Title: Energy at the Edge: Security, Scarcity and the New World Order’ Carpenters’ Hall
Monday 28 September 2026
Speaker: Claudio Galimberti, Partner & Chief Economist of Rystad Energy.
The 20th Fuellers Annual Energy Lecture, inaugurated by The Lord Ezra MBE, was held at 1800 for 1830 on Monday 28 September 2026 at Carpenters’ Hall. The lecture was given by Claudio Galimberti, Partner & Chief Economist of Rystad Energy.
This is Liveryman Sina Mirshari's write up of the event;
A packed Carpenters' Hall last week for our 20th Annual Energy Lecture, delivered by Claudio Galimberti, Partner and Chief Economist at Rystad Energy, on the theme "Energy at the Edge: Security, Scarcity and the New World Order."
If one thing has dominated the energy industry over the last twelve months, it has been the ongoing war in Ukraine and the geopolitical churn in the Middle East emanating from the war in Iran.
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In the space of a few months, the global conversation has moved from a view of energy abundance to one of potential scarcity, and the political narrative around energy security, trade and investment has shifted sharply with it. What we hadn't yet heard, at least not comprehensively, was whether the data and the analysis actually back the strong geopolitical assertions about “a new world order” being made.
For the Fuellers' Annual Lecture, there could have been no better choice than Claudio Galimberti to close that perception gap.
Over an hour of facts, analysis, wonderful stories and genuine humour, he did just that.
As "a broad church for all energy", the Fuellers believe that the presentation of facts and analysis, free of political spin, is our principal responsibility, and all the more important at the present time.
The central takeaway from the lecture was that "It is no longer how to decarbonise, but how to achieve and maintain energy security and affordability without damaging economic competitiveness."
Claudio Galimberti reflected that the "Energy shocks can change prices, trade flows and policy priorities almost overnight. But changing the underlying energy system takes years and sometimes decades: infrastructure, supply chains and consumer behaviour have far more inertia than markets."
And reflecting on the resilience of the system under strain, "the Middle East crisis has delivered one of the most severe tests of the global energy system in years. Yet, at least so far, the system has proved remarkably resilient, with the exception of diesel perhaps, adapting through alternative supply routes, inventories, spare capacity and shifts in trade flows."
A fitting lecture to cap off the Master's year, and one of the most thought-provoking in the series' twenty-year history.
In his summation, Master Fueller Ashutosh Shastri highlighted the significance of The City of London to convene this lecture: the energy transition is global and so are the risks. “It is important that The City appreciates the risks and the opportunities that are coming up, simultaneously”
Our thanks to Claudio Galimberti and the team at Rystad Energy for a truly outstanding evening, to the Worshipful Company of Carpenters for hosting us at Carpenters' Hall, and to TradeFlow Capital Management for their generous support of this year's lecture.
Finally A big thank you goes to TradeFlow Capital Management, founded by Junior Warden Dr Tom James, who sponsored the event and joined the Master and Claudio on stage for the Q&A session.
These are some of the images from the lecture
