Expert Insight
Investment in the Energy Transition
with Nicolas Piau, Co-founder & Managing Partner, TiLT Capital Partners
March 2020
Opening Remarks, Nicolas Piau:
Energy transition will be at a crossroads when the world gets out of the current health crisis: will we base the recovery on a sustainable model or will we, once again, justify unsustainable policies and practices with the need to “get growth back on track”? At TiLT we believe that true recovery will be indissociable from responsible business practices, because it will pave the way for long term sustainable economic activity. Energy transition is an absolute must, to answer a much more existential (albeit longer-term) threat than Covid-19: climate change. But the means to achieve this transition are as critical as the end goal. For this reason, we believe that ESG should be embedded in the idea of energy transition and that companies operating in the sector will need, more than ever, to consider not only their positive impact on climate change, but the quality of their relationships with all stakeholders and their contribution to social cohesion.
If we are serious about integrating the fight against climate change as a defining feature of the recovery from this crisis, it means that we also need to start implementing policies and actions now. In TiLT’s view, this means one thing for the energy sector: take coal out of the energy equation. And it should be THE goal of the next decade. The task is herculean and will require innovation, the emergence of new agile players (in particular SMEs), massive investments and leadership. But we believe it is critical, as coal combustion for electricity is 20% of all GHG emissions. And to us, it has another consequence: renewables alone will not allow for the replacement of coal generation, energy efficiency and gas will also have to play a role. In general, TiLT believes that it will not do energy transition any good to ignore the fact that affordable programmable energy – such as the one provided by state-of-the-art gas turbines – is needed to serve demand. We must promote companies that develop more efficient ways to use gas along the whole chain as a means for energy transition in the next decade.
Q: What is it about the energy transition that makes it so attractive to investors?
Renewable energy is a capital intensive sector so by definition there is a need for additional capital, for example the European Commission said it needed up to 550bn euro of investment every year to get to decarbonisation of the economy. In the next 10 years Europe will need to develop significantly its SEMs and Tilt provide growth capital, part of Private Equity that has been fairly forgotten in Europe. Considering Tilt’s three founding partners are from Engie, we can bring value through combining capital and sector experience
Q: The energy solutions that are needed now and in the future lie within SMEs and not within big energy companies. SMEs know what they want to do but not how to do it, do you agree?
Yes, and how Tilt define energy transition is energy efficiency on the one hand (buildings, industrial energy efficiency) and integrations of renewables into the grid. People have been seeing the transition as decarbonising the generation mix but this is only part of the issue and Tilt believe there is value and a need to work on the solution that will help integrate more and more renewables into the grid and at an affordable cost. This is very important because if energy transition leads to increased cost of energy for residential customers or companies, energy transition will fail. This is why we want to support the SMEs that help the system get smarter and more efficient.
Q: How key is technology? Are you mostly looking at SMEs that are coming up with new technologies that will enable the transition?
Yes, so we are looking for example at companies that create digital twins of an industrial process and through that modelling they are able to locate the energy efficiency pockets without disputing the energy process. This is an innovation that has been driven by those SMEs which is very agile and can be deployed very easily. We look a lot at the power/electronic sector which is actually the foundation of all deployments in the energy chain; current conversion for example. The losses you have in current conversion through heat dissipation is a real issue and if you can reduce that, this is a great way to achieve lower energy consumption and that means decarbonisation. Often the innovation is within smaller companies that will probably in time be bought by bigger ones to scale up but we think this innovation eco system lies genuinely in those smaller companies
Nicolas Piau, Co-founder & Managing Partner, TiLT Capital Partners SAS
Nicolas is co-founder and Managing Partner of TiLT Capital Partners. He was most recently SVP in charge of Mergers & Acquisitions for Engie, a Paris based energy company employing over 150 000 people across 70 countries. He’s been working in the field of energy and project development / M&A for the last 13 years, after 5 years in HR working on social sustainability. He is also a First Mover Fellow of the Aspen Institute. He enjoys structuring the small 200 kUSD access to energy projects in Africa as much as the multi-billion power or oil & gas deals in the US or Russia. Currently based in Paris, Nicolas lived in Brussels and Rome and spent a lot of time on transactions in the US, China, Russia, South-East Asia and South America. Sustainability and ethics have been at the core of his motivation, fueled by his graduation in Philosophy and Political Sciences and translated into a PhD in Economics on this topic, earned magna cum laude from Paris-Dauphine university.
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Advocaat Law Practice shares information on Financing Options for Marginal Fields in Nigeria. We look at regulatory & commercial frameworks, challenges & financing options for field operators. read more
Podcast: Dan Pickering, Founder & Chief Investment Officer, Pickering Energy Partners
Dan Pickering joins the Investor Series Podcast and walks us through where he sees future opportunities and why this is a great time to be building a business. read more
Webinar Summary: Impacts of a Biden vs. Trump Victory: What Next For the U.S. Oil & Gas Industry?
Read the summary of the webinar debate on what the implications might be for the U.S. Oil & Gas industry under the newly elected Biden Administration. read more
A flexible approach can help investors deliver bold projects for Africa
Even the most experienced investor will see 2021 as one of the most challenging investment environments that they have encountered. However, Africa still offers significant upside potential for projects that have a clear demand and are led by experienced operators. read more
Introduction to Carnrite – Dedicated, Practical Business Partner for an Industry in Transition
Ahead of WECA 2020, we spoke with Nick Carnrite, Managing Director at The Carnrite Group, on their entrance to the UK market, the challenges facing the Energy industry and how they are supporting the sector through these times. read more
Avik Dey – Head of Energy & Resources at CPPIB
Avik Dey of CPPIB, joins the Investor Series Podcast to talk about the secular change that is taking place across the industry read more
Vertis – On the Role of Voluntary Carbon Markets in the Energy Transition for Oil & Gas sector
We know what the target is as well as why we need to achieve it. The question is rather on the how. How do we transform our businesses and our life-styles without jeopardising the functioning of our society or global growth? read more
“Investors will go where the money is” – An Analysis of the Sentiment among Energy Investors
“Investors will go where the money is” remarked one of the Energy Council’s members when asked about the increased pressure on funds to be ESG driven and avoiding hydrocarbons altogether. read more
In The News: Institutional Investors Demand Greater ESG Adherence from Oil Majors, Can Independents Pick Up The Pieces?
Institutional funds have increased their pressure on the world’s largest oil and gas companies to further and hasten their commitments to meet a carbon output of net-zero by 2050. What happens to 'independents'? read more
Glenn Jacobson – Partner at Trilantic Capital Partners – Evolution of the Energy Investment Landscape
Glenn Jacobson, of Trilantic Capital Partners joins the Investor Series Podcast once again to talk about the evolution of the energy investment landscape. read more
In The News: Quality assets key in four major M&A deals this year
Mergers and acquisitions are heating up in the oil and gas sector as prices stabilise and quality assets enter the market. Over $20 billion in deals has been completed in recent months with more set to come. read more
Mark Viviano, Head of Public Equities, Kimmeridge Energy
Mark Viviano, Head of Public Equities, Kimmeridge Energy joins the Investor Series Podcast to discuss over the course of this episode, we explore what it will take to reform the public E&P sector and the importance of activism in bringing about the necessary changes read more
In The News: The United Kingdom's Path to Net-Zero in the North Sea
A report by the OGTC & Wood Mackenzie highlights the array of opportunities in the United Kingdom's path to decarbonisation & net-zero. The United Kingdom Continental Shelf in the North Sea has long been a prominent location for the exploration and production of oil and gas. However, as the nation pushes toward carbon neutrality by 2050, how will these competing industries develop? read more
In The News: OGCI Reports Significant Progress On Upstream Methane and Carbon Intensity Targets
The OGCI announced significant progress in reducing both carbon dioxide and methane emissions in the upsteam sector. Industry collective invests over a billion dollars into emissions reductions technologies. read more
U.S. Oil & Gas Companies Were Hanging On By A Thread, Is It Too Late For Restructuring?
US O&G Independents were already sitting on huge debt levels before the impacts of COVID-19 and the Oil Price War hit. They now face a dire road ahead. Read More read more
Impacts of a Biden vs. Trump Victory: What Next For the U.S. Oil & Gas Industry?
In this webinar debate, we discuss what the implications might be for the U.S. Oil & Gas industry under the newly elected Biden Administration. Watch on demand read more
Digital Dialogue: Exploring Gas Opportunities in Nigeria
As part of the Digital Energy Festival we explored Gas Opportunities in Nigeria with our panel of experts, moderated by Ola Alokolaro from Advocaat Law Practice. Read the discussion summary and watch on demand. read more
Digital Dialogue: Exploration & Production: is it too late for Africa to profit from its resources?
The second of eight Oil & Gas Council sessions, a digital dialogue, took place on October 29 boasting an exceptional panel of industry-leading speakers who have years of experience in industries ranging from upstream, legal and financial services. The speakers gathered to discuss and provide insights on whether or not it’s too late for Africa to profit from its E&P resources. read more
Investment Focus – What Next for African Oil & Gas?
The first of eight Oil & Gas Council sessions kicked off on October 27 and industry-leading speakers who have a total of over 100 years of industry and sector experience joined forces to discuss and provide insights on an investment focused dialogue around what’s next for African Oil and Gas. read more
Impact of the US Elections on the Oil & Gas Industry with Tom Petrie
Tom Petrie joins the Investor Series Podcast once again to discuss the upcoming US Presidential election & what impact it will have, either way, on the oil & gas industry. read more
Investors Are Leaving U.S. Shale And They Are Not Coming Back
With the US shale industry having been severely impacted by both the COVID-19 pandemic and the oil price war, US investors are beginning to screen opportunities elsewhere. Read More. read more
Nigel Jenvey – Global Head of Carbon Management, Gaffney Cline and Lewis McDonald – Global Head of Energy, Herbert Smith Freehills
In this episode, Nigel and Lewis join us to discuss some of the ESG & GHG related trends and policies in the Oil & Gas Industry and how they relate to company’s performance in the public markets as well as their ongoing ability to access capital. Listen here. read more
Transcript: Brian Thomas, Prudential Private Capital
Read the transcripts of the Oil & Gas Council Investor Series Podcast with Brian Thomas, Managing Director – Energy Finance, Prudential Private Capital. read more
Brian Thomas, Prudential Private Capital
During the episode, Brian talks about how institutional investors like Prudential can provide capital for O&G companies in place of commercial banks who are pulling back on their lending through this downturn. read more
38% of UK energy sector still all-male at board level says PwC
We take a look at how the energy sector is progressing with regards to gender diversity and representation at board level read more
Tech and ESG are the ‘investment megatrends of the decade'
Technology and responsible investing will “inevitably be the top two megatrends” of the 2020s, affirms the CEO of independent financial advisory organisation deVere. read more
The energy sector of the future
Who will make money in the energy business of the future, and who will fade from the scene? Politics and regulation certainly matter, but how much? What will the global energy system of 2030 or 2050 look like? read more
Tom Petrie, Chairman, Petrie Partners
During the episode, Tom talks about the Rise of Putin, the US/China trade war, the competitiveness of US shale, and Middle Eastern geopolitics and their role in creating the current state of affairs in the O&G Industry. read more
APAC Crisis Response Report
Leaders from across the Upstream value chain met virtually to discuss how the current crisis compares to the crash of 2014 and what new challenges the industry faces in the current crisis. read more
An Alliance with Finance: Big banks and Insurance Companies join the Green Recovery Alliance
On 14th April, the Green Recovery Alliance was formed by members of the European Parliament together with ministers, CEOs, NGOs and trade unions from across Europe. The Alliance’s core aim is to ensure that the fight against climate change is central to the economic strategies that European countries adopt in their recovery after the COVID-19 pandemic. read more
Total announce their commitment to NetZero
Amidst the daily sobering news which is inevitably focused on the COVID-19 pandemic and struggling societies and economies, there are positive and exciting things happening, one being Total announcing their commitment to NetZero. read more
Kenneth Hersh Retired CEO & Co-Founder, NGP
Ken Hersh, Retired CEO and Co-Founder of NGP joins us to discuss ESG, Geopolitics, Supply/Demand Dynamics, and Private Equity in a pre, current, and post COVID-19 world read more
Energy Storage in Mexico
Participants from the Energy Storage panel, that was due to take place at Mexico Assembly, met virtually to discuss the effects of COVID-19, what's important for energy storage in Mexico & the biggest opportunities. read more
Adam Waterous, CEO, Waterous Energy Fund
Adam Waterous shares his insights in this Investment focused podcast. Adam discusses his theory of “Peak Permian”, which describes current US production levels as unsustainable and grossly uneconomic. Adam explains how the emergence of unconventional fracking technology has caused a structural shift in the oil & gas industry.. read more
Investment in the Energy Transition
Energy transition will be at a crossroads when the world gets out of the current health crisis: will we base the recovery on a sustainable model or will we, once again, justify unsustainable policies and practices with the need to “get growth back on track”? read more
WECA Advisory Board Takeaways – Part 2
Part 2 of our takeaways picks up the conversation where we left off as our advisors’ peer into the rabbit hole of climate change and energy transition, and the future role of gas. read more
WECA Advisory Board Takeaways – Part 1
World Energy Capital Assembly Advisory Board Takeaways Part 1 March 2020 The Oil & Gas Council Advisory Board met ... read more
LNG pricing coals final death knell
Panellists described how the LNG “wave that has arrived” is heralding a final shift away from coal in the EU, which will lead to the final closure of coal-based power generation on the continent. read more
The Energy Transition & the Deployment of Capital: Peter Tertzakian, ARC Financial Corp
There are two energy transitions happening. Both are changing the deployment of capital in the oil and gas business. The first is the one everyone talks about: the transition from fossil fuels to renewable energy like wind and solar power. The second ,In North America, the process transition to horizontal, multi-stage hydraulic fracturing over the past dozen years has yielded spectacular oil and gas production growth. read more
Spotlight on the North Sea
Although new exploration is expected to bounce back from 2018 levels, the OGUK has cautioned that drilling activity continues to stand at a “record low rate” and supply chain firms remain under significant financial stress. read more