2 Canadian Energy Stocks That Could Power Portfolios for Years

Here are two stocks poised to benefit long term from the future of energy and the energy transition.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published October 24, 2025 5:00 pm EDT

| More on: CCONPI

Key Points

Cameco supplies uranium for nuclear power, with tier‑one assets positioned to benefit from rising global demand for zero‑carbon base load electricity.
Northland builds diversified clean-energy projects of offshore wind, solar, gas, storage offers a 4.8% monthly yield and a sizable development pipeline.
Both are transition plays with upside, but face project execution, commodity, and regulatory risks, suited for long-term investors tolerant of infrastructure cycles.

Energy stocks have long been some of the best providers of income for Canadian investors. But the last few years have shaken things up. Perhaps oil and gas isn’t the stable area that it once was, and this can mean investors need to start looking towards the future of energy stocks.

That’s why today we’re going to consider energy stocks that belong in the energy transition. So let’s get into why Cameco (TSX:CCO) and Northland Power (TSX:NPI) belong on your radar.

A lake in the shape of a solar, wind and energy storage system in the middle of a lush forest as a metaphor for the concept of clean and organic renewable energy. — Source: Getty Images

CCO

Cameco is one of the world’s largest publicly traded uranium companies. It supplies uranium fuel and fuel services to nuclear power utilities globally. Its operations span from uranium mining, milling and exploration, to fuel services on a global scale. This provides it with a solid transition position with cash flow from both oil and gas, as well as renewables.

Global energy systems are under pressure to decarbonize, and nuclear power is increasingly viewed as a key zero-carbon source of base load electricity. A recent commentary notes that uranium demand is projected to surge nearly 28% by 2030 and could double by 2040, given expanding nuclear capacity worldwide.

Cameco holds large, tier-one uranium assets with long lives, proven reserves, and infrastructure already in place. The uranium producer holds exposure to clean nuclear energy with a strong position in its niche. With long-lived assets and a competitive advantage, investors can hold the stock for years. While not cheap, it continues to perform well, making it a solid buy and hold for long-term investors.

NPI

Northland Power is a Canadian-based global power producer that specializes in clean energy infrastructure. It develops, builds, and operates assets across several technologies including offshore wind, onshore wind, solar, natural gas, and battery energy storage.

Unlike some pure-wind or pure-solar plays, Northland has a mix of offshore wind, onshore wind, solar, natural gas, and battery storage. That mix reduces dependence on a single technology or geography. Also, with operations in multiple jurisdictions, it has exposure beyond just Canada. What’s more, it has a large development pipeline for even more long-term growth.

Even better? NPI offers a monthly dividend yielding 4.8% as of writing. All that is supported by strong quarterly results. It’s not a “pure growth tech” stock nor a traditional utility. Instead it sits at the intersection of infrastructure and clean energy. For someone building a portfolio for the next decade, this kind of energy stock may fit well. Especially if you believe in the energy transition and are comfortable with project risk and execution timelines.

Bottom line

Both NPI and Cameco are two solid energy stocks. These are companies that are primed for the renewable energy transition, with infrastructure already in place and ready to go. As both continue to expand through deals, acquisitions, and organic growth, investors will certainly do well to consider them for their watchlist. Just remember, be sure to meet with your financial advisor before making any investment decisions. But taken together, these energy stocks could certainly do well in a long-term focused portfolio.