Volume 13 —19 March 2026
Look Forward:
Energy Futures
The global energy system is entering an era of expansion, where affordability, reliability, competitiveness and geopolitical resilience are taking precedence over the energy transition.
Energy is Everything. It’s the defining feature of today’s global landscape.
The rapid growth of AI and the enormous energy required to power it are driving an unprecedented convergence between the technology and energy sectors. Electricity is taking on a larger role besides AI across the economy, even as affordability pressures intensify and grid investment becomes more urgent. At the same time, the “molecules economy” is evolving as LNG markets become more globally integrated, and hydrocarbons remain central to meeting demand.
Amid a rapidly evolving and expanding global landscape, the need to secure reliable and sustainable energy has never been more urgent. Securing critical minerals and materials is increasingly recognized as a strategic priority, underscoring the importance of diversified supply chains and long-term resource stewardship.
Advancing greater transparency and standardization in carbon measurement is essential to unlocking the full potential of voluntary carbon markets and enabling credible carbon-differentiated trade.
As energy advances the global economy, climate impacts have continued to intensify. Integrating adaptation and physical resilience into energy planning is becoming foundational to building systems that are durable, flexible and fit for the future.
Understanding these driving forces is central not only to energy markets, but also to the wider world those markets serve. That is why it is more important than ever to bring together deep sector expertise, rigorous data and on-the-ground market knowledge.
S&P Global’s Look Forward: Energy Futures provides world-leading analysis to help leaders navigate complexity with confidence at a moment when decisions made by policymakers, companies and investors will reverberate for decades. This issue is going to press during the war in the Middle East, one of the most historically important moments in the global energy markets. S&P Global Energy news and price reporters, researchers, and analysts will continue to analyze the impact of the conflict on the physical energy markets, as well as its long-term implications, while staying connected with our customers.
We invite you to share your own views on these topics and ask questions. Your insights and engagements are invaluable. We want to hear from you.
S&P Global Energy
Dave Ernsberger
President, S&P Global Energy
Dave Ernsberger is President of S&P Global Energy 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 Energy. 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.
In this edition
About this edition
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Overview
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Sponsors and Leads
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Contributors
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Past Editions
The global energy system is charting new frontiers, with decarbonization increasingly viewed as a longer-term objective, rather than an immediate priority.
The collection of articles in our latest edition of Look Forward captures this inflection point: We are firmly in an era of energy expansion, where affordability, reliability, competitiveness and geopolitical resilience are taking precedence over energy transition.
There is a revival in oil and gas investments amid concerns over supply shortfalls and price volatility. At the same time, investors are balancing capital discipline, shareholder expectations and emissions scrutiny. Upstream expansion today is more practical, technologically sophisticated and politically aware than in previous cycles, having adapted to a world where hydrocarbons remain indispensable but contested.
The recalibration is especially visible in Europe, where industrial competitiveness and energy affordability have moved to the forefront. While the European Green Deal remains foundational, policymakers are balancing decarbonization with pragmatism, recognizing a sustained role for gas in stabilizing power systems and preserving industrial capacity. Although political consensus on climate ambition may be less unified, investment opportunities remain abundant.
Energy expansion is not confined to advanced economies. Extending access to reliable energy in Africa is central to economic growth and social development. Here, the priorities are clear: mobilizing capital, improving project bankability and unlocking infrastructure investment.
Meanwhile, materials and minerals critical for the global energy system, such as copper, are becoming increasingly embedded in geopolitical competition. Supply chains once governed primarily by cost efficiency are now shaped by national security interests.
Even climate policies are evolving in this new context. Carbon accounting frameworks are central to policy dialogue, as credibility and comparability are essential in this complex, multipolar energy landscape. Resilience to physical climate risk is indispensable as the US expands generation capacity and grid infrastructure. Adaptation, in other words, is as crucial as mitigation. After a period of enthusiasm, sustainable chemicals now face economic and policy headwinds, demonstrating that not all decarbonization-linked industries advance in a linear fashion.
Together, the articles in Look Forward: Energy Futures depict a world in which energy demand is rising, supply is expanding and strategic competition is intensifying. The energy transition has not disappeared; it is just not the primary goal. In its place stands a more immediate imperative: secure, affordable and scalable energy systems capable of sustaining economic growth in an uncertain geopolitical era.
By Atul Arya, Ph.D. and Ashutosh Singh
S&P Global Ratings
Look Forward Council, Sponsor
Yann Le Pallec
President, S&P Global Ratings
Yann Le Pallec is President of S&P Global Ratings and a member of S&P Global’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 has also served as the Executive Sponsor for S&P Global’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 Energy
Look Forward Council, Co-Chair
Atul Arya, Ph.D.
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
Look Forward Council, Co-Chair
Alexandra Dimitrijevic
Global Head of Research and Development
S&P Global Energy
Miguel Acosta
Consulting Manager, Critical Minerals Consulting
S&P Global Energy
Look Forward Council, Co-Chair
Atul Arya, Ph.D.
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 Energy
Alessandro Badinotti
Sustainability Analyst Research and Development
Alessandro Badinotti works as Sustainability Analyst within Horizons, S&P Global's centralized source for sustainability intelligence. Together with a global team of analysts, he’s responsible for maintaining and developing the S&P Global Corporate Sustainability Assessment (CSA), an annual evaluation of companies’ sustainability practices that are both industry-specific and financially material. His cross-industry focus areas are greenhouse gas emissions and transparency in sustainability reporting.
S&P Global Energy
Kevin Birn
Head of Carbon Research and The Center of Emissions Excellence
Kevin is based in Calgary and is responsible for the Centre of Emission Excellence within S&P Global Energy. The Centre is responsible for accelerating Energy emissions quantification capabilities by helping to identify and inform strategic priorities, ensuring consistency in emission estimation across business lines, and providing technical support and guidance to development of new models, methods and tools in the estimation of GHG emissions across energy value chains.
Kevin has over a decade of experience engaging in and advising governments, companies and industry on emission accounting estimation as well as decarbonization strategies. He is also an established thought leader on the Canadian oil market and serves as the Chief Analyst for the Canadian Oil Market.
Kevin is currently a fellow at the Canadian Global Affair Institute, a member of the Outreach & Engagement Committee at Emissions Reduction Alberta, and a member of the executive committee with the Global Energy Show. He holds an undergraduate degree in business and a graduate degree in economics from the University of Alberta.
S&P Global Energy
Gary Clark
Associate Director, Europe and Africa Clean Refined Products
S&P Global Energy
Sylvain Cognet-Dauphin
EMEA Power and Renewables Research Lead
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 Energy, 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 Energy, 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 Energy
Aurian De La Noue
Executive Director, Energy Transition and Critical Minerals Consulting
Aurian is a Senior Director in the Energy Transition practice at S&P Global, and is the global lead for critical minerals and metals consulting. With over twelve years of experience, he has led numerous consulting projects in the energy transition space, particularly within the metals and mining industry. Aurian has worked with major mining conglomerates, banks, governments, and energy companies. Aurian's expertise in critical minerals includes developing integrated supply, demand, and structural cost models, as well as creating decarbonization pathways for key commodities. He has also worked on emission reduction strategies and climate-related scenario analysis for mining producers. Notably, Aurian worked on Egyptian Government's Mining Masterplan between 2018 and 2021, supporting the Ministry of Petroleum in setting up its exploration auction round, its mining cadastre and bid evaluation criteria for the country's first ever mining auction.
Before joining S&P Global, Aurian was a Principal Consultant in Wood Mackenzie's Metals & mining consulting practice, focusing on iron ore, steel, and base metal. He holds a B.A. in Economics and Political Science from the McGill University and an M.Sc. in Management from the London School of Economics.
S&P Global Energy
Chris DeLucia
Director, Global Power and Renewables Research
In this role, Chris focuses on strategic and competitive dynamics within the global power and renewables space and analyzes company and peer group strategies and trends. Previously, Chris worked with the Upstream Companies and Transactions team, where he oversaw research and analysis pertaining to the upstream portfolio positioning of oil and gas companies and to the low-carbon strategies of these companies. He has been with the company since 2013. Prior to joining S&P Global, he worked for several years in investment banking at UBS.
Chris holds a Bachelor of Arts in economics and international studies from Colby College and a Master of Public Administration in international energy policy management from Columbia University, both in the United States. He is also a CFA charterholder.
S&P Global Energy
Roger Diwan
Head of Energy Capital Insights
Roger has more than 25 years of experience in advising governments, oil and gas companies, and financial institutions on oil markets, geopolitics of oil, and assessment of the strategic shifts of the global oil and gas industry. He leads a team of analysts and strategists to advise asset managers, hedge funds, private equity firms, and investment banks by providing customized analysis on the oil and gas industry. Recently, Roger has been focusing on strategies that investors are implementing to capture value in the energy sector and the implications of the decapitalization of the oil and gas sector and capitalization of the energy transition. He still leads analysis on topics as varied as the global exploration outlook, the geopolitical impact of US shales, China's energy outlook, or the changing strategies of the Gulf national oil companies.
Roger holds a Bachelor of Arts from the Sorbonne University, France, and master's degrees from The Johns Hopkins University School of Advanced International Studies, United States, and the Institut d'Etudes Politiques of Paris, France.
S&P Global Energy
Kunle Dosumu
Principal Analyst, Polymers and Circularity
S&P Global Energy
Marie-Louise du Bois
Global Director, Price Reporting – Energy Transition
S&P Global Ratings
Emmanuel Dubois-Pelerin
Managing Director, Sector Lead, EMEA Utilities
S&P Global Energy
Daniel Evans
Vice President, Global Head of Fuels and Refining Research
S&P Global Energy
Bob Fryklund
Vice President, Chief Upstream Strategist
Bob is a recognized industry thought leader on all aspects of the Upstream. He advises Boards, CEO's and management teams on strategic direction. He has been involved in many of the industries pivotal projects - TOR acquisition by Petrobras, a $10 billion arbitration; Oil export approval in the US; and restructuring of several of the industries major operators. He focusses on helping companies understand future trends and how to position themselves in the market. He also provides advice on how to build a better narative for shareholders. Bob has 40 yrs in the industry and has been an senior executive at ConocoPhillips as well as at S&P Global (Now a part of S&P Global).
He sits on four industry Boards and is chair of the supply and demand committee at the Independent Petroluem Association of America (IPAA). He is a frequent industry executive speaker as well as media source for the major outlets. Bob holds a AB in Geology from Hamilton College and lives in Houston.
S&P Global Ratings
Pierre Georges
Managing Director, Global Analytics, Head of Infrastructure Research
S&P Global Ratings
Gabe Grosberg
Managing Director, Sector Lead, Credit Analysis
S&P Global Energy
Lindsey Hall
Global Head of Sustainability Thought Leadership
Lindsey Hall is Head of ESG Thought Leadership at S&P Global Horizons, 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 Energy
Bing Han
Head of China Power and Renewables
Bing, Senior Research Analyst, S&P Global Energy, works on Greater China power and renewables research and is a member of Asia's research and consulting team. Prior to joining S&P Global Energy, Bing was Engineer of Energy Consulting and Planning at Guangdong Electric Power Design Institute for four years in Guangzhou, China, working on regional energy planning, power plant grid connecting, power grid planning, and power quality analysis of renewables.
Bing holds a Bachelor and a Master of Electrical Engineering from Tsinghua University.
S&P Global Energy
Judson Jacobs
Executive Director, Upstream Technology
Judson Jacobs is a Executive Director with S&P Global’s energy division. In this role he leads the company’s energy technology group, bringing together company strategies, innovation approaches, and regulatory and policy perspectives to deliver insights into the current state of the industry and future directions. Recent research includes the role of AI in enabling and accelerating the energy transition, the emergence of commercial models for carbon management, and finding the balance between oil & gas and new energy. Prior to joining S&P Global, Mr. Jacobs worked as a management consultant with the Mitchell Madison Group and held senior engineering positions with Schlumberger and Anadarko Petroleum Corporation. He earned a BSE from Princeton University and an MS in Geology from Stanford University.
S&P Global Energy
Roman Kramarchuk
Head of Integrated Narratives and Policy Analysis
Prior to joining PIRA, now part of S&P Global Energy, he was at the U.S. EPA, developing key power plant and industrial emissions regulations at the Clean Air Markets Division. With both PG&E NEG and PA Consulting / PHB Hagler Bailly, he evaluated strategies regarding fuel choice, capital investments and trading. Roman also worked on international projects to develop power markets and regulatory capacity in the former Soviet Union and India. At the Federal Reserve Board, Roman analyzed trends in industrial production.
He has an M.P.P. from the Harvard Kennedy School and a B.A. in economics and B.S.E. in systems engineering from the University of Pennsylvania.
S&P Global Energy
Coralie Laurencin
Head of European Gas, Power and Carbon Policy
Coralie specializes in regulation and strategy in European power markets and renewable energy investments. Her work centers on how policy is shaping the energy transition. In particular, she focuses on the European carbon price, the emissions trading scheme (ETS), renewable support frameworks and PPAs, and developing capacity markets.
Before joining S&P Global, Coralie developed onshore wind and biomass projects in the United Kingdom with EFRG. Prior to that, she led the regulatory analysis efforts of boutique investment bank Climate Change Capital, focusing on the ETS in London, and was a part of EDF's commodity market analysis team in Paris. She holds a Master in Management from HEC Paris, France.
Coralie speaks French and English.
S&P Global Energy
Raoul LeBlanc
Vice President, Upstream Research and Analysis
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 Energy 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 Energy), 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 Ratings
Apple Li
Director, Infrastructure Ratings
S&P Global Energy
Rick Lord
Head of Sustainable1 Research and Innovation
Rick holds a Masters in Environmental Economics from Imperial College London and a Bachelor’s of Science from Queensland University of Technology.
S&P Global Energy
Patrick Luckow
Cross-Regional Power and Renewables Research Lead
Patrick Luckow, an associate director of S&P Global Energy Gas, Power, and Energy Futures, focuses on regional and national carbon policy and associated markets, including the Regional Greenhouse Gas Initiative and the linked, economy-wide greenhouse gas markets in California and Quebec.
Patrick is experienced in the use of simulation and forecasting tools to conduct economic analysis and long-term scenario planning to support renewable and carbon market analyses. He produces regularly updated allowance price outlooks for the Regional Greenhouse Gas Initiative and California-Quebec carbon markets. Patrick also contributes to S&P Global Energy REC market outlooks, forecasting pricing associated with state renewable portfolio standards. Prior to joining S&P Global, Patrick was the modeling lead at Synapse Energy Economics, where he used industry-standard models for resource planning and market forecasting, as well as expert testimony for regulatory proceedings.
Patrick holds a Bachelor of Science from Northwestern University, United States, and a Master of Science degree from the University of Maryland, United States.
S&P Global Energy
Matt Macfarland
Senior Editor, Sustainability
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 Energy
Olivier Maronneaud
Global Head, Methanol and Circularity
Olivier has 10+ years of chemical industry background starting his career as product manager for General Purpose PVC at the French chemical producer Arkema. Olivier then joined the chemical research team at S&P Global Energy, where he was in charge of the medium and long term analysis for methanol and the acetyls value chain. Since 2017, Olivier is part of the chemical consulting team where he is currently a Director, managing single client projects across the wider chemical industry. His expertise spans from the vinyls and syngas value chains to wider issues affecting the chemical industry such as plastic recycling (chemical recycling) with a focus on the European and CIS regions.
S&P Global Ratings
Samira Mensah
Managing Director, Africa Research & Analytics, and Country Head, South Africa
S&P Global Ratings
Paul Munday, Ph.D.
Director, Global Climate Adaptation and 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 Energy
Andy Orszynski
Director, European Ethylene and Derivatives
Andy leads S&P Global Energy’s research into Ethylene in Europe, as well as their global research into Ethylene Derivatives, including Ethylene Oxide and Glycols. He joined S&P Global in 2023 having spent much of his 14-year chemical industry career working in sales, marketing & business developments roles at Shell Chemicals.
Andy started his career as a Marketer - and then an Economist - within Shell’s Mobility business, before joining Shell Chemicals as Sales Manager for Linear Alpha Olefins, Alcohols and Ethoxylates. Subsequently he joined the European Base Chemicals team, leading cracker feedstock projects to establish Ethane imports from North America, as well as new domestic sources of NGL’s and other advantaged feedstocks. After this he managed the Propylene Oxide Glycols and Glycol Ethers business, with overall responsibility for the P&L, manufacturing and supply chains, as well the strategic direction of the product line.
His experience across a number of Shell’s value chains has given him a strong insight into integrated value, and deep knowledge of a wide range of derivatives and end uses including Automotive, Building & Construction, Furnishings, Lubricants, Detergents and Solvents.
Andy has also led Digitalization and Sustainability projects within Shell Aviation, and has a keen interest in how developments in these areas will impact the Chemical industry in both the near and long-term.
S&P Global Energy
Carlos Pascual
Senior Vice President, Head of Geopolitics and International Affairs
Carlos Pascual leads the integration of geopolitics, energy, and markets for S&P Global Energy. He works with clients globally on addressing the geopolitical challenges of energy transition, security and competitiveness -- and the implications for energy justice. Mr. Pascual also leads the coordination of S&P Global Energy businesses in Latin America.
Mr. Pascual was previously US Ambassador to both Mexico and Ukraine and was Special Assistant to the US president for Russia, Ukraine, and Eurasia on the National Security Council. As the former US Energy Envoy and Coordinator for International Energy Affairs at the State Department, Mr. Pascual established and directed the Energy Resources Bureau and served as the Senior Advisor to the Secretary of State on energy issues.
Earlier, Mr. Pascual created the position of Coordinator for Reconstruction and Stabilization in the State Department, establishing the first civilian response capacity to conflicts. Mr. Pascual is a distinguished fellow at the Atlantic Council and was a resident fellow at Columbia University’s Center on Global Energy Policy. He holds a Bachelor of Arts degree from Stanford University and a Master of Public Policy degree from the Kennedy School of Government at Harvard University.
S&P Global Energy
Chengyao Peng, Ph.D
Head of APAC Power and Renewables
Chengyao, director for Greater China power & renewables research and anlysis at S&P Global Energy and a member of the thought leadership group in global power and renewables, with a focus on Asia Pacific and China in particular. Chengyao has deep domain knowledge in electric power, clean energy, and especially renewable energy industry, specializing in market fundamentals analysis and forecasting, market design and policy analysis, business models, company strategies, and technology trends. Chengyao has over 15 years of experience in leading strategy, marketing, product management and commercialization in multinational organizations, state owned enterprises, and government agencies.
Prior to joining S&P Global Energy, Chengyao spent 10 years at GE, both in the US and China, and took on various strategy, marketing, and commercial roles across energy, gas-fired power, distributed power, and renewable energy businesses. She most recently served as strategy director in GE Renewable Energy where she oversaw both commercial and product strategies for onshore wind in APAC. Earlier, she was an assistant general manager for eco technologies planning and investment at Sino-Singapore Tianjin Eco-city Investment and Development Co.. Prior to that, she worked as a program manager at Singapore's Public Utilities Board.
Chengyao holds a bachelor's degree in environmental engineering from Tongji University, China, a master's degree in environmental science from Stanford University, California, and a Ph.D in civil engineering from Beijing University of Technology, China. She is based in Beijing.
S&P Global Energy
Daniel Pratt, CFA
Head of Upstream
Daniel Pratt is Senior Vice President leading the Global Upstream Solutions business within S&P Global Energy. Dan has over 25 years of experience in the Upstream sector with leadership positions across multiple capabilities. Today, Dan leads a global team focused on delivering research, data, and software to support decision making within Oil & Gas markets, including operators, service companies, investors, and capital providers. Dan spearheads new product development and innovation, integrating advanced technology and data science into workflows and product offerings. His efforts generate critical insights and thought leadership, strengthening client relationships and supporting S&P Global’s sales and consulting initiatives.
Daniel’s previous experience includes equity analysis at John S. Herold and serving as Director of Oil & Gas Research at Ticonderoga Securities, where he covered oil and gas equities and published research for institutional investors. He also led the Upstream Companies & Transactions capability within IHS Markit. Daniel is a Chartered Financial Analyst, a member of the CFA Institute, and a member of the Stamford CFA Society. He holds a Bachelor of Arts from the University of Rochester.
S&P Global Energy
Francesca Price
Senior Principal Analyst, Critical Mineral Markets
Francesca Price is a Senior Analyst in the Metals and Mining Research team at S&P Global Energy, based in London. With a background in mining geology, Francesca has been covering the metals markets since 2019, initially focused on precious metals and PGMs, and more recently expanding her scope to look at all critical raw materials. Her primary focus now is the policy environment of critical minerals, assessing how political, technological, economic, environmental and legislative changes will affect these commodity markets, in the context of the energy transition. Francesca joined the Department for Business and Trade in 2023 as a Senior Policy Advisor for critical minerals, helping deliver high priority workstreams within the UK’s Critical Minerals Strategy for HM Government. Francesca holds a BSc in Geology from the University of Leeds.
S&P Global Energy
Glenn Rickson
Associate Director, Europe Power and Renewables Research
Glenn Rickson leads S&P Global Energy’ short-term European power analysis team. He heads up coverage of the region’s wholesale electricity markets and has also contributed to development of price and fundamental forecasts out to 2050.
S&P Global Energy
Catherine Robinson
Executive Director Global Gas Cross Commodity Research
Catherine has worked on numerous tailored consulting assignments for international oil companies, European utilities, and financial institutions, providing strategic advice and recommendations at the board and senior executive level. She specializes in market fundamentals, hedging, and risk management. Catherine is the author of numerous reports, which include analyses of the evolution of the European gas and power market and the implications for the strategy of market players; Europe's energy transition; and short- and long-term energy market fundamentals, among other research topics. She was the research lead for a number of Multiclient Studies looking at the long-term future of the European energy systems, including 'Strategies for a Lean Europe: Meeting the Energy Efficiency Challenge,' 'Beyond the flame: The transformation of Europe's heat sector,' and 'Steady at 50: Balancing Europe's power grid,' a study of European ancillary service markets. Before joining S&P Global, Catherine held posts at Centrica and in HSBC's Capital Markets division.
She holds a Bachelor of Science and a Master of Science from the University of Glasgow and a Master of Science from the University of London, both in the United Kingdom.
S&P Global Energy
Laurent Ruseckas
Executive Director, First Take Gas, Geopolitics and Finance
Laurent is a leading authority on the gas industry in Europe and Eurasia, with a special focus on gas supply and transportation and a regional focus on the Caspian Sea region, southeastern Europe, Turkey, Ukraine and the Eastern Mediterranean. He has published client research on topics including EU gas regulation, Russian-Ukrainian gas arbitration, and the gas sectors in Azerbaijan and Turkmenistan. He has worked for more than two decades advising international oil and gas companies and institutional investors on energy investment in Eurasia, and has led assignments in which S&P Global served as Lenders' Market Consultant in support of project financings on numerous occasions. Laurent first joined CERA (a predecessor company of S&P Global) in 1991 and led CERA's Caspian Energy practice from 1997 to 2003. Laurent co-managed the Caspian Development Corporation project carried out for the World Bank and European Commission (DG Energy) during the period 2009-2011. From 2006 to 2008, Laurent was based in Baku, Azerbaijan as Director of Business Development and head of strategy for a company in the oil transportation sector.
A Russian speaker, Laurent holds a B.A. with honors in Russian and Soviet Studies from Harvard University (Cambridge, USA), and he passed comprehensive examinations in the Ph.D. program in Political Science at Columbia University (New York, USA).
S&P Global Energy
Nick Sharma
Executive Director, Global Upstream
Nick brings close to 20 years of E&P and energy experience. His current mandate is to develop and lead the delivery of our latest regional and global upstream research to clients across the Asia Pacific region. Nick is an experienced leader in delivering our latest insights on exploration/supply outlook, company strategy/performance, valuations/M&A, costs/supply chain, regulatory/fiscal analysis, government policy, and E&P technology trends.
Nick previously led regional advisory practice for 6 years, working with a range of clients (NOCs, IOCs, Independents, Service Companies, Financial Services, Sovereign Wealth Funds, Ministry, and Regulators).
S&P Global Energy
Kuntal Singh
Lead, Climate Physical Risk
S&P Global Energy
Ashish Singla
Director, South Asia Power and Renewable Research
Ashish has more than a decade of experience in power sector covering South Asia, US, Canada, Mexico, Caribbean countries and Kenya. Ashish expertise includes economic and policy assessment, Power market designs, power and fuel market analysis, power market modeling, power trading, regulatory and commercial analysis, and environmental policy analysis. Prior to joining S&P Global Energy , He worked with ICF Consulting India private limited where he led the 'Power and Renewable' practice covering South Asia region. Ashish has worked on numerous consulting assignments with IPPs, investors, private equity funds, Multi-lateral organization, power utilities, energy majors, industrial consumers, and government planning bodies to support their business, commercial and policy strategies. Ashish has led numerous techno-commercial and market due diligence assessments related to asset acquisition / sale / development and has authored papers/articles.
Ashish holds Bachelor of Technology degree in 'Production and Industrial Engineering' from Indian Institute of Technology (IIT), Roorkee.
S&P Global Energy
Shankari Srinivasan
Vice President, Global Gas and LNG
Shankari has specific expertise in global gas market fundamentals analysis, price forecasting, company strategy and scenario planning. She has authored numerous reports. Prior to joining S&P Global Energy, Shankari was Head of Energy Fundamentals at Centrica in the United Kingdom. She has covered the European gas market for many years and authored a number of reports as researcher and then leader of the European gas practice at CERA, which is now part of S&P Global Energy. She has also assessed the European and Russian gas markets with the International Energy Agency.
Shankari previously worked at a New York brokerage firm as a corporate equity analyst. She holds three degrees from US Universities, a Bachelor of Arts from Brown University, a Master of Science from New York University, and a Master of Science from University of Pennsylvania. She also holds an Executive MBA from Cranfield University, United Kingdom.
S&P Global Ratings
Bruce Thomson
Global Social Specialist, Sustainability Methodologies and Research
Bruce Thomson is a Director and Global Social Specialist in the Sustainability Research team at S&P Global Ratings. Bruce leads the global research and thought leadership agenda on social topics and sustainable supply chains, aiming to advance understanding of social factors and their sustainability and credit impacts across value chains. He advises the company’s global network of sustainable finance and credit analysts on the effective integration of sustainability factors into issuer, project, and sector analysis.
Previously, Bruce led the North America Sustainability Advisory practice at ELEVATE Global, an ESG services company, where he advised many of the world’s most recognizable brands on strategies to optimize their global supply chains to protect and create value through social risk management. In addition, Bruce worked with asset management firms on pre-investment ESG due diligence as well as investment stewardship. Prior, he founded and led BrightLabel, a supply chain transparency and sustainability software startup, and worked for seven years as a trade economist at the World Bank, the UN, and the Office of the US Trade Representative during the Obama Administration, where he focused on driving economic advancement, protecting human rights, and alleviating poverty through international trade and value chain development.
Bruce received a master's degree in Foreign Service (MSFS) from Georgetown University, where he concentrated in International Economics and Finance, and he graduated with honors in Political Science from Wake Forest University.
S&P Global Ratings
Christopher Yip
Managing Director, Sector Lead, China Local Government
S&P Global Energy
Edurne Zoco, Ph.D.
Head of Clean Technologies and Supply Chains
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.
Key support and contributions by: Kurt Burger, Lauren Capolupo, Neal Corpus, Nicolas Coles, Meha Dave, Evelia Gramajo, Cherie Nicole Haddy, Chris Isles, Hannah Kidd, Elsa Lima, Camille McManus, Brianne Paschen, Penny Taggart, Ellen White, Ben Yang and Melenie Yuen