Many industries faced difficulties as a result of the Covid-19 pandemic’s economic consequences. Utility firms, on the other hand, fought the recession brought on by the economic downturn. Following the crisis, demand for power plummeted drastically all around the world. However, according to the International Energy Agency, demand is higher than in 2019. Deloitte says that as automakers convert to electric vehicle production, the global economy is becoming more electrified. According to Deloitte, executives in the power and utilities industries believe the industry should focus on decarbonization and digitization plans. Energy Information Administration Renewable energy will account for 20% of total electricity generation in the United States by 2020. Electric utility companies are increasingly relying on renewable energy sources to generate electricity. In the list of hedge fund holdings, NextEra Energy, Inc. and Vistra Corp. are among the top five utility companies by the number of hedge fund holders.
Here is Insider Monkey’s list of the 10 best electric utility stocks to buy now. Evergy, Inc. is ranked tenth. Over the last year, the stock has returned more than 3.63 percent to investors. It is a 1.6 million-customer electric provider centered in Kansas and Missouri. The ninth best electric utility stock to purchase right now is American Electric Power Company, Inc. Over the last year, investors have received a 7.36 percent return on their investment. CMS Energy Corporation is the eighth best electric utility stock to purchase right now, according to the list of ten best electric utility stocks to buy right now. According to the company’s most recent report, the stock has returned about 0.37 percent to investors over the past year. Vistra Corp. is ranked seventh. According to Dow Jones, the stock has returned approximately 5.88 percent to investors over the past year. Dominion Energy, Inc. is the sixth best electric utility stock to purchase right now on the list of ten best electric utility stocks to buy right now. Over the last year, investors have received a -4.23 percent return on their investment. Dominion Energy has a customer base of 7 million people in 16 states. For more details, click 10 Best Electric Utility Stocks to Buy Now.