tollbooth
Exelon is America's largest regulated utility by customer count, serving 10.7 million customers across the PJM corridor from Chicago to D.C. — a pure-play transmission and distribution tollbooth after spinning off its nuclear generation fleet into Constellation Energy. This analysis is part of Energy Macro’s Tollbooth
tollbooth
American Electric Power owns 40,000 miles of transmission lines — the largest privately-owned transmission network in America — making it an irreplaceable tollbooth collecting fees on every electron flowing across 11 states as grid modernization spending accelerates. The Business American Electric Power operates one of America's largest electric utility
tollbooth
Dominion Energy controls the grid in Virginia — America's data center capital — where hyperscale demand from AWS, Microsoft, and Google is driving the largest transmission buildout in the company's history, making it a direct tollbooth on the AI infrastructure boom. The Business Dominion Energy operates one of
tollbooth
Southern Company owns the tollbooth on the Southeast's power grid, operating the nation's newest nuclear reactors at Plant Vogtle and serving 9 million customers across Georgia, Alabama, and Mississippi — a regulated cash flow machine with inflation-protected returns. The Business Southern Company operates one of America'
tollbooth
Duke Energy is a regulated utility tollbooth serving 8.4 million customers across the Carolinas, Florida, Indiana, and Ohio — a nuclear-powered grid operator earning guaranteed returns on one of the largest infrastructure investment programs in the Southeast. The Business Duke Energy operates the ultimate infrastructure tollbooth: a regulated monopoly serving
tollbooth
Cameco is the Western world's largest uranium producer, controlling the McArthur River and Cigar Lake mines in Canada's Athabasca Basin — the tollbooth on nuclear fuel supply as reactor restarts, new builds, and AI power demand create a structural uranium supply deficit. The Business Cameco Corporation is
tollbooth
Kinder Morgan owns 83,000 miles of pipelines and 143 terminals — the largest natural gas pipeline network in North America — collecting toll-like fees on roughly 40% of all natural gas consumed in the United States regardless of commodity prices. The Business Kinder Morgan operates North America's largest natural
tollbooth
NextEra Energy is America's largest utility and the dominant tollbooth on the U.S. power grid, owning 74,000+ miles of transmission lines and the world's largest portfolio of wind and solar generation — a structural beneficiary of the $2 trillion grid rebuild now underway. The Business