EP. 279 AI-Driven Demand and the New Power Investment Cycle

This week on Energy Unplugged, we’re joined by Steven Mandel, Partner at TPG Rise Climate, in conversation with Oliver Kerr, Aurora’s Managing Director for North America. Together, they explore how institutional capital is responding to policy volatility, surging load growth, and the growing influence of AI on US power markets. 

Steven helps lead investments across power, electrification, and the broader energy transition for TPG Rise Climate, one of the world’s largest dedicated climate investment platforms. He serves on the boards of Altus Power, Matrix Renewables, Nextracker, Intersect Power and Palmetto, and brings prior experience from Denham Capital and Citi’s Power & Utilities investment banking team. 

The discussion focuses on the fundamentals shaping US power today: accelerating data centre demand, rising gas marginal costs, and the competitiveness of solar-plus-storage - even amid policy uncertainty. Steven explains why capital is concentrating on quality over pipeline scale, how investors assess durability in volatile markets, and why affordability and regulatory stability will define the next phase of deployment. 

You will learn: 

• Why AI-driven load growth is strengthening the long-term power investment case. 

• How climate investors evaluate risk and downside protection in uncertain markets. 

• Why solar and storage remain structurally competitive. 

• How policy and affordability debates could shape future capital flows.