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

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

Complexity multiplies for infrastructure to power the transition

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Complexity multiplies for infrastructure to power the transition

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.