Largest companies by market cap in the utilities sector
(Editor's note: Rankings are as of May 1, 2026.)
| Name and ticker | Market cap | Current price | Industry |
|---|---|---|---|
| NextEra Energy (NYSE:NEE) | $199.2 billion | $96.28 | Electric Utilities |
| Iberdrola (OTC:IBDSF) | $151.5 billion | $23.10 | Electric Utilities |
| Enel SpA (OTC:ENLAY) | $113.0 billion | $11.32 | Electric Utilities |
| Constellation Energy (NASDAQ:CEG) | $116.3 billion | $320.42 | Electric Utilities |
| Southern Company (NYSE:SO) | $108.2 billion | $95.90 | Electric Utilities |
| Duke Energy (NYSE:DUK) | $99.2 billion | $127.58 | Electric Utilities |
| National Grid Plc (NYSE:NGG) | $87.1 billion | $87.64 | Multi-Utilities |
| Engie (OTC:ENGQF) | $83.0 billion | $33.07 | Multi-Utilities |
| American Electric Power (NASDAQ:AEP) | $73.2 billion | $137.04 | Electric Utilities |
1. NextEra Energy
NYSE: NEE
Key Data Points
- Market cap: $202.17 billion (as of May 1)
- Revenue (TTM): $27.9 billion
- Gross profit (TTM): $17.1 billion
- Five-year annualized return: 4.58%
- Year founded: 1925 (Florida Power & Light), 1984 (FPL Group)
TTM = trailing 12 months.
NextEra Energy is a leading utility and renewable energy company. It has multiple subsidiaries, the largest of which is Florida Power & Light, the largest electrical utility company in the U.S.
It supplies power to approximately 12 million people across Florida. Another subsidiary, NextEra Energy Resources, is one of the country's largest generators of renewable energy, including solar and wind energy.
2. Iberdrola
OTC: IBDSF
Key Data Points
- Market cap: $159.82 billion (as of May 1)
- Revenue (TTM): $51.1 billion*
- Gross profit (TTM): $27.6 billion*
- Five-year annualized return: 11.69%
- Year founded: 1907 (Hidroelectrica Espanola), 1944 (Iberduero), 1992 (merger of Hidroelectrica Espanola and Iberduero)
*Converted from euros.
Iberdrola is a Spanish electrical utility company with subsidiaries worldwide, including in the U.S., the U.K., and Brazil. It serves more than 36 million customers worldwide and is the leading European electrical utilities company by market cap.
This company first committed to using renewable energy in 2001. As of early 2026, it has led the European market for three consecutive years in long-term renewable energy purchase agreements.
3. Enel SpA
OTC: ENLAY
Key Data Points
- Market cap: $114.51 billion (as of May 1)
- Revenue (TTM): $79.2 billion*
- Gross profit (TTM): $37.1 billion*
- Five-year annualized return: 3.13%
- Year founded: 1962
*Converted from euros.
Enel SpA is an Italian energy company that distributes electricity and natural gas. It operates in 43 countries, has more than 1,000 subsidiaries, and connects more than 70 million users to its grids.
This company produces electricity from several renewable and non-renewable energy sources. These include solar, wind, hydroelectric, geothermal, thermal, and nuclear energy.
4. Constellation Energy
NASDAQ: CEG
Key Data Points
- Market cap: $111.52 billion (as of May 1)
- Revenue (TTM): $25.5 billion
- Gross profit (TTM): $4.7 billion
- Year founded: 2022
Constellation Energy (CEG -0.12%) is an electricity and natural gas company with facilities for solar, wind, nuclear, and hydropower generation. Based in Baltimore, Md., it serves residential, business, and public sector customers.
In June 2025, Meta Platforms (META -0.89%) signed a 20-year nuclear power agreement with Constellation Energy. Starting in 2027, Meta will purchase power from a Constellation Energy center in Illinois that was previously at risk of closure. Microsoft (MSFT -0.54%) signed its own 20-year power agreement with Constellation in 2024.
5. Southern Company
NYSE: SO
Key Data Points
- Market cap: $109.02 billion (as of May 1)
- Revenue (TTM): $30.2 billion
- Gross profit (TTM): $14.5 billion
- Five-year annualized return: 7.89%
- Year founded: 1945
Southern Company (SO -0.09%) is a gas and electric company that serves 9 million customers across the southern U.S. Along with its subsidiaries, it owns or operates 55 facilities in 15 states.
Utilities companies often pay out generous dividends, and Southern Company is no exception. It has a high dividend yield and has raised its dividend for more than 20 consecutive years.
6. Duke Energy
NYSE: DUK
Key Data Points
- Market cap: $100.08 billion (as of May 1)
- Revenue (TTM): $32.2 billion
- Gross profit (TTM): $16.5 billion
- Five-year annualized return: 5.01%
- Year founded: 1904
Duke Energy (DUK +0.10%) is an electric and natural gas company based in Charlotte, N.C. It generates electricity through coal, natural gas, nuclear, hydroelectric, and renewable power sources.
Duke Energy is making substantial investments to improve its electric grid and expand renewable energy production. The company's five-year plan through 2029 could exceed $100 billion in capital expenditures as it looks to add more than 13 gigawatts of capacity to its system.
7. China Yangtze Power
- Market cap: $90.08 billion (as of May 1)
- Revenue (TTM): $12.8 billion*
- Gross profit (TTM): $7.9 billion*
- Five-year annualized return: 2.86%
- Year founded: 2002
*Converted from Chinese yuan.
China Yangtze Power, headquartered in Beijing, is a largely state-owned utility company specializing in hydroelectric power generation. It owns all the power-generation assets of six hydropower stations along the Yangtze River and manages the 22.5-gigawatt Three Gorges Dam, the world's largest hydropower plant.
8. National Grid
NYSE: NGG
Key Data Points
- Market cap: $88.05 billion (as of May 1)
- Revenue (TTM): $23.8 billion*
- Gross profit (TTM): $19.4 billion*
- Five-year annualized return: 7.04%
- Year founded: 1990
*Converted from British pounds.
National Grid (NGG +0.16%) is a London-based utility that transmits and distributes electricity and gas. It primarily operates in the U.K., where it distributes electricity to 8 million customers across a 21,351-square-mile service area.
This company also has a presence in the U.S. It owns and operates electricity transmission and distribution networks, as well as gas distribution networks, across the northeastern U.S.
9. Engie
OTC: ENGQF
Key Data Points
- Market cap: $85.35 billion (as of May 1)
- Revenue (TTM): $84.5 billion*
- Gross profit (TTM): $26.9 billion*
- Five-year annualized return: 17.62%
- Year founded: 1858 (Suez Company), 1946 (Gaz de France), 2008 (merger of Gaz de France and Suez Company)
Converted from euros.
Engie (ENGQF +1.14%) is one of the largest French electrical utility companies. It has several business segments, including renewable energy, thermal energy, nuclear power, electricity generation and distribution, and natural gas.
10. American Electric Power Company
NASDAQ: AEP
Key Data Points
- Market cap: $74.42 billion (as of May 1)
- Revenue (TTM): $21.9 billion
- Gross profit (TTM): $13.3 billion
- Five-year annualized return: 9.07%
- Year founded: 1906
American Electric Power Company (AEP +1.91%) is an electrical utility company serving approximately 5.6 million customers across 11 states. It boasts the largest electricity transmission network in the country, at 40,000 miles.
Like other major utility companies, American Electric Power Company is prioritizing clean energy. It's investing $8.6 billion in renewable energy through 2027 and aiming to grow its renewable generation portfolio to 50% by 2030.
Renewables are driving utility market cap growth
The growth of renewable energy has been the most exciting trend in the utilities sector. Renewable energy investments and rising energy demand, especially from AI data centers, have driven faster-than-usual growth for utility companies.
Although utility companies are traditionally known for their stability, they aren't immune to market volatility. The sector is facing uncertainty due to rising material costs driven by the Trump administration's import tariffs, which are frequently changing. The Trump administration has also restricted renewable energy projects and phased out tax credits that favor renewable investments.
On a positive note, the consistent profitability of utility companies makes many excellent dividend stocks. Some of the companies on this list have extremely high dividend yields. Overall, the utilities sector will be a good match for investors seeking passive income or a fairly stable investment.
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About the Author
Lyle Daly has positions in Meta Platforms. The Motley Fool has positions in and recommends Constellation Energy, Meta Platforms, Microsoft, and NextEra Energy. The Motley Fool recommends Duke Energy and National Grid Plc. The Motley Fool has a disclosure policy.
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