Powering the Fifth Energy Transformation
In this episode of TCW Investment Perspectives, TNI’s Stan Miranda joins TCW’s Eli Horton, Portfolio Manager of the Energy Transition Leaders equity portfolio – which Stan had a hand in launching with TCW – to explore the forces driving what we call the Fifth Energy Transformation.
The conversation examines how political power and corporate energy security are increasingly being shaped by energy self-sufficiency, before turning to the rapid growth of AI and data centres and the extraordinary new demands they are placing on the power system. The discussion highlights the capital requirements of an ageing grid and the enormous investment in power generation, transmission and related infrastructure that will be needed to meet growing electricity demand.
Finally, the podcast explores the investment opportunities emerging from what could become one of the largest infrastructure buildouts in generations—and why the global power system may ultimately prove to be a better equities alpha play on the AI revolution than foundational models, compute or semiconductors themselves.