Investors are reworking assumptions about the clean energy transition as governments push domestic manufacturing and companies race to secure critical materials.
The shift is creating a more fragmented market than the one that powered the first wave of solar and wind investment. Analysts say the winners will be groups able to manage supply chains, policy risk, and capital discipline at the same time.
Executives attending a London energy forum this week said the industry had moved beyond a simple question of adding capacity. The harder problem is building enough transmission, storage, and resilience to make the capacity useful.
That has put grid operators, battery specialists, and software companies closer to the centre of the investment story. It has also made energy security a boardroom issue for manufacturers that once treated power as a predictable input.