Gavin Maguire

Surging demand from data centers and air conditioners put the US power system through a tough test this summer. But instead of triggering a jump in fossil-fuel use, record renewables output carried much of the extra load and helped keep the lights on.

COMMENTARY: India may be best placed to fill a China-sized hole in fuel exports

The shift toward electric vehicles, renewables, battery storage and expanded power grids is driving a surge in demand for copper, rare earths, silver and other materials. But the electrification push is starting to create its own supply, too.

Global electric grids are entering a new phase, with investment spending by utilities shifting from solar panels and wind farms toward the infrastructure needed to make renewable-heavy power systems work.

The headline grabbing global attention is simple enough: a shipowner reportedly paid more than $5 million for a single Panama Canal transit slot. But that may only mark the start of an historic surge in shipping costs.

A record-strong El Nino weather pattern this winter bodes well for wind power generation potential across Europe, and could help limit the amount of gas required by utilities over Europe's peak heating demand period.

Southeast Asian nations have emerged as key drivers of China's clean-energy export boom, with the region making record purchases of energy storage batteries, grid equipment, electric vehicles and clean-power generation components so far this year.

Energy trade routes that optimize distance and costs may no longer be suitable for the fractured and fractious modern world, especially for major importers.

Fresh geopolitical tensions involving Iran, combined with accelerating U.S. power demand from data centers, manufacturing and electrification, are likely to keep U.S. energy markets under close scrutiny in the months ahead.

The world's energy traders are sending a consistent message about 2027: They do not expect global energy markets to become calmer anytime soon.