S&P Global Offerings
Featured Topics
Featured Products
Events
S&P Global Offerings
Featured Topics
Featured Products
Events
The intersection of policy, politics, finance and technology with the energy industry has rarely been as significant as it is today. More than half of the world's population across 70 countries held national elections in 2024. New governments are leading significant changes in energy and climate policies, reevaluating the pace of the energy transition. Affordable and secure energy for economic growth is taking priority, especially in countries where prohibitive energy costs are contributing to high and persistent inflation.
At the same time, technological factors are reshaping global energy markets. New datacenters, built to power rapid acceleration in the use of AI models, are creating a major surge in electricity demand and renewed interest in nuclear energy as a source of carbon-free firm power. Demand for some clean technologies such as solar photovoltaics and batteries continues to grow, but restructuring cleantech supply chains is proving a challenge.
This issue of the S&P Global Research Council’s Look Forward publication explores a wide range of topics, assessing the state of the energy transition and the pragmatic path forward. It highlights essential truths about the direction of global energy markets and climate change, the progress being made by the oil and gas industry to measure and mitigate methane emissions, how to assess climate risks, and the potential impact of AI on optimization and innovation across energy value chains.
Look Forward: Energy at the Crossroads provides a window into the broad spectrum of topics that S&P Global researchers, analysts and economists cover throughout the year for our clients globally. We encourage you to read previous volumes of this publication, including Look Forward: Multidimensional Transition, published in March 2024.
S&P Global is a reliable and trusted source of data and insights that helps companies and countries navigate an uncertain and dynamic world. Please get in touch: We welcome your feedback and suggestions as we strive to improve and evolve this publication.
S&P Global Commodity Insights
S&P Global Commodity Insights
Co-President, S&P Global Commodity Insights
Mark Eramo is co-President of S&P Global Commodity Insights and a member of S&P Global’s Executive Leadership Team.
Most recently, Mr. Eramo was Head of Fuels, Chemicals & Resource Solutions business line for S&P Global Commodity Insights. In that role, he had P&L responsibility and manages a global team of 450 research colleagues, located in all major regions delivering information, insights, and forecasts regarding crude oil, refined products, NGLs and chemical feedstocks, chemicals, agriculture commodities, and freight and commodity shipping analytics.
Prior to that, Mr. Eramo served in various roles over the past 20+ years overseeing downstream industry research and business development teams for IHS Markit and predecessor companies. Before entering the consulting and analysis business, he worked for more than twelve years in the chemicals production industry.
Mr. Eramo holds a Bachelor of Science degree in chemical engineering from Cornell University, where he also enjoyed playing American football for the Big Red. Mr. Eramo and his wife have been residents of Houston, Texas, since 1991, where they recently celebrated becoming grandparents.
S&P Global Commodity Insights
Co-President
Dave Ernsberger is co-President of S&P Global Commodity Insights and a member of S&P Global’s Executive Leadership Team.
Most recently, Mr. Ernsberger was Head of Market Reporting and Trading Solutions at S&P Global Commodity Insights. In that role, he was responsible for managing Platts commodity price benchmarks worldwide, including market reporting, news coverage and exchange relationships, from well-established markets like oil and gas through to emerging market environments like new Energy Transition commodities and recycled materials.
Prior to that, Mr. Ernsberger served in a variety of roles at Platts, including Head of Oil Content; Editorial Director for Asia (based in Singapore), and Houston Bureau Chief. He joined Platts in 1996 as a metals reporter in London, and launched coverage of Europe’s then-deregulating gas and electricity markets in 1999.
A native of Boston, Massachusetts, Mr. Ernsberger holds a bachelor's degree in philosophy and politics from Warwick University, England, and a master's degree in international relations from Southampton University, England.
The multidimensional energy transition is more evident today than a year ago. After 12 months of persistently high inflation, weak economic growth and elevated energy costs, countries and companies around the world are starting to reassess their energy strategies and climate policies. The energy industry is at a crossroads, with new pathways and directions emerging.
Consumers want affordable energy, and governments are prioritizing security over sustainability. Many are reassessing the ambition to redesign the global energy system and, by inference, the global economy in the next 25 years. All eyes are on the US and how the Trump administration’s actions will alter the direction of the country's energy industry and climate policies — actions with impacts far beyond US borders.
At the same time, energy demand and emissions continue to grow. The world remains in energy-addition mode, with demand growth for hydrocarbons and renewables such as wind and solar. Electricity demand is surging due to the accelerating construction of AI datacenters by hyperscalers. Such demand growth is likely to be met by natural gas and renewables through the end of this decade, even though interest and investments in nuclear technologies are at a generational peak.
Progress in scaling clean energy technologies has been variable. The cost of solar photovoltaics, onshore wind, electric vehicles and battery power is declining globally, with a commensurate increase in deployment. China, with its vast manufacturing base, is a leading deployer of clean energy technologies. Meanwhile, the euphoria surrounding green hydrogen has cooled significantly due to its high production cost and lack of customers. The carbon capture and storage (CCS) project pipeline is moving slowly, with few final investment decisions made in 2024. Successful execution of projects in the next five years will be critical to prove that CCS can reach gigaton scale.
The combination of strong growth in energy demand and slow to no change in the primary energy mix indicates that it is no longer possible to reach net-zero emissions by 2050. It also means that the goal of the Paris Agreement on climate change — limiting the global average temperature increase to 1.5 degrees C above preindustrial levels by 2100 — is unachievable.
The articles in this edition of Look Forward provide a window into the complex and fast-changing nature of the global energy industry. Our authors highlight the predetermined elements of the energy transition, the reasons for a global resurgence in nuclear power and the feasibility of creating new clean technology supply chains outside of China. They discuss how observation data is upending our understanding of methane emissions, how AI is advancing optimization and innovation in the energy sector, the physical risks from climate change, and the role indexes can play in the energy transition.
Our goal is to shine a light on the global energy system — the progress made, the challenges ahead and the potential solutions. As we navigate the energy transition, S&P Global will continue to provide timely and insightful analysis to prepare our readers for whatever road lies ahead.
S&P Global Commodity Insights
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global Ratings
President, S&P Global Ratings
Yann Le Pallec is President of S&P Global Ratings and a member of the Company’s Executive Leadership Team. He has ultimate responsibility for all aspects of the business, including commercial, analytical, control and operations functions. He is based in Paris and heads the S&P Global Ratings Operating Committee.
Mr. Le Pallec chairs the Board of CRISIL Ltd, a global provider of benchmarks and analytics for the financial community that also owns CRISIL Ratings, a leading credit rating agency in India. CRISIL Ltd is listed on BSE (formerly Bombay Stock Exchange).
Previously, Mr. Le Pallec was the Executive Managing Director and Head of Global Ratings Services which oversees Analytics, Research, and Operations, encompassing more than 2,200 analysts and support staff across 28 countries who cover more than one million outstanding ratings on entities and securities across a range of sectors, including governments, corporations, financial institutions and structured finance.
Since joining S&P Global Ratings in 1999, Mr. Le Pallec has held a diverse array of roles, including Head of Global Corporate Ratings, leading a group of 500 analysts responsible for coverage of more than 4,000 non-financial corporations worldwide. Before that he led S&P Global’s credit ratings business in EMEA, managing a team of more than 900 ratings analysts and support staff across a dozen offices. Previously, he was Head of EMEA Corporate and Government Ratings, after serving in various managerial and analytical positions in the Insurance and Sovereign & Public Sector groups.
Mr. Le Pallec is the S&P Global Executive Sponsor for the Company's PRIDE People Resource Group, which is dedicated to maintaining a supportive work environment for LGBTQ+ colleagues.
Prior to joining S&P Global, Mr. Le Pallec worked for nine years at Paris-based auditing and financial services firm Salustro Reydel.
Mr. Le Pallec holds a master's degree in Business from the Ecole Supérieure des Sciences Economique et Commerciales (ESSEC) in France.
S&P Global Commodity Insights
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global Ratings
Global Head of Research and Development
S&P Dow Jones Indices
Senior Director, Index Investment Strategy
Maya Beyhan is Senior Director, ESG Specialist, Index Investment Strategy at S&P Dow Jones Indices (S&P DJI). The index investment strategy team provides research and commentary on the entire S&P DJI product set, including U.S. and global equities, commodities, fixed income and economic indices. Maya’s role has a specific focus on ESG and climate-based indices within this product set globally. Before joining S&P DJI, Maya was the lead equity index portfolio strategist at State Street Global Advisors in EMEA. In this role, she served clients with sophisticated ESG/climate portfolios. She previously worked as an investment strategist at Kempen Capital Management, covering institutional clients in the U.K. and the Netherlands. Maya holds a PhD in Quantum Chemistry from Vrije University in Amsterdam and a master’s degree in Theoretical Physics from Groningen University in the Netherlands.
S&P Global Commodity Insights
Executive Director
Sylvain is responsible for the fundamental analysis of power markets across Europe to support asset valuation, retainer services, and Multiclient Studies. He also supervises the European long-term energy demand analysis. Prior to joining S&P Global Commodity Insights, Sylvain was chief analyst at ENGIE's Center of Expertise in Economic and Modeling Studies, where he managed a team of consultants in charge of energy demand assessments, French energy policy and regulation, and operational optimization and analytics studies.
He also directed long-term power and gas market assessment for France, Turkey, and African countries. Before ENGIE, Sylvain was senior principal researcher at S&P Global Commodity Insights, where he contributed to consulting assignments related to power and gas markets in the Middle East, North Africa, and Wider Europe.
Sylvain holds a master's degree from Ecole de Mines de Paris, France, and attended corporate finance executive education programs at the London Business School, United Kingdom.
S&P Global Ratings
Managing Director
S&P Global Commodity Insights
Senior Director, Global Power and Renewables
Etienne has taken part in projects across Latin America, North America and Europe, focusing on power price projections, power generation and transmission outlooks, asset valuations, and the analysis of operational and investment strategies for utilities, project developers, financial institutions, and other market participants. Past projects include assisting a global power utility in developing renewable energy projects in emerging markets, evaluating strategies for corporate clean energy procurement, and conducting due diligence on large portfolios of thermal and renewable assets.
Etienne holds a Bachelor of Science from Northwestern University, United States, and a Master of Science from Stanford University, United States. He is fluent in English, French, and Spanish.
S&P Global Sustainable1
S&P Global Sustainable1
Global Head of Thought Leadership
Lindsey Hall is Head of ESG Thought Leadership at S&P Global Sustainable1, where she co-hosts the ESG Insider podcast and is a steering member of S&P Global's Diversity Research Lab.
She got her start in financial journalism writing for various Financial Times publications in London before joining SNL Financial in 2010, where she spent a decade covering financial news and regulation as a reporter and editor.
Lindsey holds a Masters from the London School of Economics.
S&P Global Commodity Insights
Executive Director, Energy Technology and Innovation
Judson studies the strategic implications and tactical applications of oilfield and digital technologies across the oil and gas value chain in the current role. His recent research includes the role of technology in managing oil and gas GHG emissions, new technology commercialization strategies and open innovation models, and the growing role of digital technology in field development and asset operations.
Prior to joining S&P Global, Judson worked as a management consultant with the Mitchell Madison Group and held senior engineering positions with Schlumberger and Anadarko Petroleum Corporation.
Judson holds a BSE from Princeton University and an MS in Geology from Stanford University.
S&P Dow Jones Indices
Analyst
S&P Global Commodity Insights
S&P Global Commodity Insights
Head of Climate Markets and Policy Analytics
S&P Global Commodity Insights
Vice President, North American Upstream
Raoul passion lies in the intersection of oil and gas expertise and leading-edge data analytics. He currently leads the development and commercialization of data products that leverage knowledge to make the S&P Global Commodity Insights well and production database insightful for commercial decision makers. Raoul also plays a key role in directing research and forecasting of onshore North America and then delivering an integrated, substantive story to executives and investors. As a veteran of the industry and a former partner at PFC Energy (now S&P Global Commodity Insights), Raoul brings 25 years of experience in strategic and industry analysis. Familiar with a wide range of corporate and market issues, he has extensive experience on issues related to North American independents, upstream assets, and natural gas markets. From 1997 to 2006, Raoul directed Anadarko Petroleum's strategic planning effort, responsible for strategy formulation, portfolio optimization, scenario planning, and competitor analysis.
He has worked and studied in Japan, the western Pacific, and Great Britain. Mr. LeBlanc holds an undergraduate degree from Georgetown University and a Master of Arts in energy and international relations from The Johns Hopkins University School of Advanced International Studies, United States.
S&P Global Commodity Insights
S&P Global Commodity Insights
Associate Director, Energy Research
Tony Lenoir is an analyst with the S&P Global Commodity Insights Energy Research team.
Specializing in the US renewables space, he has published research on the expansion of solar and wind energy and also of battery storage; the REC market; and energy communities as defined by the Inflation Reduction Act, among other topics.
Tony holds an MBA with a specialization in international finance from the Middlebury Institute of International Studies at Monterey.
S&P Global Commodity Insights
Senior Analyst
Based in Washington D.C., he specializing in nuclear power as well as the Midcontinent Independent System Operator (MISO). Prior to joining S&P Global, Mason analyzed European energy markets while working at the Technical University of Denmark. His work focused on decarbonization policies, alternative transport fuels, and emerging technologies.
He holds a B.S. from the University of Pittsburgh in Mechanical Engineering and a M.S. in Sustainable Energy from the Technical University of Denmark.
S&P Global Sustainable1
Sustainability Analyst
S&P Global Sustainable1
S&P Global Sustainable1
Head of Climate Methodology
S&P Global Sustainable1
S&P Global Sustainable1
Senior Editor
Matt MacFarland is the industry editor for nonbank financial services news at S&P Global Market Intelligence. His coverage includes investment banking, asset management, financial technology and capital markets. A particular focus is equity market structure, which he covered as a reporter for SNL Financial.
Matt holds a master’s degree in creative writing from the University of Virginia and a bachelor’s degree in English from Hampden-Sydney College.
S&P Global Ratings
Director
S&P Global Commodity Insights
Head, Outlooks and Scenarios Analysis
Paul is an Executive Director with the Energy and Climate Scenarios team at S&P Global Commodity Insights. His work covers energy and carbon markets, long-term decarbonisation trends, climate policy, and strategic responses to climate change and the energy transition. He is highly experienced in both development of energy and climate scenarios, as well as their application in assessing climate-related risk and opportunity for organisations across the oil & gas, power, industry and financial sectors. Prior to S&P Global Commodity Insights, Paul led the climate transition risk team for a leading global sustainability consultancy. He also has many years' experience working in research roles across the energy industry.
Paul holds an MSc in Global Environmental Change and International Policy from Imperial College, London.
S&P Global Commodity Insights
Principal Analyst, Metal and Mining
Gavin Montgomery is a Principal Analyst covering critical minerals for S&P Global Commodity Insights. Prior to joining S&P Global in May 2024, Gavin worked with a commodity trading company where he headed up Battery Metals and Ferrous research. Before that, Gavin spent over eleven years at Wood Mackenzie where he was a Research Director at various stages responsible for developing and launching the company’s battery raw materials coverage and iron ore services. Gavin holds an MA in Chinese from the University of Edinburgh and a MSc in International Management from the University of London.
S&P Global Sustainable1
S&P Global Ratings
Global Climate Adaptation & Resilience Specialist
Paul Munday is a Director, Global Climate Adaptation & Resilience Specialist at S&P Global Ratings, where he leads and coordinates S&P Global Ratings’ research and application of climate adaptation and resilience analytics. He works at the interface between data and research, leveraging his expertise to help improve clarity of the credit impacts from climate risks.
Paul has over 10 years of experience in both the UK and abroad, providing advice to private and public sector clients across multiple sectors to help mainstream consideration of climate resilience into projects and programmes. Prior to joining S&P Global Ratings, Paul worked in climate risk consultancy.
He is a Chartered Scientist, Chartered Water and Environment Manager and certified expert in climate adaptation finance by the Frankfurt School of Finance & Management.
S&P Global Commodity Insights
S&P Global Commodity Insights
Director of Energy Research
Steve Piper is Director of Energy Research with S&P Global Market Intelligence. He has been with the company since 2009. Steve specializes in market price forecasting, economic feasibility assessment, demand forecasting and environmental analysis. Steve manages strategic research and forecasting for SNL Energy’s clients in the utilities, natural gas and coal industries.
Prior to his role at S&P Market Intelligence, Steve held positions at Platts, RDI and RCG/HaglerBailly.
Steve earned a Bachelor of Arts from Grinnell College and an Master in Project Management from the School of Public Affairs at University of Maryland-College Park.
S&P Global Commodity Insights
Principal Analyst, Clean Energy Technology
S&P Global Commodity Insights
Executive Director, Energy Technology and Innovation
Dr. Carolyn investigates the roles technology and innovation play in enabling competitive differentiation in the upstream energy sector from how a company sources new technology to how technology shapes a firm's strategic goals. Her recent research includes understanding the clean energy innovation ecosystem and the implications of the energy transition for the innovation landscape. Dr. Carolyn co-chairs CERAWeek's Energy Innovation Pioneers program, for which she tracks emerging energy technology trends and identifies promising startups that develop game-changing technologies across the energy value chain. She was a contributing author to the 'Advancing the Landscape of Clean Energy Innovation' report, jointly produced with the Energy Futures Initiative and supported by Breakthrough Energy. Previously, Dr. Carolyn managed the Quantitative Fuel Analytics Group at Edison Mission Marketing and Trading, where she provided short-term and long-term insights on coal, natural gas and environmental markets. She also advised senior management on market implications of proposed environmental policies and the emerging North American shale gas supply.
Dr. Carolyn was a Clare Boothe Luce Postdoctoral Fellow at the Massachusetts Institute of Technology, where she co-authored The Future of Natural Gas study that investigated the impact of unconventional supply on North American and global energy markets and carbon policy. She worked in domestic and international development and operational roles as a reservoir engineer for BP, Shell and Chevron.
She completed a Bachelor of Science in engineering chemistry from Queen's University, Canada, and holds a Ph.D. and Master of Science in petroleum engineering from Stanford University, United States.
S&P Global Market Intelligence
S&P Global Market Intelligence
Principal Research Analyst, Datacenter Services & Infrastructure, 451 Research
Dan Thompson is a principal research analyst in the 451 Research technology research group within S&P Global Market Intelligence. He leads the Datacenter Services and Infrastructure team, which is charged with keeping tabs on the datacenter industry globally to better understand its trends and growth areas. His research includes analyses of datacenter providers, market size and supply/demand in key and emerging markets around the world. Dan also provides coverage of datacenter providers offering services beyond colocation, such as managed and cloud-type services.
Dan also provides research on the sustainability of the datacenter industry. Beyond just renewable energy purchasing and carbon offsetting, he has been investigating full life cycle emissions, including supply chain emissions, as well as efficiency gains and water usage.
Before joining S&P Global Market Intelligence, Dan spent 15 years as a practitioner in the IT industry, the last 10 years at a top managed/cloud service provider. Dan has worn many hats in the IT world, from systems administration to management, and was most recently an enterprise architect. In that role, he not only assisted in the launch of the company's security practice, but also created security-specific products and designed security into every solution launched to the customer base.
In addition to a good many IT industry certifications, Dan currently holds degrees in network security and forensics and information technology.
S&P Global Commodity Insights
S&P Global Commodity Insights
Director, Clean Energy Technology
Sam Wilkinson is an expert on the solar PV, batteries and energy storage industries. He is an director within the Clean Energy Technology & Renewables research team at S&P Global Commodity Insights.
Sam coordinates and contributes to a wide range of custom research, consulting, and advisory projects, in addition to continued contributions to the team's syndicated research products. His areas of expertise are solar PV, battery technology and supply chain, and battery energy storage (for grid applications).
Upon joining the team in 2008, He was responsible for researching the photovoltaic (PV) inverter market and the PV module and polysilicon supply chain, working closely with leading global suppliers to develop detailed analysis on these markets. He has also been responsible for establishing primary research reports focusing on solar demand and policy, complementing S&P Global Commodity Insights extensive research of the complete PV supply chain. Building on his experience in the solar research team, Sam established the Clean Energy Technology team's coverage of energy storage in 2012, covering a wide range of topics within this fast-developing sector, including the development of battery technology and the battery supply chain. Sam analysis and commentary is regularly published by leading PV and energy industry media and the global press. He has also presented at many leading industry events and conferences and previously worked in structural engineering.
Sam holds a bachelor's degree in math and engineering from the University of Nottingham, United Kingdom.
S&P Global Commodity Insights
Executive Director, Clean Energy Technology
Dr. Edurne provides experience, analysis, and actionable insight to our customers on the solar PV supply chain and the development of global demand for PV and its role in the wider energy transition. She contributes to a broad range of deliverables across the research team, including both subscription products and custom research and consulting projects. Dr. Edurne has been involved in the solar industry for over a decade and has presented at leading industry events and conferences since 2007. Prior to joining S&P Global, she was employed by Trina Solar, a leading PV manufacturer where she held global positions within corporate and strategic marketing.
She holds a Ph.D. in Political Science from the University of Notre Dame, United States. She speaks English, French, Spanish, and Italian.
Lead Editors
Beth Donovan
Lead Editor
Ellen White
Senior Editor
Graphics Editor
Matthew Schick
Senior Editor, Visuals
Copy Editors
Mary Brown
Senior Editor
Benjamin Yang
Senior Editor
Editorial, Design & Publishing
Ken Fredman
Head of Editorial, Design & Publishing
Production Manager
Brianne Paschen
Associate Director, Strategic Design
Content Strategy
Kyle May
Head of Content
Kurt Burger
Content Strategist, Website
Camille McManus
Content Strategist, Channels
Communications
Orla O'Brien
Global Head of Public Relations
Jo Vickers
Director, Public Relations
Project Manager
Meha Dave
Associate, Project Execution Lead, New Product and Analytical Innovation