tollbooth
ONEOK is a Midwest and Rocky Mountain NGL pipeline powerhouse that doubled in size with the Magellan Midstream merger — creating a diversified tollbooth spanning natural gas liquids, crude oil, and refined products with 50,000+ miles of pipeline infrastructure. This analysis is part of Energy Macro’s Tollbooth Royalties research.
etf-monitor
Utilities Select Sector SPDR is the benchmark U.S. utilities ETF at just 0.09% expense ratio, holding the S&P 500's regulated power companies — a defensive income allocation that has transformed into a growth play as data center power demand and grid modernization drive unprecedented capital
tollbooth
MPLX is Marathon Petroleum's midstream subsidiary, operating natural gas processing and NGL pipeline infrastructure across the Marcellus and Appalachian basin — a high-yield tollbooth backed by one of the most prolific gas production regions in the world. This analysis is part of Energy Macro’s Tollbooth Royalties research. For
grid-risk
Ohio's PJM-connected grid is navigating a contentious energy transition as nuclear preservation battles, data center demand growth, and natural gas expansion reshape the state's historically coal-heavy generation fleet amid some of the most politically charged energy policy debates in the nation. This analysis is part of
etf-monitor
FlexShares STOXX Global Broad Infrastructure ETF provides global infrastructure exposure spanning utilities, transportation, and energy across developed and emerging markets — the only infrastructure ETF in the Energy Macro framework with significant international diversification. This analysis is part of Energy Macro’s ETF Monitor research. For our complete infrastructure income framework,
tollbooth
Energy Transfer operates one of the most diversified midstream networks in North America — 125,000+ miles of pipelines spanning natural gas, NGL, crude, and refined products — with a 7%+ yield that reflects the company's history of aggressive growth and investor skepticism. This analysis is part of Energy Macro’
grid-risk
North Dakota's MISO-connected grid balances lignite coal legacy generation with rapidly expanding wind capacity, while oil production in the Bakken formation creates substantial industrial demand and the state's extreme winter conditions test grid resilience annually. This analysis is part of Energy Macro’s Grid Risk research.
etf-monitor
First Trust NASDAQ Clean Edge Smart Grid Infrastructure ETF targets the companies modernizing the electrical grid — smart meters, grid-scale batteries, power electronics, and energy management systems — capturing the technology layer of the grid rebuild that enables renewable integration and EV charging. This analysis is part of Energy Macro’s ETF
tollbooth
Enterprise Products Partners is the largest midstream MLP in America, operating 50,000+ miles of NGL, crude, and natural gas pipelines with a 26-year track record of distribution increases — the quintessential real asset tollbooth for income-focused investors. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our
grid-risk
North Carolina's SERC-region grid, dominated by Duke Energy, faces a triple challenge of accelerating data center demand in the Charlotte and Research Triangle corridors, hurricane vulnerability along the coast, and the complex retirement of coal generation while maintaining nuclear baseload reliability. This analysis is part of Energy Macro’
etf-monitor
iShares U.S. Infrastructure ETF provides broad domestic infrastructure exposure across utilities, transportation, and energy infrastructure companies, offering a more diversified and defensive alternative to PAVE with higher income from utility and MLP holdings. This analysis is part of Energy Macro’s ETF Monitor research. For our complete infrastructure income
tollbooth
Williams Companies operates the Transco pipeline — the nation's largest natural gas pipeline by volume — stretching from the Gulf Coast to New York City, collecting fees on the gas that heats 15% of U.S. homes and powers a growing fleet of data centers along the Eastern Seaboard. This