Voya Private Credit: Energy & Infrastructure Quarterly, Winter 2024

Voya Private Credit: Energy & Infrastructure Quarterly, Winter 2024

Time to read: Minutes

Voya’s energy experts take a deep dive into the emergence of liquefied natural gas as a globally traded commodity, and the ascension of the U.S. as an LNG superpower—along with the risks and rewards of investment in the growing market for LNG infrastructure.

Made in America

Decades ago, there was a joke told in Houston bars of a geologist who returned home from a trip abroad seeking oil. In the debrief with her boss, she explained that she had both bad news and good news—the bad news was that she failed to find oil, but the good news was that she failed to find natural gas. Old jokes aside, natural gas has become a major portion of the global energy diet, thanks to technological innovation and robust demand for cleaner sources of energy.

In this quarter’s special topic, Made in America, we will explore the natural gas industry’s transformation from a series of localized markets limited by logistical constraints into a global trade that brings clean, affordable energy to the masses. We will provide a brief overview of the natural gas value chain, discuss how the proliferation of liquefaction technology enabled natural gas to become a global trade, and review how the shale revolution and other factors caused LNG to grow from a nascent commodity to a major portion of the global energy diet.

Made in America is the second edition in a series exploring the broader energy complex. Given that natural gas is widely viewed as a “transition fuel,” we believe this is an appropriate topic to explore before we begin our discussion of renewable energy in the next edition of Energy & Infrastructure Quarterly.


Past performance does not guarantee future results. This commentary has been prepared by Voya Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) increasing levels of loan defaults, (5) changes in laws and regulations and (6) changes in the policies of governments and/or regulatory authorities. The opinions, views and information expressed in this commentary regarding holdings are subject to change without notice. The information provided regarding holdings is not a recommendation to buy or sell any security.

Canada: Please be advised that Voya Investment Management Co. LLC is a non-Canadian company. We are not registered as a dealer or adviser under Canadian securities legislation. We operate in the Provinces of Nova Scotia, Ontario and Manitoba based on the international adviser registration exemption provided in National Instrument 31-103. As such, investors will have more limited rights and recourse than if the investment manager were registered under applicable Canadian securities laws.

For use by qualified institutional investors and financial professionals only. Not for inspection by, distribution to or quotation to the general public.