National Bank Financial analyst Patrick Kenny anticipates utility companies will thrive due to increasing demand for affordable and reliable energy sources in the coming year. However, persistent macroeconomic challenges will continue to pose significant hurdles. Kenny believes the most viable path for energy development will be through off-grid, behind-the-meter developers specializing in natural gas-fired generation, addressing affordability concerns and grid instability.
He also sees growth opportunities in natural gas pipeline connections and storage capacity, suggesting attractive prospects for energy infrastructure companies with significant exposure to the data center sector in 2025. Companies like TA, CPX, TRP, H, ENB, and FTS are identified as potential beneficiaries. Kenny acknowledges that interest rate uncertainty and inflation will remain headwinds, while a weaker Canadian dollar will also impact the sector. Despite these challenges, he predicts further rate cuts through early 2025, with the 10-year GCAN rate stabilizing around 3.0 percent by late 2026. He emphasizes the strong liquidity positions of these companies relative to their 2025 refinancing needs, indicating healthy credit spreads and favorable access to debt markets
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