As the U.S.-Canada trade war heats up, with fresh 50% tariffs and warnings about energy and critical minerals, utilities and power generators are suddenly on the front line of a political story that hits real assets and real bills. For investors, stress in cross-border supply chains can reshape where money flows. This article walks through 3 stocks exposed to this news so you can judge the risks and potential resilience.

The three stocks covered next are only a starting point, and the full screen surfaced 9 more companies with equally detailed stories around domestic supply, cross border exposure, and grid resilience that are not shown in this article.

If you want to move ahead of the headlines and focus on specifics, head straight to the U.S. Utilities and Power Generators with Domestic or Diversified Supply screener to identify, filter, and analyze the utilities that best fit your own conviction and risk tolerance.

Atmos Energy (ATO)

Overview: Atmos Energy is a Dallas based regulated natural gas utility that distributes gas to about 3.4 million customers across eight U.S. states and operates extensive underground pipeline and storage infrastructure. It fits this screener through its domestic focus on U.S. supply, transmission and system resilience rather than cross border fuel reliance.

Operations: Atmos Energy generates about US$4.6b from its Distribution segment and US$1.2b from Pipeline and Storage, with all reported revenue of roughly US$4.9b coming from the United States.

Market Cap: US$28.2b

Atmos Energy provides focused exposure to U.S. natural gas distribution and pipelines at a time when trade frictions and supply chain worries are pushing some investors toward domestically anchored utilities. The company combines regulated, largely U.S. based cash flows and notable profit margins with significant investment in modern pipelines, storage and resilience projects, which may be relevant if cross border energy flows become less reliable. At the same time, high capital spending, reliance on external funding and ongoing safety and legal scrutiny create financial and reputational risks that you need to weigh. If you care about how defensive income characteristics, infrastructure investment and these risks all fit together for Atmos Energy, the most important pieces of the story are still ahead.

Atmos Energy’s regulated cash flows and substantial pipeline investment may appear reassuring, yet they may also be masking a sharper risk return trade off. Get the full context in the 3 key rewards and 2 important warning signs (1 is major!)

MGE Energy (MGEE)

Overview: MGE Energy is a Madison based public utility holding company that generates and distributes electricity and natural gas for around 170,000 U.S. electric customers, giving investors direct exposure to domestic power generation, local transmission assets and grid reliability rather than cross border supply chains. Through regulated electric and gas utilities plus owned and leased generation that spans coal, gas, renewables and battery storage, MGE Energy ties potential rate base growth to U.S. infrastructure spending and ongoing investment in grid capacity.

Operations: MGE Energy generates about US$540 million from Electric operations, around US$252 million from Gas, roughly US$46 million from Non regulated Energy and reports total revenue of about US$752 million, all from the United States.

Market Cap: US$3.0b

MGE Energy provides a focused way to gain exposure to U.S. grid investment at a time when the U.S. and Canada are trading tariff threats and raising questions about cross border energy flows. The company combines regulated, domestic utility earnings, profit margins near 20% and a record of more than five decades of dividend growth, with recent dividend hikes reinforcing that income story. At the same time, high debt levels, a dividend not fully backed by free cash flow and analyst concerns about valuation highlight the need to consider how much risk you are taking for that stability. The full picture of MGE Energy’s earnings path, balance sheet strain and dividend outlook is an important part of the investment case.

MGE Energy’s steady dividend story and 20% profit margins may be masking a sharper trade off between stability and strain. Explore the full earnings path, balance sheet pressure and dividend coverage in the analysis report for MGE Energy

New Jersey Resources (NJR)

Overview: New Jersey Resources is a U.S. energy services holding company that primarily distributes natural gas through its regulated New Jersey Natural Gas utility, giving investors domestic supply exposure with a utility style profile. Around this core, it adds cleaner growth angles through a portfolio of solar projects, energy services, and gas storage and transportation assets.

Operations: New Jersey Resources generates about US$1.4b from Natural Gas Distribution, US$525 million from Energy Services, US$127 million from Clean Energy Ventures, US$116 million from Storage and Transportation, and US$65 million from Home Services and Other.

Market Cap: US$5.4b

New Jersey Resources offers a mix of regulated style gas distribution, solar investments, and midstream storage projects that fits with a domestic supply and grid resilience theme at a time when tariffs and cross border energy risks are front of mind. Management highlights that most gas supply and key materials are sourced domestically and that many Clean Energy Ventures contracts are structured to protect project returns if costs rise, which may appeal if trade frictions persist. On the other hand, earnings still lean heavily on traditional gas infrastructure, dividend coverage by free cash flow is thin, and recent earnings have been volatile. If you are weighing that trade off between utility exposure, and funding and policy risk, the details matter.

New Jersey Resources looks like a steady utility story, yet its mix of gas distribution, solar projects and storage could be reshaping faster than many investors assume. Get the full picture in the full narrative for New Jersey Resources

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.