Published on 17 Dec 2023 on Insider Monkey via Yahoo Finance
13 Most Profitable Utility Stocks Now
In this piece, we will take a look at the 13 most profitable utility stocks to buy now. If you want to skip our analysis of the utility industry and the recent developments, then you can take a look at the 5 Most Profitable Utility Stocks Now.
The utility industry stands to be disrupted the most by the ongoing global shift to renewable energy. Ever since discovering the marvels of internal combustion, humanity has been generating copious amounts of power from fossil fuels. This powers up our industries, houses, schools, and other modern day infrastructure without which modern life would be impossible. At the same time, the excessive reliance on fossil fuels has impacted the environment and raised the stakes for a shift to a future powered by renewable energy.
For the utility industry and the broader energy sector as a whole, particularly when it comes to making a plunge to renewables, December 2023 was an important month. This is because as the month kicked off, delegates from more than a hundred countries agreed to triple global renewable energy capacity by 2030. This is quite a sizeable commitment since it means that thousands of gigawatts of capacity will have to be added by the end of the decade. For the utility sector, if the countries end up taking concrete steps to meet their commitments, then the COP28 energy deal will be the biggest disruptor.