The return of energy geopolitics - From oil shocks to electrification: Rethinking energy security in a volatile world

This crisis does not change the trajectory of the energy transition. It accelerates an existing structural shift that is already underway since more than a decade. This transition—from an economic system fuelled by molecules to one powered by electrons—is fundamentally demand-driven.

The increase in electricity demand is driven by several structural systems that are expanding simultaneously.

China combines high external exposure with strong internal capability. It imports around 11–12 million barrels per day of oil and is exposed to Middle Eastern supply routes. This creates a clear vulnerability in terms of supply and price.

At Tikehau Capital, this has been our approach for more than a decade. We have raised close to €4 billion, deployed more than €3 billion, and invested in 24 companies across electrification, efficiency and low-carbon power as of 31 December 2025. We believe the transition is not only about building and owning assets, but also about enabling the ecosystem that builds them.