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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