E88: Energy in the Age of AI
KEY TAKEAWAYS
- Global Energy Dynamics: Geopolitical events and escalating AI power demands are profoundly reshaping global energy markets impacting oil and gas supply prices and inflation trends
- US-China AI & Energy Divide: China's robust power infrastructure and EV production grant it significant leverage in global energy and AI development contrasting with US power supply challenges
- Strategic Energy Outlook: The US prioritizes natural gas for AI power amidst infrastructure hurdles while Middle East geopolitics remain critical for global oil and LNG market stability
Erica Poon Werkun and Tony Yuen discuss energy's central role in two major developments shaping the global economy: geopolitics and AI. What's the connection with inflation and rates, and which scenarios should investors consider?
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Erica Poon Werkun, Head of Research for JANA & Asia South
Erica joined Citi during June 2025 as JANA and Asia South Deputy Head of Research and became the Interim Head of Research for JANA & Asia South in September 2025. She was Managing Director and Head of Asia Pacific Research at Credit Suisse from 2019 to 2024 and previously worked at UBS for 15 years, as Head of Research in China, and before that as Head of Asian Consumer & Internet Research. Before joining UBS, she was at Goldman Sachs covering the Consumer and Technology sectors in Hong Kong and Taiwan. Erica also worked in technology investment banking for CSFB in Palo Alto and Hong Kong, and Cowen in New York and San Francisco. Erica holds a BS in Economics from the Wharton School, University of Pennsylvania, is a board member of the Wharton Executive Board for Asia and is a recipient of the Individual Achievement Award for Women in Finance Asia.
Tony Yuen, Head of Energy Strategy Research
Anthony Yuen is a Managing Director and Head of Energy Strategy at Citi. He also manages commodities research as the Head of Commodities Strategy, Pan-Asia. He focuses on energy/environmental and energy transition strategies, with expertise in oil, NGLs and natural gas/LNG, power, renewables, and emissions. Before Asia, he was Head of Energy Strategy, based in New York. Prior to joining Citi in 2011, Anthony worked at McKinsey & Company in the Greater China region and Constellation Commodities Group in the US in the strategy and trading functions. He previously held research and teaching positions at the University of Pennsylvania, when he also worked on climate/emissions issues, and was a faculty member of Columbia University. He is frequently invited to speak at major conferences, including those held by the Clean Energy Ministerial, Asian Development Bank, Aspen Institute, Brookings, Carnegie (CEIP), CSIS, IEA/OPEC/IEF, IIF, MIT, US NREL, etc.
