A large regulated electric utility that also runs the world’s biggest wind and solar generation business has posted a 10% three-year dividend growth rate, placing it among the steadier dividend growers in the utilities sector. The business splits its focus between a rate-regulated power delivery franchise serving millions of households and a separate arm building wind, solar, battery storage, and nuclear projects across dozens of states. That combination gives the company predictable cash flow on one side and a fast-expanding growth pipeline on the other, one that just hit a record size. Rising electricity demand tied to data center construction, factory reshoring, and broader electrification is pushing long-term demand forecasts higher, and the company is now weighing a merger with another regulated utility to lock in even more growth. At the same time, a recent revenue figure came in below what analysts expected, and the pace of new construction needed over the next two years leaves little room for delays.
What makes this setup work is how the two halves support each other. The regulated side delivers steady, government-approved returns that fund the dividend today, while the growth side captures the economics of surging power demand without relying on either piece alone. A plan to restart an idled nuclear facility and secure new natural gas turbine capacity adds a third growth lever, aimed at diversifying beyond wind and solar as large industrial and data center customers seek firm, round-the-clock power.
Given the durability of this model and the pace of dividend increases behind it, the position has been reaffirmed within the Dividend Growth Stocks Portfolio. The decision reflects a business expanding its regulated base, its renewable backlog, and its future generation mix all at once, a combination that supports the kind of long-term, compounding dividend growth this portfolio is built around.
