We are entering what Dr. Fatih Birol describes as “the age of electricity”: AI and data centres, electric vehicles and surging demand for air conditioning are reshaping energy consumption – and turning access to reliable power into a question of competitiveness and geopolitical influence. As Birol, who leads the International Energy Agency (IEA), puts it: “Whoever wins the AI race will get the upper hand in the geopolitics and global economy as well.” In our new episode of Leaders Unplugged, hosted by IMD President David Bach, Birol makes a powerful case that energy policy has moved far beyond climate. For Europe, electrification “is a sovereignty issue.” For governments and companies, diversification is becoming essential. And as geopolitical tensions expose vulnerabilities from Russia to the Strait of Hormuz, Birol argues that “the most scarce commodity in the energy world today is trust.” The result: leaders may increasingly pay a premium for secure, reliable and politically trusted energy relationships. From Africa's energy poverty to Europe's solar giveaway to China – this conversation is built for executives who need to understand energy risk not as a utility bill, but as a strategic issue. 00:37 — The new global energy landscape 01:45 — Energy as the lifeblood of the economy 03:02 — Why we are entering the “age of electricity” 04:59 — AI, electricity and the geopolitical race 07:21 — Why the energy transition is moving slower than many think 09:37 — What an electrified economy looks like 11:23 — Europe’s energy problem is now a sovereignty issue 12:00 — Europe’s three historic strategic mistakes 13:15 — Europe’s grid bottleneck 15:05 — Africa, solar power and the electricity gap 16:52 — Birol’s golden rule: diversify 18:11 — The Strait of Hormuz: a “bitter reminder” 19:42 — Why trust is becoming an energy commodity 21:25 — “No fear, no favor”: credibility and leadership at the IEA 23:09 — Soccer predictions Connect with IMD: Follow IMD on Instagram: @imdbusinessschool Follow IMD on LinkedIn: @imd-business-school Follow IMD on BlueSky: @imdbusinessschool.bsky.social Follow IMD on Facebook: @imdbschool Follow IMD on Substack: https://substack.com/@ibyimd #IMD #IMDImpact #podcast Fatih Birol, International Energy Agency, energy security, electrification, age of electricity, Strait of Hormuz, artificial intelligence, data centers, European competitiveness, renewable energy, corporate leadership