The expansion of power and infrastructure to support the energy transition is unfolding against a complex backdrop. Policy uncertainty, geopolitical tension, and shifting market forces are colliding with record investment and a rapidly evolving mix of technologies. Ralph Ibendahl, Global Head of Energy Transition and Co-head of Power Utilities for Europe, assesses the challenges and opportunities with expert colleagues from the U.S., Canada, and Australia. Key Points • Increasing global power demand is leading to growth across all power types and grids. • Policymakers need to balance affordability concerns with growth opportunities. • Recent deals include financing for a major nuclear project in Canada, and build-out of Germany’s grid. • Companies are drawing on a full mix of funding types, including infrastructure equity, private credit, and structured capital. • Many companies are turning to the public markets, where valuations are stronger. • RBC Capital Markets is guiding clients through this volatile market.

Complexity multiplies for infrastructure to power the transition

Strategic Alternatives

# Full Transcript

**Podcast:** Strategic Alternatives

## Transcript

Hello and welcome back to Strategic Alternatives, an RBC Capital Markets podcast. I'm your host, Ralph Ibbendel, Global Head of Energy Transition and Co-Head of Power Utilities for Europe here at RBC Capital Markets. Ahead of our Energy Transition Conference later this month, we're exploring how the transition is evolving around the globe to help investors, corporates, and high-growth companies

navigate 2026 and beyond. As we approach the halfway point of the year, the energy transition is unfolding against a far more complex backdrop, where policy uncertainty, geopolitical tension, and shifting market forces collide with record investment and a rapidly evolving mix of technologies. In today's outlook, we will focus on the hugely important power and infrastructure sector,

and I'm delighted to be joined today by the leaders of our power utilities and infrastructure business from around the globe. Anthony Ayano is Vice Chair and Global Co-Head of the Business based in the US. Rob Nicholson leads the Canadian power utilities and infrastructure business, and Anthony Steinberg leads the respective team in Sydney, Australia. Anthony, Rob, Anthony, thank you very much for joining. Happy to be here. Thanks, Ralph. Anthony and Rob, you're in New York

today, and you've just come off the Global Energy Power and Infrastructure Conference that RBC is hosting there. What was the investor sentiment like? And can you share some of the key takeaways from the event? Well, great, Ralph. It's been an amazing event. We had well over 900 participants in the conference this year, over 130 participating companies, and over 150 different investor meetings. Total interactions well over 2,000. And despite all the uncertainty in the world, I would say that the

conference couldn't have been more optimistic in the tone. It's a fascinating time, particularly for us on the power side, where it's the first time in decades we're actually seeing real growth. I would say the themes have changed radically over the last couple of years. And I would say it's still really all about energy transition, but the definition of transition has changed. I think gas has moved from being a transition fuel to being a permanent part of the transition, which is obviously hugely important. And now we're really talking about technology innovation, whether that's

on the grid side, or Rob just moderated a panel around nuclear, which was pretty exciting. I moderated a panel around data centers and how we're financing an integrated data center and energy center for a first time $3 billion financing. And it's just really been an amazing time. And I think clients are pretty excited. Would you agree with that, Rob? Yeah, look, I really do believe it is any and all at this point in time. I mean, we certainly heard that

from the hyperscalers that were here. We heard that from the power companies that were here as they're just frankly...

Complexity multiplies for infrastructure to power the transition

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Complexity multiplies for infrastructure to power the transition

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.