The UK heat network sector has reached a defining moment. As of 27 January 2026, Ofgem is formally the sector regulator. This marks the transition of district heating from an unregulated niche into a formal infrastructure asset class. While the Energy Act 2023 provides a bridge via deemed authorisation, the
The defence sector has traditionally struggled to attract investment, often clashing with private equity mandates and rising ESG pressures. That is beginning to change. A broader range of investors is now showing interest, particularly in the complex supply chains that support defence and related industries such as automotive and telecoms.
Subsea cables are the unseen infrastructure powering 95% of global internet traffic and connecting the fast-growing web of offshore wind, interconnectors, and transmission grids. At Calash, we are tracking how this critical network is hitting a breaking point. As networks expand, so do the risks. Telecom cable failures cost $1–3m
The UK’s electricity market is undergoing significant structural changes. We’re seeing a clear trend: balancing actions are increasingly required to manage the system, and the share of negatively priced periods has tripled since 2022, signalling that inflexible supply is exceeding demand. This means storage, demand-side flexibility, and smarter networks are
The wind sector is in growth mode and stakeholders are fiercely competing to increase their slice of the pie but growing pains have emerged, casting a shadow on previously held assumptions around the commerciality of the sector.
Calash’s energy transition has accelerated over the past five years, with most of its work now in the renewables and cleantech space, but it remains proud of its heritage in the oil and gas space, and the unique position this has given it to offer pragmatic commercial and operational advice across a range of other industries.
Environmental awareness has been hard-wired into the decision-making process of investment funds – climate risk will remain an investment risk for the foreseeable future – but there has been a sea-change in how this translates to energy transition capital deployment.
You’d be forgiven for thinking the end times for oil and gas are here. Plague and now war have shaped the sector in ways unimaginable in 2019. The world will never be the same again, and yet 2022 has shown that the energy industry is highly responsive to change, and will sustainably transform with more ease and willingness than naysayers would like to suggest.
The dividing line between the chemicals and energy sectors has always been thin. Energy aside, the fact is that many of our most used materials are made from hydrocarbons, and yet private equity interest remains wary of investment.
