LONDON -- There are things to love and loathe about most companies. Today, I'm going to tell you about three things to love about FTSE 100 utility group National Grid (LSE:NG) (NYSE:NGG).

I'll also be asking whether these positive factors make National Grid a good investment today.

Out of sight, out of mind
National Grid has a monopoly on the U.K.'s gas pipelines and electricity wires. As you'd expect when a company is in charge of such essential infrastructure, there is regulation by a government body.

However, National Grid is unique among the FTSE 100 utilities in that it doesn't interact directly with energy consumers. Perennial public ire is directed at the companies -- and their "fat-cat" bosses -- that drop rising bills on the doormat. National Grid is out of sight and out of mind so, in its case, there is less public and political pressure on the regulator.

Geographical diversification
National Grid also contrasts with most utilities on the London stock market in that it isn't at the mercy of a single regulator. In addition to its U.K. businesses, National Grid has transmission assets and a number of power plants in the USA.

The U.K./U.S. split of total group revenue is around 50/50. This geographical diversification means that investors are more-or-less buying into two companies in the sense that each operates under a different regulatory regime.

The dividend
Dividends are the big attraction for many investors in utilities, and National Grid is on a juicy prospective yield of 5.9% at a recent share price of 690 pence.

National Grid's yield is markedly higher than fellow FTSE 100 utilities CentricaSevern Trentand United Utilities, all of which offer less than 5%. In fact, the only utility that can match National Grid on yield is SSE (formerly Scottish & Southern Energy).

A good investment?
National Grid's shares have gained 7% over the past year, in line with the FTSE 100, but have underperformed the market over six months and three months as investors have become keener to embrace more cyclical companies.

If you are looking to buy -- or already own -- National Grid shares, the Motley Fool has just published this exclusive in-depth report about the company. The report evaluates National Grid's finances and risks, and places an 850 pence value on the shares. Just click here to read this special National Grid report while it's still free and available.

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G. A. Chester has no position in any stocks mentioned. The Motley Fool recommends National Grid plc (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.