Caught in the crosswinds
Caught in the crosswinds
White Paper Global Energy Trends 2026
In this edition of Global Energy Trends, we examine how electricity markets are navigating the continued tug-of-war between the three aspects of the energy trilemma (affordability, sustainability and security) and how both innovation and inertia are shaping the sector.
The climate signals of 2025 are harsh but clear. Heat, drought, fires and floods underscore how vulnerable our infrastructure and markets are to weather and climate. The fiscal and human costs of inaction are escalating, forcing regulators and utilities to re-evaluate what it means to be climate resilient. As we look to 2026 and beyond, the imperative is clear: the energy transition must integrate adaptation as deeply as mitigation. Resilient grids, dynamic pricing, climate-proofed assets, and proactive planning are not optional but necessary.
While the rapid expansion of renewable energy sources as technologies to reach net zero is outpacing some projections, momentum varies significantly based on geography, local policy and the structure of the market. But the global energy transition is not unfolding in a vacuum. It is deeply entangled with the shifting tides of politics, national identity, and strategic security. As we look across the landscape of 2025 and into 2026, politics has re-entered the energy conversation, not as a side note, but as a primary driver.
The availability of critical minerals, access to advanced technologies, and the capacity of supporting infrastructure have all become new front lines in the struggle for energy security. At the same time, changing patterns of demand are emerging as a disruptive force.
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