Duke Energy’s Oconee Nuclear Station in Seneca, S.C. The company is investing in electric grid upgrades and cleaner generation, including nuclear power.Liz Hampton/Reuters
We have some first-rate utility companies in Canada, such as Fortis FTS-T, Hydro One H-T, Canadian Utilities CU-T and Emera EMA-T.
But sometimes it’s worthwhile looking beyond our borders. American utilities offer diversification and dependable U.S. dollar cash flow. Some also provide exposure to the resurgent nuclear energy business.
Here are two U.S. utilities that we have recommended in my Income Investor newsletter. Prices are as of Nov. 14.
The Southern Company (SO-N)
Type: U.S. common stock
Current price: US$90.69
Originally recommended: May 30, 2024, at US$77.75
Annual payout: US$2.96 (forward 12 months)
Yield: 3.3 per cent
Risk Rating: Moderate risk
Website: www.southerncompany.com
Background: Atlanta-based Southern Company SO-N was founded about a century ago. It supplies power to customers in Georgia, Alabama, Mississippi and Northern Florida. Its facilities range from fossil-fuel plants (mainly coal and natural gas) to clean energy and nuclear. Its four Vogtle reactors, the last of which recently came online, comprise the largest generator of clean energy in the U.S. and are expected to produce more than 30 million megawatt-hours of electricity each year. Southern was recently named by Newsweek’s World’s Most Trustworthy Companies list as the highest-ranked U.S. energy company.
Southern’s third-quarter operating revenues were US$7.8-billion, up from US$7.3-billion in the same period last year, an increase of 7.5 per cent. For the nine months ended Sept. 30, 2025, operating revenues were US$22.6-billion, compared with US$20.4-billion for the same period in 2024, an increase of 10.7 per cent.
The company earned US$1.8-billion (US$1.60 per share) during the third quarter, compared with US$1.6-billion (US$1.43 per share) during the third quarter of 2024. For the nine months ended Sept. 30, Southern earned US$4.1-billion (US$3.76 per share), compared with US$3.9-billion (US$3.56 per share) for the same period in 2024.
Southern operates the Alvin W. Vogtle Electric Generating Plant, located near Waynesboro, Ga. It is one of the largest and most significant nuclear power facilities in the United States.
Vogtle originally began operation with Units 1 and 2 in the late 1980s, each generating around 1,100 megawatts of electricity. Together, they established Vogtle as a cornerstone of Georgia’s clean energy portfolio, providing reliable baseload power to millions of customers across the Southeast.
In 2009, construction began on Units 3 and 4, the first new commercial nuclear reactors built in the U.S. in more than three decades. Both units use the advanced Westinghouse AP1000 pressurized water reactor design, which features passive safety systems that can cool the reactor core without operator action or external power for extended periods.
After years of construction challenges, delays and cost overruns, Unit 3 began commercial operation in July, 2023, and Unit 4 followed in April, 2024. Together, they add more than 2,200 megawatts of carbon-free generation capacity, enough to power more than one million homes and businesses. That makes Vogtle the largest producer of clean nuclear energy in the U.S.
In late October, RBC Capital Markets resumed coverage of the stock, rating it Sector Perform with a price target of US$107.
Duke Energy Corporation (DUK-N)
Type: U.S. common stock
Current price: US$122.71
Originally recommended: Oct. 13, 2022 at US$89.07
Annual payout: US$4.26
Yield: 3.5 per cent
Risk: Lower risk
Website: www.duke-energy.com
Comments: Duke Energy DUK-N is based in Charlotte, N.C. The company’s electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
The company is executing an ambitious energy transition, investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.
Duke recently released strong third-quarter results. Operating revenue for the three months to Sept. 30 was US$8.5-billion, up from US$8.2-billion in the same quarter of 2024. Net income applicable to shareholders was US$1.4-billion (US$1.81 per diluted share), compared with US$1.3-billion (US$1.60 per share) a year ago.
For the first nine months of the fiscal year, operating revenue was US$24.3-billion, an increase of 5.7 per cent from US$23-billon in the same period in 2024. Net income was US$3.8-billion (US$4.81 per diluted share), compared with US$3.2-billion (US$4.16 a share) the year before.
The company narrowed its 2025 adjusted EPS guidance range to US$6.25 to US$6.35. Long-term adjusted EPS growth rate is expected to be 5 to 7 per cent through 2029.
RBC Capital Markets has a target price of US$143 for the stock.
Gordon Pape is editor and publisher of the Internet Wealth Builder and Income Investor newsletters.