Regulated utilities
Earn a commission-approved return on equity on their rate base (the grid and plants they own), so profit grows with approved investment.
Electric utility stocks
Electric services companies generate, transmit and distribute electricity. Regulated utilities earn an allowed return on the assets they build, set by state commissions, while competitive power producers sell electricity at market prices; demand growth from data centers and electrification has made capital spending plans central to the sector.
How electric utility companies make money
Competitive generation
Independent power producers such as Vistra, Constellation Energy and NRG sell power and capacity at market prices, so earnings move with power prices and plant availability.
Renewable development
Some members, notably NextEra Energy, also build and own wind, solar and storage projects under long-term contracts.
What drives electric utility stocks
- ◆Electricity demand growth, including from data centers
- ◆Rate-case outcomes and allowed returns on equity
- ◆Capital spending plans and how they are financed
- ◆Interest rates, which affect financing costs and valuation
- ◆Fuel and wholesale power prices for competitive generators
Key risks
- ◆Unfavorable rate-case decisions or regulatory lag
- ◆Wildfire, storm and other liability events
- ◆Higher interest rates raising the cost of large build plans
- ◆Power-price declines for merchant generators
KPIs to track
- Rate base growth
- Growth in the asset base on which regulated returns are earned.
- Allowed vs earned ROE
- Whether the utility earns the return regulators approved.
- Capital expenditure plan
- Multi-year investment disclosed in filings and investor materials.
- Debt and equity issuance
- How much new capital the plan requires from shareholders and lenders.
Fiscal calendars in this group
Utilities report on a calendar year, but results are seasonal: weather drives quarterly demand, so compare quarters year over year rather than sequentially.
| Fiscal year end (SEC) | Companies |
|---|---|
| December 31 | AEP, CEG, CNP, D, DTE, EIX, ES, ETR, FE, NEE, NRG, PNW, PPL, SO, VST |
Electric utility stocks: company profiles and annual filings
American Electric Power Company, Inc. (AEP)
American Electric Power owns one of the largest electricity transmission networks in the United States and serves customers across eleven states. Much of its growth plan centers on expanding and modernizing the grid.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
CenterPoint Energy, Inc. (CNP)
CenterPoint Energy delivers electricity and natural gas across Texas and the Midwest.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Constellation Energy Corporation (CEG)
Constellation Energy is the largest US operator of carbon-free nuclear power plants and sells clean electricity.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Dominion Energy, Inc. (D)
Dominion Energy is a regulated utility serving customers primarily in Virginia and the Carolinas, a region seeing surging power demand from data centers. It is investing heavily in offshore wind and grid capacity.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
DTE Energy Company (DTE)
DTE Energy provides regulated electricity and natural gas across Michigan.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Edison International (EIX)
Edison International delivers electricity to Southern California through its utility subsidiary.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Entergy Corporation (ETR)
Entergy provides electricity across the Gulf South and operates nuclear generating stations.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Eversource Energy (ES)
Eversource Energy provides electricity, natural gas, and water service across New England.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
FirstEnergy Corp. (FE)
FirstEnergy delivers electricity through regulated utilities across the Midwest and mid-Atlantic.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
NextEra Energy, Inc. (NEE)
NextEra Energy pairs Florida Power & Light, a large regulated utility, with one of the world's biggest generators of wind and solar power. That combination positions it at the center of the shift to renewable electricity.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
NRG Energy, Inc. (NRG)
NRG Energy generates and retails electricity to residential and business customers.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Pinnacle West Capital Corporation (PNW)
Pinnacle West Capital provides regulated electricity across Arizona through Arizona Public Service.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
PPL Corporation (PPL)
PPL provides regulated electricity and natural gas across Pennsylvania, Kentucky, and Rhode Island.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
The Southern Company (SO)
Southern Company provides regulated electricity and natural gas across several southeastern states. It recently completed new nuclear units, expanding its low-carbon generation base.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Vistra Corp. (VST)
Vistra generates and sells electricity from a fleet of natural-gas, nuclear, and renewable plants.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Compare companies in this industry
AEP vs CEG
Compare American Electric Power Company, Inc. and Constellation Energy Corporation: business context, fiscal calendars and official filings.
AEP vs CNP
Compare American Electric Power Company, Inc. and CenterPoint Energy, Inc.: business context, fiscal calendars and official filings.
AEP vs D
Compare American Electric Power Company, Inc. and Dominion Energy, Inc.: business context, fiscal calendars and official filings.
AEP vs DTE
Compare American Electric Power Company, Inc. and DTE Energy Company: business context, fiscal calendars and official filings.
AEP vs EIX
Compare American Electric Power Company, Inc. and Edison International: business context, fiscal calendars and official filings.
AEP vs ES
Compare American Electric Power Company, Inc. and Eversource Energy: business context, fiscal calendars and official filings.
AEP vs ETR
Compare American Electric Power Company, Inc. and Entergy Corporation: business context, fiscal calendars and official filings.
AEP vs FE
Compare American Electric Power Company, Inc. and FirstEnergy Corp.: business context, fiscal calendars and official filings.
Research on electric utility companies
Sources and method
Industry codes and annual filing references come from the SEC submissions snapshot linked to each issuer in our company catalog (snapshot ; newer filings may exist). Only groups with at least three distinct issuers, business descriptions and annual filing links are included. Multiple share classes of one issuer count as one company. This is a coverage directory, not a complete industry census or a ranking of investments.
The industry explanation above is editorial and general; it is not drawn from any single company's filing. Company-specific figures are on each stock page with a link to the filing they come from.
SEC Standard Industrial Classification code list explains the classification system. Read our research methodology or browse all industry directories.
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