In short: Named as one of the physical levers Canada holds in the trade war, not as an investment: "you consider that Hydro-Québec is a major electricity provider to the US Northeast. You consider that Ontario is a major electricity provider to the heartland of the US… you turn all those off all at once, things get pretty interesting pretty quickly. The US has gone to war over far less." Doomberg does not expect Carney to do it.
Hydro-Québec is the electricity company owned by the province of Québec. It is not listed anywhere, so nobody can buy it — it appears in this conversation as a lever, not an investment.
The argument is about how much physical leverage Canada actually holds over the United States in a trade fight. Most of the discussion of US energy independence assumes Canadian supply is simply there. Doomberg lists what "there" actually consists of: Hydro-Québec's hydro power flowing into the US Northeast, Ontario's power flowing into the industrial Midwest, heavy crude from the Alberta oil sands, and Midwest refineries that were physically built to run on that specific heavy Canadian oil and can't easily switch. Turn all of that off at once and, in their words, "things get pretty interesting pretty quickly. The US has gone to war over far less."
Two caveats they are explicit about. First, they do not expect Mark Carney to do this — it is a war-game of a premise everyone assumes away, not a forecast. Second, the usual assumption that Canada would suffer more is challenged: when Europe cut itself off from Russian gas, Russia kept the gas cheaply at home and the price everyone else paid went up. The reason a non-investable utility earns a row here is that it identifies where an energy shock would actually originate if the Canada dispute keeps escalating — closer to home than the Strait of Hormuz.
24:58Unless you think this is crazy talk from a green chicken. You consider that Hydro-Québec is a major electricity provider to the US Northeast. You consider that Ontario is a major electricity provider to the heartland of the US. You consider that there are entire refineries in the Midwest that run exclusively on oil from Canada.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.