Global electricity demand is growing more than twice as fast as
overall energy demand, according to the International Energy
Agency—so how should investors be positioned to capitalize on
this explosive shift?
On this episode of In the Money with Amber Kanwar, Robert
Thummel, Managing Director & Senior Portfolio Manager at
Tortoise Capital, explains why “electricity is the new oil” and
how the rise of AI, data centres, and electrification is driving
a once-in-a-generation opportunity across energy infrastructure,
natural gas, and power generation. With over 30 years of
experience investing through multiple commodity cycles, he lays
out why investors should be looking beyond traditional oil
producers and instead focusing on the assets powering the next
wave of global growth—pipelines, utilities, and natural gas
systems with durable cash flows and rising demand.
He breaks down why low natural gas prices may actually be
bullish, how North America has a structural advantage in the
global AI race thanks to cheap energy, and why infrastructure
assets—from pipelines to power grids—are becoming increasingly
valuable due to their scarcity and stability. He also weighs in
on Canada’s opportunity to become a more reliable global energy
supplier, the risks around new pipeline construction, and why
energy could continue to attract capital as investors rotate out
of mega-cap tech and into high free cash flow sectors.
In the Mailbag, Thummel shares his take on a wide range of stocks
across the energy value chain, including the potential tie-up
between NextEra Energy (NEE) and Dominion Energy (D), and what
surging electricity demand means for utilities. He discusses
infrastructure names like Targa Resources (TRGP) and MPLX (MPLX),
breaking down volume growth, dividend sustainability, and why
pipeline cash flows remain resilient even in a low gas price
environment. He also weighs in on Canadian exposure through South
Bow (SOBO.TO), the long-term outlook for Tourmaline (TOU.TO), and
whether investors should be buying the dip in Cameco (CCO).
Finally, he touches on Xylem (XYL) and why water infrastructure
may be a slower—but still durable—long-term theme tied to data
centre growth.
In Pro Picks, Thummel leans fully into his core thesis that
electricity is the new oil. He highlights Vistra (VST) as a
direct way to play rising power demand, with exposure to key U.S.
electricity markets and a more attractive valuation after a
recent pullback. He pairs that with Williams Companies (WMB), a
natural gas infrastructure leader benefiting from growing demand
and innovative “behind-the-meter” power solutions tied to AI
development. Rounding out his picks are natural gas producers EQT
Corporation (EQT) and Expand Energy (EXE), which he believes are
well positioned for a rebound as global LNG demand tightens
supply and pricing improves—setting up the next leg higher for
the natural gas trade.
Timestamps
00:00 Trailer
02:30 Intro
03:50 Electricity is the new oil: focus on natural gas gas &
infrastructure
08:00 We’ve learned oil is still relevant
10:00 How does Rob view Canada’s energy infrastructure and the
opportunity for Canada
16:30 Interest from generalist investors in energy
19:50 Is the energy sector vulnerable to things like the SpaceX
IPO?
21:40 Hamilton ETFs: MIX
23:45 ITM Mailbag: NextEra-Dominin merger (NEE,D)
29:00 Targa Resources (TRGP)
33:00 MPLX (MPLX)
34:50 South Bow (SOBO)
38:10 Tourmaline Oil (TOU)
41:00: Cameco (CC)
43:00 Xylem (XYL)
46:00 Robert’s Pro Picks (VST, WMB, EQT, EXE)
56:20: ETF Minute: BMO Gold ETFs
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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