• Energy has ceased to be a mere interchangeable commodity and has become a raw material with differentiated qualitative value.

  • Without energy, critical materials are useless; without critical materials, energy cannot be deployed either. Industrial energy management thus sits at the intersection of both worlds: energy as both an input and an infrastructure.

  • Green gold requires its own “refining” process: the optimization of the energy mix.

  • Access to energy is not only an economic issue, but also one of sovereignty.

  • The transition from “black gold” to “green gold” is not just a fuel change, but a strategic redefinition of energy.

November 7, 2025.

For decades, oil was synonymous with economic power: the black gold that set the pace of the 20th century, fueling industries, wars, and prosperity, and shaping the world’s geopolitical map. Its price dictated cycles of growth and crisis: when the barrel rose, so did production costs, transportation, and inflation. Today, however, the pulse beats elsewhere. In the era of green transition, the new black gold is no longer extracted from the ground: it is generated, managed, and optimized. And if oil was black due to its fossil nature, this strategic resource truly deserves to be called green gold.

The transformation is more than semantic. Energy has ceased to be a mere interchangeable commodity and has become a raw material with differentiated qualitative value. It is no longer enough to have energy: now it matters where it comes from, when it is available, how much carbon it carries, and what supply guarantees it offers. Not all energy is equal: those that reduce emissions, ensure continuity, and originate from renewable sources add competitive and reputational value to the industries that use them. Because when energy becomes a production input, securing its origin and stability is as essential as having steel or aluminum.

From barrel to electron: the new energy era

If industrial managers once feared fluctuations in the Brent barrel price, today they monitor the volatility of the electron in wholesale markets, renewable intermittency, grid congestion, available storage capacity, and supply disruption risks. The fear of blackouts, once relegated to emerging economies, has returned to European boardrooms, forcing a rethink of energy strategies that seemed immutable for decades.

The factories of the future no longer compete for liters or barrels, but for electrons. Small, invisible, yet decisive. There is something paradoxical in this change of era: oil was measured in barrels, tangible units transported in massive ships; green gold is measured in electrons and molecules, microscopic entities flowing through cables and pipes. We now compete for something infinitesimal but infinitely valuable. And this dematerialization has not diminished its strategic importance; it has magnified it.

Europe has learned, not without pain, that external energy dependence is an unacceptable vulnerability. The 2022 gas crisis was a brutal reminder that access to energy is not only an economic issue, but one of sovereignty. In this context, energy has de facto joined the catalogue of critical raw materials, sharing the same concerns as lithium, cobalt, or rare earths: Do we have enough? Do we control the supply chain? Are we overly dependent on third parties?

From commodity to key raw material

Traditionally, energy was considered just another operational expense, an item added to the income statement. However, its role has changed drastically: energy has become a key raw material for industrial processes, comparable to other vital inputs such as steel, water, or minerals. Why this change of status? Because energy no longer merely powers machines; it determines the qualitative competitiveness of industry and its ability to achieve climate neutrality. Not all energy is equal: its origin, carbon footprint, and stability define the added value of the products it helps manufacture.

In this context, the concept of critical raw materials takes on a new dimension. Lithium, copper, and cobalt make headlines, but energy shares with them the same supply concerns. Industrial viability, from steel smelting to hydrogen production or electronic assembly, depends on its availability. Without energy, critical materials are useless; without critical materials, energy cannot be deployed. Industrial energy management thus sits at the intersection of both worlds: energy as both input and infrastructure.

The fundamental difference is encouraging: while mineral raw materials are extracted from finite, geographically concentrated deposits, green gold can be generated. Renewable energy is, by definition, distributed. Every industrial roof, every windy area, every watercourse represents a potential energy deposit. But generating it is not enough: it must be managed, stored, distributed, and consumed intelligently.

The art of energy refining

The parallel with oil extends to processing. Just as crude oil needed refining to obtain useful products (gasoline, diesel, kerosene), green gold requires its own “refining” process: the optimization of the energy mix. Industries must learn to combine grid electricity, self-generated renewables, PPA contracts, storage, green hydrogen, and other renewable molecules in a mix that guarantees three simultaneous objectives: decarbonization, competitiveness, and supply security.

This industrial energy management has become extraordinarily complex. It is no longer a matter of signing an annual supply contract and forgetting about it. It requires advanced analytical capabilities, operational flexibility, investments in infrastructure, and a deep understanding of energy markets. This distributed, digitalized, and data-driven management allows anticipating demand, adapting consumption, integrating renewables, reducing losses, and making the most of every available electron.

The value is no longer only in generating, but in managing intelligently. In this sense, the 21st-century industrial energy manager is the new refiner: transforming a variable resource into a stable, competitive, and sustainable asset. And just like the refineries of the last century, those who master this art will have a decisive competitive advantage. Those who do not will see production costs rise, carbon footprints hinder market access, and dependency on third parties erode competitiveness.

The transition from “black gold” to “green gold” is not just a fuel change, but a strategic redefinition of energy. Its management is no longer a subordinate technical function, but a lever for competitiveness, sustainability, and economic policy. In this silent transformation lies the key to the future: the 21st century will belong to those who understand that the true value is not in possessing green gold, but in knowing how to refine it.