What it is
Energy infrastructure is the physical end of the chain: the terminals, storage, pipelines and jetties that move gas and fuel from where it is produced to where it is used.
Most of these assets do not own the product that passes through them. They earn their money from capacity: someone pays to reserve space in a tank, a slot at a jetty or room in a pipe, whether they use it or not.
That makes the capacity contracts the real asset. The steel is what has to keep working so they can pay.
What he looks at
Who has reserved the capacity, and for how long
A terminal with long-term commitments from customers who can pay is a different business from one waiting for trade to arrive. He reads those agreements before he reads the engineering.
What happens when utilisation falls
Demand moves and customers change. He wants to know what the asset earns when it is half used, not only when it is full.
The restructuring nobody planned for
Much of his work has been in the restructurings that follow when a project underdelivers. They usually trace back to a contract that looked firm and was not.
Why it matters
Energy only reaches anyone through infrastructure. It is where the commercial terms meet the physical limits, and where he has spent most of his career.
