T. Rowe Price Charts Energy's Complex Future in New Podcast Season

BALTIMORE, MD – January 08, 2026 – As the world grapples with unprecedented energy demands driven by artificial intelligence and a complex transition to cleaner power, global investment manager T. Rowe Price has launched a new podcast season aimed at dissecting these seismic shifts. The fifth season of "The Angle," which debuted today, convenes the firm’s top energy and sustainability experts for a deep dive into the volatile and rapidly evolving global energy sector.

The series, hosted by equity portfolio specialist Jackie Fortner, moves beyond simple headlines to tackle the intricate realities of the modern energy landscape. It promises to guide listeners through the persistent role of fossil fuels, the immense infrastructure challenges posed by AI, and the controversial resurgence of nuclear power as a potential solution. For a firm with $1.79 trillion in assets under management, the focus signals a strategic effort to provide clarity on a sector critical to global markets and long-term investment portfolios.

Navigating the 'Energy Trilemma'

A central theme of the podcast season is the "energy trilemma"—the challenge of balancing sustainability, security, and affordability. The series directly confronts the often-polarized debate between traditional and renewable energy, suggesting a future where both must coexist.

An episode featuring natural resources investment analyst Priyal Maniar and corporate credit analyst Elliot Shue examines the enduring importance of oil and gas. This perspective aligns with market realities, where despite a push for decarbonization, fossil fuels remain foundational to the global economy. Recent forecasts from market intelligence firm Wood Mackenzie project Brent crude prices to average around $59 per barrel in 2026, indicating continued, albeit moderated, market relevance. The podcast explores this delicate balance, weighing long-term structural decline against near-term demand and geopolitical shocks that can upend supply chains.

Conversely, Maria Elena Drew, the firm's head of Global Sustainability, dedicates an episode to charting the path toward cleaner energy. The discussion acknowledges the rapid growth of renewables, which are expected to see their global capacity surpass that of coal and gas for the first time in 2026, according to some market analyses. However, the podcast also delves into the significant hurdles, including the underinvestment in grid infrastructure that now represents a critical bottleneck in the energy transition. By presenting both sides, T. Rowe Price positions itself as a pragmatic guide for investors trying to navigate a sector in flux.

AI's Insatiable Appetite Fuels New Power Demands

Perhaps the most forward-looking aspect of the new season is its focus on the explosive energy consumption of artificial intelligence. As AI models become more powerful, their demand for electricity is creating unprecedented strain on power grids worldwide, a topic explored by utilities investment analyst Vineet Khanna.

Data centers, the physical backbone of AI, are at the center of this challenge. Global data center electricity consumption, which stood at approximately 415 terawatt-hours (TWh) in 2024, is projected by some analysts to more than double to nearly 950 TWh by 2030—a figure roughly equivalent to the entire current electricity consumption of Japan. In the United States alone, data centers could account for a significant portion of national electricity demand within the decade, a surge that is already testing the limits of regional grids.

The podcast investigates the immense challenge this poses for utilities and the wider power industry. Expanding grid capacity is a slow and capital-intensive process, with experts noting that planned data center projects are already facing delays due to infrastructure bottlenecks. This surge in demand raises critical questions about how this new power will be generated, with significant implications for both carbon emissions and investment opportunities in grid modernization and new generation capacity.

The Nuclear Renaissance and the Search for Baseload Power

In response to the dual pressures of decarbonization and soaring electricity demand from AI, "The Angle" dedicates its season finale to the revival of nuclear power. Hosted by natural resources portfolio manager Rick de los Reyes and sustainability head Maria Elena Drew, the episode frames nuclear as a critical source of secure, low-carbon baseload power.

Unlike intermittent renewables such as solar and wind, nuclear plants can operate 24/7, providing the kind of reliable electricity that data centers and heavy industry require. The International Energy Agency (IEA) has highlighted nuclear's role in enabling a secure transition to low-emissions energy systems. The discussion on the podcast covers the barriers that have historically plagued the industry, such as high costs and long construction timelines, but focuses on emerging innovations.

A key part of this "nuclear renaissance" is the development of Small Modular Reactors (SMRs). These smaller, factory-built reactors promise faster deployment and greater flexibility, making them a potentially ideal solution for powering energy-hungry data centers or industrial hubs. While still in early stages, several SMR projects are advancing toward final investment decisions, signaling growing momentum. The episode also touches on the downstream implications, including the need for a stable and secure supply of uranium to fuel this potential expansion.

Podcasting as a Modern Financial Megaphone

The launch of this energy-focused season highlights a broader trend among major financial institutions: the use of accessible media like podcasts to establish thought leadership and engage a wider audience. By dedicating an entire season to a single, complex topic, T. Rowe Price is leveraging its deep bench of internal experts to move beyond generic market commentary and offer nuanced, long-term perspectives.

This strategy allows the firm to showcase its proprietary research and analytical depth in a format that resonates with investors, policymakers, and even the general public. It's a move to build brand authority in a competitive landscape where demonstrating expertise is paramount. The firm has already found success in the medium with its retirement-focused podcast, "CONFIDENT CONVERSATIONS®," now in its fourth season.

"Our goal with this season is to help investors, innovators, and policymakers better understand the dynamic energy landscape and the implications for global markets," said host Jackie Fortner in the official announcement. "As we learn in this season, energy shifts take decades to play out, not years. There is no one-for-one instant swap. Through candid discussions with our investment experts, we aim to provide clarity on the forces driving commodity cycles, the realities of energy transition, and the investment and societal opportunities that lie ahead."

By tackling the intricate connections between legacy fuels, the AI revolution, and next-generation power sources, the podcast aims to arm listeners with the insights needed to comprehend one of the most critical and complex investment themes of the coming decade.