logo
episode-header-image
Jul 7
24m 50s

185. Blackouts - Jul25

Laurent Segalen and Gerard Reid
About this episode
What Really Happened During the Iberian Blackout This Spring? And How Should We Make Sense of the Conflicting Reports?  

To shed light on the events, Gerard and Laurent are joined by global energy expert Steve Berberich, who served as President and CEO of the California Independent System Operator (CAISO) from 2011 to 2020. Steve led CAISO through the August 2020 blackout in California and now serves as President and CEO of Onward Energy.  

We begin by placing the Iberian blackout in a broader context—comparing and contrasting it with major grid failures from recent years: South Australia 2016, California 2020, Texas Uri 2021, Ireland 2024, Louisiana 2025 and of course Iberia 2025.  

We examine both the long-term systemic weaknesses and short-term triggering events behind each case—identifying patterns, divergences, and the reforms that followed in their aftermath. Then we turn our full attention to Spain.   Unlike the other blackouts, the Iberian event did not stem from extreme weather. Instead, Steve—along with Gerard and Laurent—dives deep into the underlying structural vulnerabilities of the Spanish grid.  

From regulatory gaps and design flaws to operational mistakes, we scrutinize the entire system and arrive at a set of clear, evidence-based conclusions.  

Link to Gerard’s substack https://www.linkedin.com/pulse/spains-grid-blame-blackouts-bureaucracy-gerard-reid-tiqre/  

Link to the Energy Institute Report https://www.energyinst.org/statistical-review
Up next
Jun 22
184. Market dynamics and Pricing of Battery Materials - Jun25
Six years ago, Simon Moores, CEO of Benchmark Minerals Intelligence shook the world in a now legendary testimony in front of the US Senate. Then, Simon predicted the exponential growth of batteries and the control that China was starting to exert of the supply chains.Fast forward ... Show More
33m 18s
Jun 15
183. Energy Security from the front line: Eastern Europe and Renewables - Jun25
Laurent remembers vividly his trip to Sofia Bulgaria in winter 2009 when the Russians had cut the gas for Bulgaria during a -15C winter. Russia was already playing hard ball because of (guess what) a financial disagreement with Ukraine. The blackmail lasted 3 weeks, and the poor ... Show More
27m 24s
Jun 9
182. Broken grids and Datacenters load growth - Jun25
We have recently witnessed spectacular black outs: South Australia 2016, Texas Uri 2021, California 2020-21-25 and Iberia 2025. We are not even mentioning fragile grids in the Global South. We will do an episode on those blackouts later this year.The U.S. electrical grid, now ove ... Show More
32m 15s
Recommended Episodes
Dec 2024
Our Energy Future: Balancing climate goals with reliable supply
The world is grappling with the need to hit the global Net Zero by 2050 target which means the net amount of greenhouse gases emitted into, and removed from, the atmosphere is zero by that date. All the while providing safe, secure and affordable energy for citizens. A tug of war ... Show More
32m 39s
Jan 2025
Big Debates: The State of the Energy Transition
In the latest edition of our Big Debates miniseries, Morgan Stanley Research analysts discuss the factors that will shape the global energy market in 2025 and beyond, and where to look for investment opportunities. ----- Transcript ----- Michelle Weaver: Welcome to Thoughts on th ... Show More
13m 56s
Feb 2025
More 2025 trends: DeepSeek, plug-in hybrids, and curtailment
Didn’t catch last week’s episode on Nat Bullard’s mega slide deck on energy transition? Start there. This is the second half of our extended conversation with Nat, the former chief content officer at BloombergNEF and current co-founder at data insights company Halcyon. In this ep ... Show More
49m 45s
Nov 2018
What if Utilities Are to Blame for Wildfires?
California has seen a million and a half acres of forest burned this year. As the state recovers from the devastating Camp Fire and Woolsey Fire, residents are looking for someone to blame.Now attention turns to utilities. Both Southern California Edison and Pacific Gas & Electri ... Show More
39m 51s
Nov 2024
26 Nov 2024 | Briefly
Want to split £100? If you move to Octopus Energy and use my referral code you can help keep the lights on for me AND get yourself a great welcome bonus. Click here: https://share.octopus.energy/free-puma-452 It's EV News Briefly for Tuesday 26 November 2024, everything you need ... Show More
4m 16s
Nov 2024
The challenges to energy security in Europe
Europe’s energy system is entering a period of radical change. The net-zero transition will require a significant overhaul of our infrastructure and our supply chains, right when geopolitical tensions are forcing the continent to find new sources of oil and gas and develop new ne ... Show More
18m 20s
Oct 2024
#232: Top Renewable Energy Stocks for 2025
Mike sits down with energy trader and correspondent Dan Dicker to unpack the future of renewables and the United States energy policy. Dan covers how both political parties fail to understand the oil industry, the likely future of nuclear energy, the underappreciated benefits of ... Show More
49m 57s
Apr 17
Serving data center load with carbon capture
Big tech’s data center construction boom is fueling a flurry of natural gas development, despite the fuel’s challenges, and it’s complicating big tech’s climate goals. But carbon capture and storage (CCS) could mitigate emissions from those new plants, and hyperscalers could secu ... Show More
39m 7s
Nov 2024
Is Clean Power at a Tipping Point in Asia?
Our South Asia Energy Analyst Mayank Maheshwari discusses the main drivers behind a shifting electric power landscape in his outlook for Asia energy. ----- Transcript ----- Welcome to Thoughts on the Market. I’m Mayank Maheshwari, Morgan Stanley’s South Asia Energy Analyst. There ... Show More
3m 33s
Feb 2025
EDF prêt à accueillir tous les nouveaux data centers IA ?
Alors que Donald Trump moquait la France en la qualifiant de pays sans gaz ni pétrole, Emmanuel Macron lui a répondu avec une pointe d’humour. « Plug, baby, plug », a-t-il lancé lors du sommet sur l’intelligence artificielle. Une manière de rappeler que l’électricité décarbonée f ... Show More
3m 11s