Open Circuit

• The battery solution for AI's power problem [parter content]

  Alan Cooper and Ricardo de Azevedo have been business partners since they were teenagers. Today, they're tackling one of the most critical infrastructure challenges of the AI revolution: how to manage the massive, volatile power demands of modern data centers. Founded in 2016, On.Energy has grown into an integrated energy storage company that designs, builds, and manages battery systems for customers across six countries. The company deploys batteries ranging from behind-the-meter commercial installations to utility-scale projects, specializing in what they call "distribution-level storage."  As co-founders of On.Energy, Cooper and de Azevedo have developed a medium voltage uninterruptible power supply (UPS) that acts as a buffer between power-hungry AI data centers and the electrical grid.  "We're discussing with a client that is developing a thousand-megawatt facility, and they were telling us the load swings are going to be 400 megawatts every 10 seconds," says Azevedo, CTO of On.Energy. "The grid is just not designed to handle that." Their innovation takes traditional UPS technology, typically used for backup power, and transforms it into an active grid asset that can both protect sensitive computing equipment and provide grid services. "From the utilities' perspective, you have a data center who is a dream customer 98% of the time, and an absolute nightmare in the 2% of the time when the grid is at its maximum strain," explains Alan Cooper, the company’s CEO. "If you have a dispatchable data center, then they become the perfect customer." In this episode, produced in partnership with On.Energy, Stephen Lacey talks with Cooper and de Azevedo about the company's approach to enabling resilient, grid-interactive data centers with storage. They discuss how their technology could solve power quality issues, while also creating new revenue opportunities through grid services. This is a partner episode, brought to you by On.Energy. Learn more about how On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers at on.energy.

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• State of the transition: tariffs, shortages, data centers, and Europe vs China

  This week, we’re asking the central question of the energy transition: How fast are we going? Clean energy is bringing in $2 trillion of investment annually. Wind and solar now account for the vast majority of new electricity capacity globally. And we may already be at “peak trade” of fossil fuels. And yet, when we look at the share of renewables in final energy consumption, they’re increasing only incrementally around the world. At the current linear pace, meaningful decarbonization may take decades longer than needed. This week, we’re joined by one of the most prolific and respected market analysts for a 360-degree view of how the transition is playing out. In this episode, Michael Cembalest, chairman of market and investment strategy for J.P. Morgan Asset & Wealth Management and author of the influential "Eye on the Market" newsletter, walks us through his annual energy analysis – a comprehensive assessment that covers dozens of economic and financial trends in energy. This conversation has a little bit of everything. Cembalest walks us through his "scorpion bowl chart" that shows the gap between clean energy deployment and impact. We also dig into the transmission crisis, rising costs, equipment delays, and tariffs. And we cover the data center challenge, Europe’s economic challenges, and China’s rise. But it’s not all gloomy. Cembalest also identifies where real progress is happening, and what a realistic path forward might look like.  Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech. Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy. Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.

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• Who’s really paying AI’s power bill?

  When tech giants build massive data centers to power AI, they're often negotiating confidential deals with utilities that few people will ever see — but that everyone might pay for.  Harvard legal expert Ari Peskoe has uncovered a pattern across 40 state regulatory proceedings: special contracts between utilities and data centers being approved with minimal public scrutiny, potentially shifting billions in infrastructure costs to regular ratepayers. With tech companies planning up to $1 trillion in spending on AI infrastructure, some utilities project their energy sales could nearly double by 2030. Are state regulators allowing utilities and tech companies to ink billion-dollar contracts, and pass the costs on to ratepayers without transparently proving the system-wide benefits? This week, Ari Peskoe, Director of the Electricity Law Initiative at Harvard Law School, joins us to talk about the new report he co-authored, “How Utility Customers Are Paying for Big Tech’s Power.” This hidden cost transfer is just one front in a broader battle over energy regulation. At the federal level, the White House is making an unprecedented grab for control over FERC, the independent commission governing interstate energy markets. Meanwhile, another executive order gives the Department of Energy extraordinary authority to force struggling coal plants to stay open regardless of economics — creating what critics describe as a consumer-funded bailout for uneconomic generation. We talk with Ari about how these regulatory battles are shaping up, and why they could be so damaging. Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech. Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy. Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.

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  54:30
• A tsunami of uncertainty for clean energy

  The business world is facing a tsunami of uncertainty. Across nearly every industry, investment is seizing up amid unpredictable tariffs and contradictory domestic policies.  In this week’s episode of Open Circuit, we examine how this compounding uncertainty is impacting clean energy during a critical moment of spiking demand and rising costs. We dissect the signals from the market, revealing that despite the chaos, certain sectors are finding unexpected advantages. While utility-scale projects face delays, distributed generation is experiencing renewed interest as companies seek certainty through on-site solutions. Virtual power plants and grid-enhancing technologies may emerge as clear winners in an environment where traditional infrastructure planning has become extremely difficult. Plus, we play a round of "Transmission Lines," testing our hosts' knowledge of the news through provocative energy quotes, and take live audience questions about the volatile landscape. Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech. Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy. Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.

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  59:27
• Energy dominance meets economic chaos

  President Trump promised energy dominance. But his sweeping new tariffs are delivering the opposite – creating unprecedented uncertainty for every sector of the energy economy. Faced with a market in revolt, the president blinked. Just hours after his tariffs went into effect, he put a 90-day pause on reciprocal tariffs, keeping a 10% baseline tariff and a 125% tariff on China.  In this episode of Open Circuit, we examine the contradictions at the heart of the administration's economic agenda. With trade expert John Smirnow, we explore how the "biggest trade shock in history" is upending global supply chains, raising costs, and complicating America's energy future. We dive into the philosophy driving trade populism — a growing intellectual movement now reaching the height of power. Smirnow explains the three-part strategy behind these tariffs: rebuilding domestic manufacturing, enhancing national security, and containing China's influence on global supply chains. We unpack the mechanics of how these tariffs will impact clean energy specifically. Plus, we examine whether these tariffs signal a temporary disruption or the beginning of long-term U.S. policy. Will they accelerate reshoring of production or simply raise costs while slowing deployment? And how do businesses make investment decisions when policy signals are deeply contradictory and unstable? Sign up for our live virtual show on April 16 at 1:00 PM Eastern.  We'll also be live in person at Latitude's Transition-AI conference on June 12th in Boston with special guest Caroline Golin of Google. Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech. Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy. Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.

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