Regulated Utility Stocks by Company
Regulated electric and gas utilities own the poles, wires, and power plants that deliver energy to nearly every US home and business, earning a state-approved return on every dollar of infrastructure they build. After two decades of flat demand, data centers, reshored manufacturing, and electrification have pushed the industry into a rate-base supercycle: record capital budgets, sharply higher load forecasts, and a new political fight over who pays for the buildout.
The Regulated Utilities sector on Sterling tracks 31 companies, led by NextEra Energy (9.2%), Duke Energy (7.7%), Southern Company (6.8%) by share of FY2025 net utility plant, a proxy for regulated rate base, across all 31 tracked utilities.
Regulated Utilities market share by company (2025)
| # | Company | Market share |
|---|---|---|
| 1 | Share of tracked-roster net utility plant, the closest uniformly reported proxy for regulated rate base. FY2025 net utility plant $156.20B. Includes NextEra Energy Resources, the unregulated renewables and storage business, alongside Florida Power & Light, so this overstates the regulated rate base specifically. | 9.2% |
| 2 | Duke EnergyDUK FY2025 net utility plant $131.20B. | 7.7% |
| 3 | FY2025 net utility plant $116.44B. | 6.8% |
| 4 | FY2025 net utility plant $97.89B (fiscal year ended March 31, 2025), converted from GBP 74.09B at the 2025 average GBP/USD 1.3212. | 5.7% |
| 5 | FY2025 net utility plant $96.80B. Includes the substantial capital added under the wildfire mitigation and undergrounding programs. | 5.7% |
| 6 | FY2025 net utility plant $93.03B. | 5.5% |
| 7 | ExelonEXC FY2025 net utility plant $84.32B. Wires-only after the Constellation spin-off, so effectively all of this plant is regulated transmission and distribution. | 4.9% |
| 8 | FY2025 net utility plant $78.97B. Predominantly regulated following the sale of the gas distribution utilities to Enbridge. | 4.6% |
| 9 | Xcel EnergyXEL FY2025 net utility plant $67.88B. | 4% |
| 10 | FY2025 net utility plant $64.49B. | 3.8% |
| 11 | FY2025 net utility plant $55.89B. | 3.3% |
| 12 | EntergyETR FY2025 net utility plant $52.85B. | 3.1% |
| 13 | SempraSRE FY2025 net utility plant $50.27B. Understates Sempra's regulated footprint: its roughly 80 percent stake in Oncor is accounted for under the equity method, so Oncor's plant is not consolidated here, while Sempra Infrastructure's LNG assets are. | 3% |
| 14 | FY2025 net utility plant $45.93B. | 2.7% |
| 15 | FY2025 net utility plant $44.69B. | 2.6% |
| 16 | FY2025 net utility plant $42.20B. Includes PSEG Power's nuclear fleet alongside the regulated PSE&G wires and gas business. | 2.5% |
| 17 | AmerenAEE FY2025 net utility plant $39.31B. | 2.3% |
| 18 | FY2025 net utility plant $38.28B. | 2.2% |
| 19 | FortisFTS FY2025 net utility plant $36.45B, converted from C$ 50.89B at the 2025 average CAD/USD 0.716334. | 2.1% |
| 20 | FY2025 net utility plant $36.13B. | 2.1% |
| 21 | FY2025 net utility plant $34.12B. | 2% |
| 22 | DTE EnergyDTE FY2025 net utility plant $33.92B. | 2% |
| 23 | CMS EnergyCMS FY2025 net utility plant $30.70B. | 1.8% |
| 24 | FY2025 net utility plant $30.66B. Regulated water and wastewater plant. | 1.8% |
| 25 | NiSourceNI FY2025 net utility plant $28.71B. | 1.7% |
| 26 | EvergyEVRG FY2025 net utility plant $26.36B. | 1.5% |
| 27 | Atmos EnergyATO FY2025 net utility plant $25.59B (fiscal year ended September 30, 2025). | 1.5% |
| 28 | FY2025 net utility plant $23.79B. | 1.4% |
| 29 | FY2025 net utility plant $20.34B. | 1.2% |
| 30 | FY2025 net utility plant $14.29B. Regulated water plus natural gas distribution plant. | 0.8% |
| 31 | FY2025 net utility plant $6.24B. | 0.4% |
Regulated Utilities at a Glance
- •US electricity consumption set a record in 2024, and the EIA projects new records in 2025 and 2026, ending nearly two decades of roughly flat demand (EIA Short-Term Energy Outlook).
- •Data centers consumed about 4.4% of US electricity in 2023 and could take 6.7% to 12% by 2028 depending on buildout pace (Lawrence Berkeley National Laboratory report for the DOE, December 2024).
- •Utility filings compiled by Grid Strategies put five-year peak demand growth forecasts at roughly 128 GW, about five times the level projected just two years earlier (Grid Strategies, December 2024).
- •PJM's capacity auction for the 2025/26 delivery year cleared at $269.92 per MW-day, up from $28.92 the prior year, and the following auction cleared at its price cap: the clearest market signal yet that reserve margins are tightening (PJM Interconnection).
- •Investor-owned electric utilities invested a record $167.8 billion of capital in 2023, and the Edison Electric Institute expects record spending to continue through the decade as grid and generation budgets accelerate (EEI Financial Review).
- •The average allowed return on equity granted in US electric rate cases was roughly 9.7% in 2024, while rate case activity runs at historically high levels as utilities file to recover the buildout (S&P Global Regulatory Research Associates).
- •California created a $21 billion wildfire fund under AB 1054 after PG&E's liability-driven bankruptcy; wildfire exposure remains the dominant tail risk for utilities across the West (California Public Utilities Commission).
How a Dollar of Capex Becomes Earnings
Net invested capital serving customers: plant in service plus construction work, minus accumulated depreciation. Every prudently incurred capex dollar lands here.
Commissions set a hypothetical capital structure. Recent US electric averages sit near 50 percent equity.
The allowed ROE (2024 US electric average roughly 9.7 percent) applied to the equity share of rate base. This is the profit line.
Actual interest cost passed through to customers at cost, with no markup.
Recovered dollar-for-dollar. Fuel typically flows through automatic adjustment clauses with no profit attached.
The sum becomes the revenue the utility may collect, divided into tariffs per customer class in a rate case.
Grow rate base 7 percent a year at a constant allowed ROE and earnings grow roughly 7 percent, less dilution from new equity. This is why utilities guide to rate base CAGR.
US Electricity Demand, 1990 to 2026
Retail Sales by Customer Class
Investor-Owned Utility Capex
Average Allowed ROE Over Time
Companies in the Regulated Utilities sector (31)
- Southern Company
- Duke Energy
- American Electric Power
- Dominion Energy
- Entergy
- Xcel Energy
- WEC Energy Group
- DTE Energy
- CMS Energy
- Ameren
- Alliant Energy
- Evergy
- Pinnacle West
- PG&E Corporation
- Hawaiian Electric
- Exelon
- Consolidated Edison
- Eversource Energy
- FirstEnergy
- PPL Corporation
- CenterPoint Energy
- Edison International
- NextEra Energy
- Sempra
- Public Service Enterprise Group
- Atmos Energy
- NiSource
- American Water Works
- Essential Utilities
- Fortis
- National Grid
Related industries
Frequently asked questions
What is the Regulated Utilities sector?
Regulated electric and gas utilities own the poles, wires, and power plants that deliver energy to nearly every US home and business, earning a state-approved return on every dollar of infrastructure they build. After two decades of flat demand, data centers, reshored manufacturing, and electrification have pushed the industry into a rate-base supercycle: record capital budgets, sharply higher load forecasts, and a new political fight over who pays for the buildout.
Which companies lead the Regulated Utilities sector?
Sterling tracks 31 companies in Regulated Utilities, led by NextEra Energy (9%), Duke Energy (8%), Southern Company (7%), National Grid (6%), PG&E Corporation (6%) and American Electric Power (6%) by share of FY2025 net utility plant, a proxy for regulated rate base, across all 31 tracked utilities.
How can I invest in the Regulated Utilities sector?
Publicly traded names in Regulated Utilities include Southern Company (SO), Duke Energy (DUK), American Electric Power (AEP), Dominion Energy (D) and Entergy (ETR). Compare them side by side on Sterling. Data last updated August 26, 2026.
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