For today’s discussion we were delighted to welcome back our good friend Robert Bryce. Robert is the author of six books (his most recent being "A Question of Power: Electricity and the Wealth of Nations"), host of the Power Hungry podcast, and a former journalist with more than 30 years of experience reporting on the energy sector. He is a frequent contributor to the energy discussion and his Substack is linked here. Robert has just released his latest docuseries focused on power titled "Juice: Power, Politics, and the Grid" (available to watch here). The series officially debuts today, January 31st, and we were thrilled to visit with Robert to discuss the vitally important examination this docuseries brings to light around the state of power grids both domestically and internationally.

"Juice: Power, Politics, and the Grid" is a five-part docuseries with 20-minute episodes titled "Texas Blackout," "Undermined by Enron," "Green Dreams," "Nuclear Renaissance," and "Industrial Cathedrals." In our conversation with Robert, we touch on Canada’s recent nuclear power developments, the challenges and legacy of Enron and Enron-type thinking in today’s electricity market, the importance of government involvement in supporting nuclear energy, the consequence of electricity being treated as a commodity rather than a service, and the crucial role of reliability in the grid. Robert shares his perspective on the impact of permitting delays, regulatory issues and land use conflicts, the difficulties of building infrastructure, including high voltage transmission lines, the need for long-term bipartisan support for nuclear energy, and how the "anti-industry industry" affects energy policy. We also discuss policy as a reliability risk, industrial consumers (i.e. Dow, Microsoft) becoming more interested in nuclear (see recent Microsoft news here), NGO influence, the need for balanced priorities among decarbonization, affordability and reliability, and more. We want to congratulate Robert for the launch of "Juice: Power, Politics, and the Grid" and for his contributions to help change the conversation. It was a fantastic discussion!

To kick us off, Mike Bradley highlighted the upcoming FOMC meeting, continued bullish equity market sentiment, rebound in crude oil prices, and broadening out of Q4 energy subsector reporting in the coming weeks. Wednesday’s FOMC Rate Decision meeting looms large, with most expecting the FED will continue to pause interest rates. Equity volatility is still very low and equity market sentiment remains very bullish. On the commodity front, global crude oil prices continue to rise and the biggest surprise for crude oil markets this week was Saudi Aramco’s decision not to proceed with plans to increase their maximum sustainable capacity up to 13mmbpd, which weighed heavily on the consensus positive sentiment towards internationally levered oil service equities. Brett Rampal flagged Canada’s recent announcement to refurbish the Pickering nuclear plant, extending its operational life by several decades, and showcasing the ability of groups, advocates and the nuclear industry to execute large-scale refurbishment projects efficiently.

As mentioned, Robert previously joined COBT on Jan. 5, 2021 (episode linked here) and first on Aug. 11, 2020 (episode linked here). Our COBT episode with Meredith Angwin, author of "Shorting the Grid," is linked here from June 8, 2022.

As is almost always the case, this past week was a busy one with many things happening i

"We Take The Energy And Power Networks We Have For Granted But We Do So At Our Extreme Peril" Featuring Robert Bryce

C.O.B. Tuesday