HilltopTalks: Politics & Finance with Tom Kozlik

July 8, 2026

40. Not Your Typical Muni, Inside Energy Prepay Bonds

<p>Energy prepay bonds have become one of the fastest-growing sectors in the municipal market. In this episode of Hilltop Talks, Tom Kozlik sits down with CreditSights' Patrick Luby to break down how these unique financings work, why issuance has surged in recent years, and what investors need to understand about their structure, risks, ratings, and portfolio implications.</p><p>Key questions discussed:</p><ul><li>What are energy prepay bonds and how do they work?</li><li>Why has energy prepay bond issuance increased so significantly in recent years?</li><li>How are these transactions structured and how do cash flows move through the deal?</li><li>What makes these bonds different from traditional municipal utility bonds?</li></ul><p>Tune in for valuable insights on a rapidly evolving corner of the muni market and the role energy prepays are playing in today's energy and public finance landscape.</p>

June 17, 2026

The Cost of Powering the Future: Public Power, Data Centers, and the Strain on the Grid

<p>In the latest Hilltop Talks episode, Tom Kozlik speaks with Rachel Cortez from Moody’s Ratings about the growing strain on U.S. power systems and the rising costs of electricity. Their discussion highlights how increasing demand—driven by data centers, electrification, and economic growth—combined with policy and infrastructure challenges, is reshaping the energy landscape. Both public and investor-owned utilities are facing mounting costs, political pressure, and regulatory scrutiny, suggesting that higher electricity bills and ongoing infrastructure investment will remain a reality for years to come.</p><p>In this episode:</p><p>·         The impact of data centers and AI on rising U.S. electricity costs</p><p>·         Key drivers of increased demand and how electricity rates are determined</p><p>·         How utilities are managing rapid growth in data center energy needs</p><p>·         The role of carbon transition and net-zero policies in shaping electricity bills</p><p>·         How data centers are influencing renewable energy goals and timelines</p><p>·         Emerging technologies that could help address energy and affordability challenges</p><p>·         Differences in impact between investor-owned utilities (IOUs) and public power providers</p>

May 29, 2026

38. Walter Kunisch, HTS Commodities