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
etf-monitor
United States Natural Gas Fund tracks natural gas futures and suffers from the same severe contango roll costs as USO, making it a short-term trading vehicle for natural gas price bets rather than a viable long-term investment in the natural gas theme. This analysis is part of Energy Macro’s
tollbooth
NRG Energy is a competitive Texas power company and retail electricity provider, operating a fleet of gas-fired generation and serving 7.5 million customers — a consumer-facing tollbooth that profits from both energy production and retail electricity margins in deregulated markets. This analysis is part of Energy Macro’s Tollbooth Royalties
grid-risk
New Mexico's WECC-region grid is transitioning away from coal as the landmark San Juan and Four Corners plant closures reshape the state's generation mix, while exceptional solar and wind resources combined with oil and gas sector demand create a complex energy landscape ripe for investment. This
etf-monitor
United States Oil Fund tracks crude oil futures prices using front-month WTI contracts, providing the most direct ETF exposure to short-term oil price movements — but with significant roll cost drag that makes it unsuitable for long-term holding. This analysis is part of Energy Macro’s ETF Monitor research. For our
tollbooth
Vistra Corp is Texas's competitive power tollbooth — operating gas peakers, nuclear plants, and battery storage in the ERCOT market where scarcity pricing and blackout risk create outsized profit opportunities during extreme weather events and demand spikes. This analysis is part of Energy Macro’s Tollbooth Royalties research. For
grid-risk
New Jersey's PJM-connected grid is managing the complex intersection of one of the nation's largest nuclear fleets, aggressive offshore wind development targets, severe grid congestion in the nation's most densely populated state, and escalating storm risk from coastal nor'easters and hurricanes. This
etf-monitor
First Trust Natural Gas ETF provides focused exposure to natural gas producers and related companies, capturing the structural demand growth from LNG exports, power generation for data centers, and the displacement of coal in electricity generation globally. This analysis is part of Energy Macro’s ETF Monitor research. For our
tollbooth
Constellation Energy operates America's largest nuclear fleet — 13 reactors producing more zero-carbon electricity than any other company — making it the dominant clean energy tollbooth as data centers, AI, and corporate buyers compete for 24/7 carbon-free power. This analysis is part of Energy Macro’s Tollbooth Royalties research.