GasPrices #Brent

This week marks the four-year anniversary of Russia's full-scale invasion of Ukraine - a war which has unearthed new hybrid warfare tactics and the targeting of crucial gas and electricity infrastructure  in the country. What has changed this winter for the people of Ukraine, and will Putin's mission to "freeze Ukraine”  and brutally destroy its energy work? In this episode, Richard speaks to guests in Kyiv about the daily realities that the people of Ukraine have experienced this winter without access to heat and power, and the scale of the repair and recovery that energy workers are doing on the ground every day. Listen also to the broader implications of ongoing war on Europe's energy security, and why energy infrastructure has become a prominent war target. Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Yuriy Onyshkiv from - Senior Gas Analyst, London Stock Exchange GroupOleksiy Povolotskiy - Head of Recovery Office, DTEKKristian Ruby - Secretary General EurelectricEdit

With Nord Pool set to offer electricity futures contracts from March, competition for liquidity on the Nordic power curve will heat up this year. Who will come out on top?Also, the European Commission, along with the energy  regulators, wants to create a new, centralised unit to operate day-ahead market coupling in the EU. Whilst market participants agree with the need for increased regulatory oversight, there is concern from exchange bosses that this would promote a single point of failure and hamper healthy competition.Would this proposal fix the part of the system that isn't broken? In this episode, Richard sits down with the CEOs of Nord Pool and EEX in Essen to discuss this, as well as the issues concerning liquidity in certain markets in Europe, and how the market needs to adapt to aggregators and the flexibility that the investment into renewables demands. Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Tom Darrell - CEO, Nord PoolPeter Reitz - CEO, EEXContributor:  Julia Demirdag -

As tensions between Iran and the US intensify, Russian mounts fresh attacks on Ukraine's energy infrastructure, and  President Trump softens his stance on the US  grab for Greenland, France´s President Macron has warned Europe about a false sense of security, even a state of emergency.In this episode, Richard speaks to our guests in front of a live audience at E-world in Essen, Germany, about the outlook for Europe's supply and demand under these ongoing geopolitical rumblings: Listen to a discussion on the most important threats to Europe's energy security. Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Henning Gloystein - Managing Director of Energy and Resources, Eurasia GroupHanns Koenig - Managing Director, Aurora Energy Research EMEATobias Federico - Chief Analyst, MontelContributor: Mai Rosner - Investigative Reporter, Montel NewsEditor: Oscar BirkProducer: Sarah Knowles

Norway is normally an exporter of electricity to its neighbours , but experts are sounding alarm bells. They warn that the increase in demand from electrification and data centres will eclipse the country's abundant power supply. Has Norway now reached that crucial turning point? In this episode, Richard sits down with Nordic market experts at the Pareto Securities conference in Oslo to discuss the how government subsidies are distorting investment decisions, and why major demand drivers like data centres need faster grid reforms and connections.  Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Erik Strømsø - CEO and Co-Founder, BW ESSJørn Skaane - CEO, Lefdal Mine DatacenterLars Ove Skorpen - Director of Power & Renewable Energy, Pareto SecuritiesContributor: Petter Udland - Norway Reporter, Montel NewsEditor: Oscar BirkProducer: Sarah KnowlesSubscribe to the podcast on our website, via Apple Podcasts or Spotify

Ten European countries in Europe came together in Hamburg earlier this week to sign a commitment to deliver 100GW of offshore wind in the North Sea - a move the German energy minister labelled as "a historic moment for Europe." After a year of failed auctions and cancelled wind projects across some countries in Europe, does this "pact" reveal Europe's commitment to energy independence following President Trump's abuse directed at "loser windmills"?In this episode, Richard speaks to offshore wind developer Orsted and TSO TenneT about some of the grid integration challenges that the sector needs to overcome, and how proposed interconnectors and bidding zones could work in practice.Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Ulrik Stridbæk - Head of Global Regulatory & Public Affairs, ØrstedJoana Stirnberg - Coordinator of EU Affairs, TenneTHubert Put - Senior Consultant, MontelContributor: Andreas Lochner - Germany Editor, Montel NewsEditor: Oscar B

This week, US President Donald Trump confirmed his plans to annex Greenland, threatening European members of NATO with higher tariffs if they try to stand in his way. Despite European leaders expressing messages of defiance and retaliation to these threats from the US, does Europe's reliance on the US for its LNG - and the tariffs negotiated as part of the 2025 EU-US deal - leave the continent in a weak position to oppose Trump? In this episode, Richard speaks to geopolitical and gas experts about how the markets have responded to this week's events, and the impact that global geopolitical tensions are having on LNG and oil trade. Host: Richard Sverrisson - Editor-in-Chief, Montel NewsGuests: Anne-Sophie Corbeau - Global Research Scholar, Center on Global Energy PolicyClaudio Galimberti - Chief Economist, Rystad EnergyContributor: Laurence Walker - Deputy Editor-in-Chief, Montel NewsEditor: Oscar BirkProducer: Sarah Knowles