Global energy studies have produced a flurry of empirical analyses. However, the amount of theoretical reflection on the topic remains comparatively low. This article takes two specific limitations of the literature as its starting point: First, the often-unclear relationship between states and markets in global energy governance, and, second, the concept of energy as a material and external structure. With the aim of providing more nuanced perspectives on these issues, the article turns to the work of Niklas Luhmann and Bruno Latour. Luhmann’s ideas of functional differentiation and structural coupling provide a new look at the interaction of states and markets. Latour’s symmetric anthropology allows us to rethink energy as a hybrid that is in the midst of instead of outside society. While these thinkers provide interesting ways forward for global energy studies, they also appear to be utterly incompatible. Instead of accepting this incompatibility, however, the article uses the tension between Luhmann and Latour’s work as a productive resource for further reflection on global energy governance. It develops a ‘Luhtourian’ approach, arguing that hybrid, issue-specific governance systems can emerge whenever a resistant hybrid instigates the emergence of symbolically generalized governance objects.