Largest utility companies by market capitalization

Utility company stocks represent a foundational segment of essential service infrastructure, characterized by regulated operations and defensive characteristics. These companies trade predominantly on major global exchanges, serving as critical providers of everyday necessities. Despite exposure to regulatory changes, the utility sector offers investors access to stable cash flow generators with inflation-linked revenue models and consistent dividend distributions.

The industry encompasses diverse energy sources and service models across multiple continents. Core investment attributes include:

• Regulated monopolies: Operators granted exclusive service territories with government-approved return on capital.
• Essential service provision: Providers of electricity transmission, natural gas distribution, water treatment, and renewable energy infrastructure.
• Predictable cash flows: Recurring revenue streams from captive customer bases with low demand elasticity.

The revenue structure demonstrates resilience through economic cycles. NextEra Energy, the world’s largest utility by market capitalization, serves over 5.7 million Florida customers through its Florida Power & Light subsidiary while simultaneously operating the globe’s largest renewable energy portfolio. Their dual model of regulated utility operations and competitive energy generation underscores the sector’s strategic evolution. Investing in utility stocks thus provides participation in infrastructure critical to societal functioning and energy transition.

Regulated utilities feature prominently among dividend achievers. National Grid (UK) has maintained uninterrupted dividend payouts since privatization in 1990, while American firm Duke Energy has distributed dividends for over 95 consecutive years. Rate-regulated return structures allow companies like Italy’s Enel to offer dividend yields consistently above market averages. The sector is experiencing fundamental transformation: Global utility-scale battery storage capacity grew by 130% annually through 2023, and over $500 billion is projected for U.S. grid modernization investments this decade, including major projects by companies like Southern Company upgrading infrastructure across 9 million customer accounts.

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The following table contains a list of the largest publicly traded utility companies by market capitalization across global exchanges (including integrated electric utilities, gas distributors, multi-utilities, and renewable energy operators). The list includes only publicly traded entities with primary listings on major exchanges regardless of headquarters location, and presented data (price, market cap) are regularly updated to reflect current market dynamics.