WEBVTT 1 00:00:04.200 --> 00:00:09.039 You're listening to Redefining Energy. Your co hosts from Berlin 2 00:00:09.279 --> 00:00:12.599 Gerard Reed and from London Laurent Segal. 3 00:00:13.679 --> 00:00:15.240 Today on Rief n Energy. 4 00:00:15.480 --> 00:00:20.120 We're going to DeVos, where chard you moderated a panel 5 00:00:20.480 --> 00:00:21.160 last months. 6 00:00:21.679 --> 00:00:25.559 How do you arrive in a panel in DeVos? What 7 00:00:25.719 --> 00:00:26.239 does it take? 8 00:00:26.760 --> 00:00:31.760 The usual laurl look, but look a good fortune being 9 00:00:31.800 --> 00:00:33.159 in the right place the right time. 10 00:00:33.560 --> 00:00:35.600 I've been involved with the World Economic Forum, they have 11 00:00:35.600 --> 00:00:38.759 a Future Energy Council for many many years. And I 12 00:00:38.799 --> 00:00:41.439 also know the Hattachi people very well. So the Hattachi 13 00:00:41.560 --> 00:00:45.240 Energy people is the from a abb grid business. And 14 00:00:45.280 --> 00:00:47.840 then we just had a chat about let's actually do 15 00:00:47.960 --> 00:00:51.000 something there on the future of energy and really what 16 00:00:51.039 --> 00:00:53.960 we call the energy supercycle and whether it's a reality 17 00:00:54.039 --> 00:00:56.039 or not. I said, well, it's greater there, let's do it. 18 00:00:56.759 --> 00:00:59.320 Can you describe a bit of the Congress Center when 19 00:00:59.359 --> 00:01:00.960 you arrive, just. 20 00:01:00.920 --> 00:01:03.600 To describe Davos, just to give you an idea. So 21 00:01:03.679 --> 00:01:06.920 what you've got is this town, which is about one 22 00:01:06.920 --> 00:01:10.840 and a half kilometers up the mountains, and I have 23 00:01:11.000 --> 00:01:12.879 never seen such a big. 24 00:01:12.760 --> 00:01:14.079 Army presence in my life. 25 00:01:14.920 --> 00:01:18.239 I think there's probably more Swiss Army people there than 26 00:01:18.280 --> 00:01:20.920 there are people living in this town, right, there's about 27 00:01:20.920 --> 00:01:22.079 five thousand they deploy. 28 00:01:22.480 --> 00:01:23.439 Now why do they do that? 29 00:01:23.959 --> 00:01:27.519 Because what you've got is the top political leaders and 30 00:01:27.680 --> 00:01:32.280 business leaders from a large part of certainly the Western world, 31 00:01:32.920 --> 00:01:34.959 but actually I would say a greater world. 32 00:01:35.200 --> 00:01:35.439 There. 33 00:01:36.040 --> 00:01:38.920 For example, I met the Argentinian president Laurum. It was 34 00:01:39.000 --> 00:01:44.519 very funny, right Melay, Oh, I shook his hand, But 35 00:01:44.560 --> 00:01:46.000 you know the stuff like that that was there. You 36 00:01:46.040 --> 00:01:48.840 get all these people there, and you can imagine this 37 00:01:48.959 --> 00:01:53.120 is just a Swiss alpine ski resort, and so it's 38 00:01:53.159 --> 00:01:56.159 just full of these people and their security everywhere. I mean, 39 00:01:56.159 --> 00:01:59.519 you can't go anywhere without to get through meta detectors 40 00:01:59.719 --> 00:02:01.879 and and to get from one place to the other. 41 00:02:02.000 --> 00:02:04.640 You know, as I said, just it was very interesting 42 00:02:04.680 --> 00:02:05.040 to be there. 43 00:02:05.079 --> 00:02:06.959 You know, did you meet Bill Gates or not? 44 00:02:07.959 --> 00:02:09.159 No? I didn't meet Bill Gates. 45 00:02:09.199 --> 00:02:11.680 No, no, no. Did you meet anybody famous? 46 00:02:12.439 --> 00:02:13.680 Yeah? I did quite a few. 47 00:02:13.719 --> 00:02:16.560 Actually, okay, I drop the names. Drop the names. 48 00:02:16.759 --> 00:02:20.080 I'll give you an example. For example, I met Stefan Bansell. 49 00:02:20.400 --> 00:02:23.919 MH probably means nothing to you there. I think he 50 00:02:24.159 --> 00:02:27.639 is one of the most famous Frenchmen of our generation. 51 00:02:28.000 --> 00:02:30.719 He's the sea all more Dana. Obviously that's not It 52 00:02:30.840 --> 00:02:32.680 was all because of the COVID nineteen B. Actually that's 53 00:02:32.759 --> 00:02:34.800 very interesting so to just you know, being able to 54 00:02:34.800 --> 00:02:36.479 go over to people and just say hi, how are 55 00:02:36.560 --> 00:02:38.520 you no, and just chat to them, right, it was 56 00:02:38.599 --> 00:02:41.639 It's a really really interesting enviroment. I'm definitely going to 57 00:02:41.680 --> 00:02:44.400 spend more time there next year. I only went in 58 00:02:44.560 --> 00:02:46.639 for a day, and I am definitely going to spend 59 00:02:46.639 --> 00:02:47.919 three or four days there next year. 60 00:02:48.000 --> 00:02:52.000 Okay, because Urina complained that you only spend twenty four 61 00:02:52.000 --> 00:02:52.840 hours there. 62 00:02:53.080 --> 00:02:53.439 I did. 63 00:02:53.520 --> 00:02:55.240 Yeah, yeah, it just it was just the way things 64 00:02:55.240 --> 00:02:57.520 panned out. But next year, definitely, I won't to spend 65 00:02:57.520 --> 00:02:58.120 more time there. 66 00:02:59.000 --> 00:03:01.520 The room. How many people are they in the room? 67 00:03:02.199 --> 00:03:04.800 So what we did was with Hachi is we put 68 00:03:04.960 --> 00:03:06.960 on a small event and it was probably better. 69 00:03:07.120 --> 00:03:08.639 I don't know, there was eighty people in the room 70 00:03:08.719 --> 00:03:11.039 something like that. You just don't know who's in the 71 00:03:11.080 --> 00:03:12.919 room though. It's just very interesting, you know. 72 00:03:13.120 --> 00:03:15.520 It was good insure uce the ban Alan. So who 73 00:03:15.599 --> 00:03:16.280 was there with you? 74 00:03:17.080 --> 00:03:21.719 So we had tashi IgA Shahara and he's the executive 75 00:03:21.759 --> 00:03:25.159 chairman of Hititachi, and then we've got Hitachi Energy, which 76 00:03:25.199 --> 00:03:27.879 is our grid business, and the CEO of that was 77 00:03:27.960 --> 00:03:32.599 Andrea Sharon Beck. And then finally we had Elizabeth Vardaheim 78 00:03:32.759 --> 00:03:35.599 and she's the CEO of Statnet and Statnet is the 79 00:03:35.680 --> 00:03:36.879 Norwegian guid operator. 80 00:03:37.560 --> 00:03:41.520 Okay, great, so let's listen to excerpts of the panel. 81 00:03:49.719 --> 00:03:52.479 We're going to talk about the energy super cycle and 82 00:03:52.520 --> 00:03:55.599 why we think it's unstoppable. And to do that just 83 00:03:55.639 --> 00:03:58.280 in terms of our guests. Here to my right here 84 00:03:58.280 --> 00:03:59.439 we have Elizabeth. 85 00:03:58.960 --> 00:04:00.159 Who's the CEO of that. 86 00:04:00.280 --> 00:04:04.120 Net Thatt is the Norwegian grid operator. And then besides 87 00:04:04.159 --> 00:04:06.919 we have Tashi here who's the executive chairman of Haitachi. 88 00:04:07.360 --> 00:04:09.599 And then on the end there we have Andreas who 89 00:04:09.800 --> 00:04:13.479 is the chairman or the CEO of Hitachi Energy. So 90 00:04:13.599 --> 00:04:15.080 let me just sort of give you a little bit 91 00:04:15.120 --> 00:04:17.920 of context here before we open up to everybody. 92 00:04:18.199 --> 00:04:20.160 So use the phrase supercycle. 93 00:04:20.759 --> 00:04:23.680 Now, when I hear the word super cycle, I think commodities, 94 00:04:24.199 --> 00:04:26.000 and actually I think probably a good place to start 95 00:04:26.040 --> 00:04:28.879 about that is to talk about fossil fuels. Because we're 96 00:04:28.879 --> 00:04:30.720 not going to talk about the fossil fuels being in 97 00:04:30.720 --> 00:04:33.600 a super cycle, but I have to explain that. So 98 00:04:33.639 --> 00:04:37.519 if we look at fossil fuels across the world. We've 99 00:04:37.600 --> 00:04:42.000 probably seen peak demand for oil, all right, We've also 100 00:04:42.079 --> 00:04:46.519 seen peak demand for coal. Now we've got one fossil 101 00:04:46.519 --> 00:04:49.040 fuel where we're going to see demand increasing going forward, 102 00:04:49.120 --> 00:04:53.839 and that's natural gas. The reason is it's clean and 103 00:04:53.879 --> 00:04:57.000 it's very low cost, and also it fits very well 104 00:04:57.040 --> 00:04:59.399 in if you're going to build a future system built 105 00:04:59.399 --> 00:05:01.600 around clean renewables, clean nuclear and. 106 00:05:01.519 --> 00:05:04.399 Stuff like that. So this is what we see. Now. 107 00:05:04.560 --> 00:05:07.519 Let me just go to the supply side. So today, 108 00:05:07.639 --> 00:05:09.879 if I look at the oil industry, we have an 109 00:05:09.879 --> 00:05:12.879 access to supply. And by the way, I'm not including 110 00:05:12.920 --> 00:05:16.360 the fact that let's say Venezuela has the biggest oil 111 00:05:16.399 --> 00:05:19.160 reserves in the world and we're not exploiting them. The 112 00:05:19.199 --> 00:05:22.040 point about it is lots of oil out there and 113 00:05:22.279 --> 00:05:26.079 wheat demand. I don't go to coal. Nobody wants coal anymore, 114 00:05:26.480 --> 00:05:28.800 and it's not about climate change. It's just it's dirty 115 00:05:29.399 --> 00:05:32.680 and they are cheaper alternatives like natural gas. So we've 116 00:05:32.680 --> 00:05:35.199 got declining demand for that and we've got lots of 117 00:05:35.240 --> 00:05:35.920 supply on it. 118 00:05:36.639 --> 00:05:37.600 Now what does that mean. 119 00:05:38.160 --> 00:05:40.639 What that means is there's no supercycle in the fossil 120 00:05:40.639 --> 00:05:45.000 fuel area because it's high risk. Why would I put 121 00:05:45.120 --> 00:05:47.720 money on my finance person, Why would I put money 122 00:05:48.000 --> 00:05:50.839 or capital to work in an area where. 123 00:05:50.680 --> 00:05:52.199 I don't know what's going to happen with demand. 124 00:05:53.000 --> 00:05:55.199 So why are we talking about a supercycle in energy, 125 00:05:55.480 --> 00:05:57.920 because we're actually talking about a supercycle in electricity. 126 00:05:58.399 --> 00:06:01.600 Very different to talk a little bit what that is. 127 00:06:02.439 --> 00:06:04.360 If we look going forward, what we're going to do 128 00:06:05.000 --> 00:06:08.279 is we're going to electrify nearly all of our energy system. 129 00:06:08.600 --> 00:06:14.480 Why well, one is it's clean, it's efficient, it's low cost. 130 00:06:15.319 --> 00:06:19.120 And guess what not one of our digital devices can 131 00:06:19.160 --> 00:06:20.360 survive without electricity. 132 00:06:20.639 --> 00:06:21.079 Not one. 133 00:06:21.360 --> 00:06:24.040 And I have a very simple example, right, I come 134 00:06:24.079 --> 00:06:26.959 from Ireland. My home in Ireland had no heat the 135 00:06:27.000 --> 00:06:29.639 last two days. Let me explain why they have a 136 00:06:29.680 --> 00:06:32.439 little control box on the wall, and believe it not, 137 00:06:32.439 --> 00:06:35.959 it's battery powered and it went out of batteries. So 138 00:06:36.000 --> 00:06:38.600 the point I'm making, even though we're burning natural gas 139 00:06:38.600 --> 00:06:42.319 in the house, that controls all use electricity. You use 140 00:06:42.319 --> 00:06:46.000 an internal combustion engine car today that controls use electricity. 141 00:06:46.360 --> 00:06:49.720 We cannot do without electricity. I can do without cold tomorrow, 142 00:06:50.000 --> 00:06:52.319 I can do without all. I cannot do without electricity. 143 00:06:52.959 --> 00:06:56.199 Now to add to that I go and talk about 144 00:06:56.360 --> 00:06:59.040 the whole area of digitalization. Well, if I look in 145 00:06:59.079 --> 00:07:02.720 the Western world, what we've seen is electricity demand fall 146 00:07:02.800 --> 00:07:04.000 for the last ten years. 147 00:07:04.519 --> 00:07:06.120 Not a great place to put your money. 148 00:07:06.199 --> 00:07:10.040 Right, Well, guess what Now we're seeing electricity demand go up. 149 00:07:10.319 --> 00:07:15.199 Why because of artificial intelligence? Yeah, all right, Really, artificial 150 00:07:15.240 --> 00:07:18.560 intelliges are a very big game change for this whole 151 00:07:18.600 --> 00:07:21.959 electrification space. Now you might say, we've got all this 152 00:07:22.000 --> 00:07:25.480 growing demand for electricity, where's it going to come from? 153 00:07:25.720 --> 00:07:27.000 Well, let me just talk about. 154 00:07:26.800 --> 00:07:30.040 The technologies that are revolutionizing the supply side. 155 00:07:30.519 --> 00:07:31.639 The first one is solar. 156 00:07:32.079 --> 00:07:34.120 Now you might go, oh my god, solo, how can 157 00:07:34.120 --> 00:07:35.959 that revolutionize the world. So let me just put this 158 00:07:36.000 --> 00:07:39.639 into perspective. Last year we installed across the world six 159 00:07:39.720 --> 00:07:43.079 hundred gigawa's are solar. Now I'm going to compare that 160 00:07:43.160 --> 00:07:45.959 to nuclear nuclear there was three and a half gigawats 161 00:07:46.000 --> 00:07:49.879 put online. If I look at gas, ten gigawats put online. 162 00:07:50.399 --> 00:07:53.199 We have never seen an energy technology come to market 163 00:07:53.240 --> 00:07:54.199 as quickly as solar. 164 00:07:54.600 --> 00:07:54.839 Why. 165 00:07:55.399 --> 00:07:59.000 It's easy to install, and it's cheap, and it's getting cheaper, 166 00:07:59.439 --> 00:08:02.079 and the pform moments is getting better. Okay, So that's 167 00:08:02.160 --> 00:08:05.920 number one. The second thing is energy storage. People always 168 00:08:05.920 --> 00:08:09.120 talk about energy storage as a black box out there. 169 00:08:09.160 --> 00:08:12.560 We don't need it. Let's be really clear. Every energy 170 00:08:12.600 --> 00:08:16.639 system needs storage. So the current storage mechanism in the 171 00:08:16.639 --> 00:08:20.079 electricity system is called a pile of coal that's sitting 172 00:08:20.120 --> 00:08:23.079 at a coal bunker, or it's gas sitting in a 173 00:08:23.120 --> 00:08:26.639 gas tank. That's what we use in terms of storage. 174 00:08:27.079 --> 00:08:28.759 Now going forward, I'm just going to say to you 175 00:08:28.800 --> 00:08:31.839 that we're gonna use go to More's chemical storage. We're 176 00:08:31.839 --> 00:08:34.240 gonna go use lots and lots of batteries going forward, 177 00:08:34.480 --> 00:08:37.480 and I'll talk about lythium ion litia. Online batteries is 178 00:08:37.519 --> 00:08:41.320 not just revolutionizing the automobile space, but it will off 179 00:08:41.480 --> 00:08:44.320 revolutionize what's going on in our homes and our buildings. 180 00:08:44.320 --> 00:08:46.480 We will have these batteries in our homes, and I 181 00:08:46.480 --> 00:08:49.000 don't mean just for our digital devices. We'll do it 182 00:08:49.080 --> 00:08:52.000 just because it's cheap, okay, and it matches very well 183 00:08:52.000 --> 00:08:54.080 into solar And to just to give you an idea 184 00:08:54.120 --> 00:08:57.960 to scale, we now have one thousand gigawatts of batteries 185 00:08:58.000 --> 00:09:00.639 that came online last year, most of them in elect cars. 186 00:09:01.240 --> 00:09:03.279 All right, if I went back a few years ago 187 00:09:03.320 --> 00:09:06.080 you were probably at one hundred gigabytes, So the scale 188 00:09:06.360 --> 00:09:10.039 of increase is incredible. Now the third thing, and this 189 00:09:10.080 --> 00:09:12.600 is the game changer, is how do you connect all 190 00:09:12.600 --> 00:09:17.039 this together? You connect this together with digitalization. Now, digitalization 191 00:09:17.200 --> 00:09:22.120 is sensors, it's semiconductors, it's connectivity of your mobile devices, 192 00:09:22.919 --> 00:09:26.519 and more importantly, it's artificial intelligence. And I'm going to 193 00:09:26.600 --> 00:09:28.960 end on the artificial intelligibly because this is a game changer, 194 00:09:29.440 --> 00:09:31.159 and it's not just a game changer in the sense 195 00:09:31.200 --> 00:09:34.120 that you can connect everything together and make it a 196 00:09:34.240 --> 00:09:37.240 much more efficient system. For those of you who realize 197 00:09:37.279 --> 00:09:40.679 what's going on in artificial intelligence today, the latest AI 198 00:09:40.799 --> 00:09:44.840 models are up to the PhD standard of anyone doing 199 00:09:44.840 --> 00:09:50.080 the STEM qualification today, that's any science, technology, or mathematics. 200 00:09:50.519 --> 00:09:52.799 Now what does that mean, Well, I guess I'm going 201 00:09:52.879 --> 00:09:55.960 to have lots and lots of people helping me innovate 202 00:09:56.080 --> 00:09:58.519 faster than ever before. And because I'm going to be 203 00:09:58.519 --> 00:10:02.039 able to innovate faster than ever, what this means is 204 00:10:02.080 --> 00:10:06.960 that technologies like nuclear fusion, small modular reactors, you name it, 205 00:10:07.200 --> 00:10:09.000 are going to come to market much quicker than we 206 00:10:09.039 --> 00:10:13.200 have before because we will have real innovations in the 207 00:10:13.240 --> 00:10:15.679 area of material science, and I even go to go 208 00:10:15.759 --> 00:10:18.679 far to say we'll find new elements and we might 209 00:10:18.679 --> 00:10:19.120 even come. 210 00:10:19.039 --> 00:10:20.120 Up with new physics laws. 211 00:10:20.399 --> 00:10:23.960 That's the extent of really what is happening in the world. Now, 212 00:10:24.720 --> 00:10:27.759 what does that mean for me? In conclusion? Well, actually, 213 00:10:27.960 --> 00:10:30.919 that doesn't sound like a small thing. That sounds like 214 00:10:31.000 --> 00:10:34.000 a revolution. And if I go back in time, the 215 00:10:34.039 --> 00:10:37.960 first energy revolution or the first industrial revolution was a 216 00:10:38.000 --> 00:10:41.799 combination of coal and steam engine. So you needed the 217 00:10:41.799 --> 00:10:45.759 steam engines drive coal demand. Then the second one was 218 00:10:45.960 --> 00:10:52.080 the automobile. It drove oil demand. Now digitalization and AI 219 00:10:52.559 --> 00:10:57.200 what they do is they push electricity demand, and in 220 00:10:57.240 --> 00:11:01.440 particular it's going to be clean electricity, and again clean 221 00:11:01.480 --> 00:11:04.240 electricity because of the innovation is going on. And my 222 00:11:04.320 --> 00:11:06.559 own view is that the revolution that we're going through 223 00:11:06.639 --> 00:11:11.120 now is going to be bigger than the industry revolution either. 224 00:11:10.919 --> 00:11:11.559 The last two. 225 00:11:11.600 --> 00:11:13.879 That's how big it is, Okay, And that's why I'm 226 00:11:13.919 --> 00:11:16.279 sitting here to talk about this. So at this point 227 00:11:16.320 --> 00:11:18.559 in time, I'm going to stop, and I'm gonna hand 228 00:11:18.639 --> 00:11:21.960 over and I'm gonna go hand over the Tashi and 229 00:11:22.120 --> 00:11:25.960 hear his views from a systemic level about what's going 230 00:11:26.000 --> 00:11:28.240 on in the energy space and a particular electricity. 231 00:11:28.279 --> 00:11:29.600 Okay, thank you. 232 00:11:30.759 --> 00:11:33.720 First of all, let me talk about that he toutually 233 00:11:33.759 --> 00:11:38.360 the social renovation business first, and he dutchly promoting the 234 00:11:38.360 --> 00:11:42.320 social innovation business, which is the providing integito of the 235 00:11:42.360 --> 00:11:47.480 infrastructure such as a railway system or partay system. By 236 00:11:48.240 --> 00:11:50.799 liberating digital technology all over the wall. 237 00:11:51.480 --> 00:11:53.000 That means he actually. 238 00:11:52.639 --> 00:11:56.639 Has the capability of the developing the AI. Also the 239 00:11:57.000 --> 00:12:02.480 nuclear power brands and something like that. You mentioned how 240 00:12:02.559 --> 00:12:06.440 to combine with the creating energy and how to make 241 00:12:06.519 --> 00:12:10.039 the people happy. This is one of the very important 242 00:12:10.159 --> 00:12:14.159 social innovation targets and the status is a committity to 243 00:12:14.159 --> 00:12:19.080 tolving the social challenges, including the carbon neutrality very important. 244 00:12:19.679 --> 00:12:23.039 We have to solve this kind of THEOTO emission we 245 00:12:23.159 --> 00:12:26.399 have to reduce all over the world. Is a very 246 00:12:26.720 --> 00:12:31.080 ardent program. And also recently you mentioned that zerative AI 247 00:12:31.440 --> 00:12:36.039 has become an increasingly wide spread and the other result 248 00:12:36.320 --> 00:12:41.600 the energy consumption that in data center increasingly the adoption 249 00:12:41.720 --> 00:12:47.120 of the ZERATIVEI is expected to accelerate even further. 250 00:12:47.840 --> 00:12:50.600 So we have to solve this issue. 251 00:12:50.639 --> 00:12:55.240 Everybody uses GENERATIVEI and also we have to reduce a 252 00:12:55.360 --> 00:12:59.320 COEO too. We have to provide a sustainable power supply, 253 00:13:00.080 --> 00:13:03.279 shorting the carbon new drug. We have to solve these 254 00:13:03.440 --> 00:13:07.799 kind of houristic program from the surprise side and demand side. Also, 255 00:13:07.879 --> 00:13:12.720 the power transition solution is very important and the HIT 256 00:13:12.759 --> 00:13:16.320 Act provide the rom the solution surprise side. 257 00:13:16.679 --> 00:13:20.000 Thank you, Thank you very much, Elizabeth. You come from Norway, 258 00:13:20.080 --> 00:13:22.720 and if I look at Norway, Norway is really at 259 00:13:22.759 --> 00:13:26.559 the forefront of electrifying as energy system. And I mean 260 00:13:26.559 --> 00:13:28.200 you've been doing it for a longline in a sense 261 00:13:28.240 --> 00:13:32.720 of heat, but now in terms of transport, construction, etcetera, etcetera. 262 00:13:33.080 --> 00:13:35.120 You're all at the forefront. So tell me a little 263 00:13:35.120 --> 00:13:38.399 bit about your experiences and what are the challenges now 264 00:13:38.600 --> 00:13:39.799 as a grid operator. 265 00:13:40.559 --> 00:13:43.000 It's a funny thing that you say that we are 266 00:13:43.559 --> 00:13:47.200 in the front, because it's just natural to us. We've 267 00:13:47.240 --> 00:13:51.799 had hydropower for many many years now. All the houses 268 00:13:51.919 --> 00:13:54.720 use electricity for heating, and then they have been doing 269 00:13:54.840 --> 00:13:58.039 for many many years. In twenty ten, we launched a 270 00:13:58.039 --> 00:14:01.559 strategy in start Net. We called it the future is 271 00:14:01.600 --> 00:14:05.600 Electric and everybody laughed at us, not thinking about that 272 00:14:05.679 --> 00:14:08.200 they were using electricity already. 273 00:14:08.480 --> 00:14:10.600 But we have been totally dependent. 274 00:14:10.200 --> 00:14:13.360 On oil and gas. Of course huge incomes to the 275 00:14:13.360 --> 00:14:16.879 whole Norway, but they didn't believe ring an electric future. 276 00:14:17.480 --> 00:14:20.440 Just before Christmas, we launch a new strategy calling it 277 00:14:20.759 --> 00:14:25.279 Electrification for a New Era. And in this strategy because 278 00:14:25.279 --> 00:14:28.360 we have seen the demand from twenty eighteen and we 279 00:14:28.440 --> 00:14:33.080 are in no position to meet this demand at the moment, 280 00:14:33.240 --> 00:14:36.840 even in Norway, and they are all very angry with 281 00:14:36.919 --> 00:14:40.320 us because we are irresponsible to meet this demand. As 282 00:14:40.320 --> 00:14:43.559 we say we who are irresponsible for the grid, that 283 00:14:43.600 --> 00:14:47.759 there will not be any transition without transmission, and I 284 00:14:47.840 --> 00:14:52.240 think people sometimes forget that. So what we're doing at 285 00:14:52.279 --> 00:14:56.679 the moment is to really use technology to get the 286 00:14:56.679 --> 00:14:59.720 most out of the grid and the power system we 287 00:14:59.799 --> 00:15:05.799 are operating today. And why we're doing that, we're planning 288 00:15:06.120 --> 00:15:10.600 and constructing a whole new transmission grid. Also in Norway. 289 00:15:11.039 --> 00:15:14.559 We are really well off before because we have been 290 00:15:15.000 --> 00:15:19.960 constructing and reconstructing a transmission green from twenty ten. But 291 00:15:20.120 --> 00:15:22.279 now it's getting really. 292 00:15:21.960 --> 00:15:23.399 Old that transmission grid. 293 00:15:23.320 --> 00:15:28.360 In Norway and the demand is huge. Another issue and 294 00:15:28.440 --> 00:15:31.519 I think we share that with all of the world 295 00:15:31.679 --> 00:15:35.799 and the Europe, is that we must be working on 296 00:15:35.960 --> 00:15:42.320 the energy security and accelerate that. And the third prioritized 297 00:15:42.440 --> 00:15:47.159 area in this strategy is to enhance the resilience of 298 00:15:47.200 --> 00:15:51.720 the power system we have today, both in operation and development. 299 00:15:52.000 --> 00:15:55.720 And we mustn't forget that Europe is the world's most 300 00:15:55.879 --> 00:16:01.279 interconnected houses. If something goes wrong in one region, if 301 00:16:01.320 --> 00:16:05.600 we don't have a really resilient and robust power system, 302 00:16:05.879 --> 00:16:09.039 it will that impact on the whole well Europe and 303 00:16:09.320 --> 00:16:11.960 the neighboring Ragians Andrews. 304 00:16:11.960 --> 00:16:14.519 Maybe just to follow on from that, can we talk 305 00:16:14.559 --> 00:16:18.200 about energy security? How do you help her and grid 306 00:16:18.279 --> 00:16:22.519 operators in that whole energy security resilienary because the whole 307 00:16:22.519 --> 00:16:26.000 point is without electricity, we can't do anything simple as that. 308 00:16:26.559 --> 00:16:30.159 I think it's an interesting question and point, and I 309 00:16:30.200 --> 00:16:32.879 think you're completely righted as it is, until a couple 310 00:16:32.919 --> 00:16:36.600 of years before, energy security and safety was and either 311 00:16:36.840 --> 00:16:40.559 completely ignored or just seen as a technical term. What 312 00:16:40.679 --> 00:16:43.960 happens if an overheadline is falling down. The whole thing 313 00:16:44.000 --> 00:16:47.360 has become a complete new dimension. And one aspect why 314 00:16:47.399 --> 00:16:50.320 we see so much renewable as well growing at the 315 00:16:50.360 --> 00:16:53.679 moment is that the point of energy security and safety 316 00:16:54.080 --> 00:16:56.960 has read from a different angle. If I don't sitting 317 00:16:57.039 --> 00:17:01.080 on coal, oil or gas and depa and then from imports. 318 00:17:01.279 --> 00:17:03.399 And I don't want to beat the dependent from imports. 319 00:17:03.440 --> 00:17:05.920 We have seen what can happen oil and gases. That's 320 00:17:05.920 --> 00:17:08.920 why definitely going down, even in countries which have been 321 00:17:08.960 --> 00:17:12.359 traditionally big role importers like China and India. India has 322 00:17:12.400 --> 00:17:15.480 a clear strategy to get rid of all imports of 323 00:17:15.519 --> 00:17:17.759 oil and gas in the near future. That's one hundred 324 00:17:17.839 --> 00:17:21.079 eighty billion price ticket and rely on renewable because the 325 00:17:21.119 --> 00:17:23.599 sun is always local and the wind is always local. 326 00:17:24.400 --> 00:17:26.839 But of course it's not only that angle, which we 327 00:17:26.880 --> 00:17:30.519 could discuss as well. As Elizabeth stated her net is 328 00:17:30.799 --> 00:17:34.240 we are stretched to say it mildly, may be overloaded, 329 00:17:34.640 --> 00:17:37.400 it's aging, it's creating issues as well as well. How 330 00:17:37.440 --> 00:17:39.920 to make that more reliant and more resilient in a 331 00:17:39.960 --> 00:17:43.880 technical way as well, and actually, yes, building new things 332 00:17:43.960 --> 00:17:46.079 when we're doing it together, that's one thing, but it 333 00:17:46.119 --> 00:17:47.640 takes longer than expected. 334 00:17:47.680 --> 00:17:49.079 It needs assets which are rare. 335 00:17:49.440 --> 00:17:51.400 We have to use it and OT to do that 336 00:17:51.480 --> 00:17:53.680 as well, looking at the assets, how they are loaded, 337 00:17:53.759 --> 00:17:56.759 how they are used. THEII can play a good role 338 00:17:57.039 --> 00:18:01.720 understanding better the consumption pattern, forecasting wealth are really looking 339 00:18:01.720 --> 00:18:04.920 into the future and really going through all levels and 340 00:18:04.920 --> 00:18:07.759 details on that. On the other hand, the installed base 341 00:18:07.839 --> 00:18:10.839 what we have as an industry is huge, and it's 342 00:18:10.960 --> 00:18:14.920 not used and operated always in the most intelligent way. 343 00:18:15.160 --> 00:18:17.400 We are still in a way that after a couple 344 00:18:17.440 --> 00:18:20.319 of years we exchanged a lot of the transformer because 345 00:18:20.920 --> 00:18:23.799 we say so, we're not looking into it. Was the 346 00:18:23.839 --> 00:18:27.119 transformer really use that much in that time? Do we 347 00:18:27.200 --> 00:18:29.920 really have to do that and have an outage can 348 00:18:29.960 --> 00:18:33.720 be used maybe a predictive maintenance to forecast which part 349 00:18:33.799 --> 00:18:37.759 should be exchanged when and maybe even in addition, even 350 00:18:37.839 --> 00:18:41.599 they have not failed because avoid every kind of single 351 00:18:41.680 --> 00:18:45.400 technical outage or issue makes the grid more reliable and 352 00:18:45.480 --> 00:18:49.319 more resilient. Of course, connecting coming to the way and 353 00:18:49.519 --> 00:18:52.759 what you said about Europe is the biggest connected grid 354 00:18:52.839 --> 00:18:56.119 in the world. You can much more resilient if connecting 355 00:18:56.160 --> 00:19:00.319 it differently, not on AC but on DC you have 356 00:19:00.359 --> 00:19:03.839 no interactions from one country to another. I think it's 357 00:19:03.880 --> 00:19:07.240 a complete new level and ironically I wouldn't even say 358 00:19:07.279 --> 00:19:10.440 what you said, Jerard. Yes, the age of electricity as 359 00:19:10.480 --> 00:19:14.519 it called by the IA is fueled by AI meant electrification. 360 00:19:14.759 --> 00:19:17.920 Of course on the other end, I will contribute a 361 00:19:17.960 --> 00:19:20.519 big part to solve that will will deal with the 362 00:19:20.599 --> 00:19:23.680 challenges of today and tomorrow. That makes it good, more resilient, 363 00:19:23.759 --> 00:19:26.920 more safer, and more cheaper. It works in both ends, 364 00:19:26.920 --> 00:19:28.039 which I think is good news. 365 00:19:28.559 --> 00:19:30.119 Can I go back to what we actually started with, 366 00:19:30.240 --> 00:19:33.519 which was energy supersychled I said it was an energy 367 00:19:33.519 --> 00:19:37.440 super it's electricity supercycle. What's your own opinions and what 368 00:19:37.480 --> 00:19:41.039 does it mean for your business and how you see 369 00:19:41.039 --> 00:19:41.720 it going forward? 370 00:19:42.519 --> 00:19:44.720 We will say that we are in the middle of 371 00:19:44.720 --> 00:19:48.440 our transition. I believe that we are just in the 372 00:19:48.440 --> 00:19:54.240 beginning of the transition and revolution or a superciching. And 373 00:19:54.279 --> 00:19:57.519 we always say that twenty thirty is today, in twenty 374 00:19:57.599 --> 00:20:01.759 fifties tomorrow, so we are always in a hurry. I 375 00:20:01.799 --> 00:20:05.359 think we need to approach it as a society and 376 00:20:05.720 --> 00:20:10.599 both between together with our suppliers as well, and in 377 00:20:10.640 --> 00:20:14.480 a very holistic way, and we need to rethink how 378 00:20:14.559 --> 00:20:18.440 we collaborate in a very different way, because we need 379 00:20:18.480 --> 00:20:22.000 to lean in and share the risks and share the 380 00:20:22.039 --> 00:20:25.160 cost because we have no time to sit around and 381 00:20:25.240 --> 00:20:28.079 wait for someone else to dig in and do the 382 00:20:28.160 --> 00:20:28.839 job for us. 383 00:20:29.599 --> 00:20:32.079 Tashi, how do you look at it. Elizabeth mentioned the 384 00:20:32.160 --> 00:20:33.119 houristic thinking. 385 00:20:33.400 --> 00:20:37.119 I think this is very important keyword because the take 386 00:20:37.160 --> 00:20:41.400 for instance, the recentry. It is very difficult to concider about, 387 00:20:41.519 --> 00:20:46.960 for example, carbon neutrality and the Sakia economy, nature polity, 388 00:20:47.400 --> 00:20:50.920 these are seem to be the different issue. But we 389 00:20:50.960 --> 00:20:54.200 should consider about houristic. I mean, in order to achieve 390 00:20:54.240 --> 00:20:58.160 the carbon neutrality, soaker economy is very important. How to 391 00:20:58.440 --> 00:21:02.519 minimum you know, Mattia, your input and we use the 392 00:21:02.559 --> 00:21:05.640 products again and the material again. It is a very 393 00:21:05.640 --> 00:21:09.119 important we can reduce energy. Also we have to consider 394 00:21:09.200 --> 00:21:12.599 about the nature positive. So we should consider about a 395 00:21:12.680 --> 00:21:17.440 total houristic solution is important. Energy security, we should use 396 00:21:17.599 --> 00:21:21.920 everything that's a renewable energy, new career, tamer park plant 397 00:21:22.000 --> 00:21:25.920 and this is the core combustions technology we should use 398 00:21:26.160 --> 00:21:28.640 ver then and considered about the holistic. 399 00:21:28.839 --> 00:21:29.640 That is a key word. 400 00:21:30.119 --> 00:21:32.839 Andrews ifa a look at your business. It seems like 401 00:21:32.920 --> 00:21:34.599