He's just published a new report called The Global Energy Race, and I started off by asking him what that title meant.

I think it's a race for three different things.

Um, we're looking at energy security, certainly accelerated by the events of this year, which I'm sure we, we'll, we'll get into.

Um, electrification broadly, which is a structural theme and we think will persist for a number of decades.

Uh, and then AI, which is I think the most recent Uh, uh, development there, and perhaps the least well understood.

But that's what we think the world is racing for.

In terms of who is doing it, it's a variety of different constituents, right? So if we're talking about energy security, uh, primarily, you know, nations, geopolitics, et cetera.

Does that mean that we get onto a very different trajectory in terms of where the energy system goes?

But the key question, right, is what's driving that massive demand shift in global energy?

We think it's three things, energy security, electrification, and then AI.

And I'll just touch briefly on each of those.

So I think energy security, of course, Russia, Ukraine, that conflict has been going on for a number of years, but that does have global implications for energy.

The conflict in Iran, which kicked off earlier this year, has had massive disruptions to global oil flows, LNG, and refined products.

There have been supply chain disruptions associated with a number of these.

And increasingly, governments want secure energy, not just cheap energy.

What characteristics do you think are going to define the countries that are best positioned for this new era?