As debate over carbon market reform intensifies, the EU should consider a temporary safety valve for the Emissions Trading System (ETS). A limited release of future allowances, matched by high integrity international credits and not later reversed by the Market Stability Reserve (MSR), could ease near term pressure without weakening long term climate goals.

For utilities, data centers and C&I customers, the answer is increasingly clear: reliability, flexibility and predictable outcomes.

In this interview during CERAWeek 2026, Philip Carey, Head of US power origination, shares Vitol’s perspective on navigating uncertainty, managing stressed-period risk and structuring solutions around real-world power exposures.

As US electricity demand rises, the challenge is no longer only how much new supply the market will need. It is how quickly reliable power can be developed, fuelled and delivered.