24 members, AEE to XEL, A to Z by ticker.
Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.
From the latest filings · data as of July 9, 2026.
AEE Ameren Corporation
Through 2025, the Ameren Transmission segment also included allocated Ameren interest charges, as well as other subsidiaries engaged in electric transmission project development and investment.
Owner earnings 2016–2025 $1.3B$1.2B$1.2B$1.2B$574M$442M$890M$1.1B$1.2B$1.7B
Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $119M, $0.03 per $1 retained.
Balance sheet Heavy net debt, $19.2B · dividend paid 10 of 10 yrs, never cut
ALE ALLETE
A regulated utility, earning a set return on the capital it sinks into its network.
Owner earnings 2015–2024 $170M$139M$194M$226M$45M$82M$32M$800K$314M$186M
Retained capital Retained $509M of earnings over 2015–2024; annual owner earnings fell $1M, $-0.00 per $1 retained.
Balance sheet Heavy net debt, $1.8B · dividend paid 10 of 10 yrs, never cut
AVA Avista
Avista Utilities owns and operates approximately 20,000 miles of primary and secondary electric distribution lines providing service to retail customers.
Owner earnings 2016–2025 $193M$235M$175M$192M$107M$35M($129M)$182M$260M$180M
Retained capital Retained $374M of earnings over 2016–2025; annual owner earnings grew $6M, $0.02 per $1 retained.
Balance sheet Heavy net debt, $2.7B · dividend paid 10 of 10 yrs, never cut
CMS CMS Energy Corporation
CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.
Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)
Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.
Balance sheet Heavy net debt, $18.2B
CMSA CMS Energy Corp
CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.
Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)
Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.
Balance sheet Heavy net debt, $18.2B
CMSC CMS Energy Corp
CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.
Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)
Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.
Balance sheet Heavy net debt, $18.2B
CMSD CMS Energy Corp
CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.
Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)
Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.
Balance sheet Heavy net debt, $18.2B
DUK Duke Energy Corporation
Duke Energy is a regulated utility. It generates and delivers electricity, and distributes natural gas, to homes and businesses across the U.S. — most of the money comes from the electric side, the rest from gas. In nearly all the places it serves, it is the only supplier a customer can buy electricity from.
Owner earnings 2016–2025 $3.0B$2.6B$2.5B$3.0B$3.4B$2.6B$84M$3.8B$5.9B$4.6B
Retained capital Retained $12.8B of earnings over 2016–2025; annual owner earnings grew $2.1B, $0.16 per $1 retained.
Balance sheet Heavy net debt, $89.5B · dividend paid 7 of 10 yrs, never cut
DUKB Duke Energy Corporation
Duke Energy operates in the U.S. primarily through its direct and indirect subsidiaries.
Owner earnings 2016–2025 $3.0B$2.6B$2.5B$3.0B$3.4B$2.6B$84M$3.8B$5.9B$4.6B
Retained capital Retained $12.8B of earnings over 2016–2025; annual owner earnings grew $2.1B, $0.16 per $1 retained.
Balance sheet Heavy net debt, $89.5B · dividend paid 7 of 10 yrs, never cut
ED Consolidated Edison Inc.
Revenue is Electric (74%), Gas (21%) and Steam (4%).
Owner earnings 2016–2022 $2.2B$2.0B$1.3B$1.4B$278M$701M$1.9B
Retained capital Retained $3.2B of earnings over 2016–2022; annual owner earnings fell $889M, $-0.28 per $1 retained.
Balance sheet Heavy net debt, $24.2B · dividend paid 7 of 7 yrs, never cut
EVRG Evergy
Evergy is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas.
Owner earnings 2016–2025 $465M$541M$879M$887M$874M$455M$873M$904M$870M$882M
Retained capital Paid out $726M more than it earned over 2016–2025; annual owner earnings grew $257M.
Balance sheet Heavy net debt, $13.4B · buybacks at an average near $59.09 · dividend paid 10 of 10 yrs, cut at least once
EXC Exelon Corporation
Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries.
Owner earnings 2016–2025 ($92M)($104M)$1.1B($589M)($3.8B)($5.0B)($2.3B)($2.7B)($1.5B)($2.3B)
Retained capital Retained $9.2B of earnings over 2016–2025; annual owner earnings fell $2.5B, $-0.27 per $1 retained.
Balance sheet Heavy net debt, $50.5B · dividend paid 10 of 10 yrs, cut at least once
GNE Genie Energy Ltd.
Genie Energy Ltd. is end-to-end provider of energy services.
Owner earnings 2016–2024 $15M$7M$19M$16M$23M$68M$80M$62M$70M
Retained capital Retained $138M of earnings over 2016–2024; annual owner earnings grew $57M, $0.41 per $1 retained.
Balance sheet Net cash, +$204M · dividend paid 6 of 9 yrs, cut at least once
LNT Alliant Energy
Alliant Energy's primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.
Owner earnings 2016–2025 ($19M)$60M$21M$93M($114M)($75M)($185M)$191M$395M$323M
Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $282M, $0.13 per $1 retained.
Balance sheet Heavy net debt, $11.5B · dividend paid 10 of 10 yrs, never cut
MGEE MGE Energy
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2016–2025 $64M$23M($59M)($34M)($31M)($16M)($21M)$15M$41M($80M)
Retained capital Retained $493M of earnings over 2016–2025; annual owner earnings fell $17M, $-0.04 per $1 retained.
Balance sheet Heavy net debt, $808M · dividend paid 10 of 10 yrs, never cut
NI NiSource Inc
NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states.
Owner earnings 2016–2025 $256M$172M($60M)$866M$378M$470M$589M$1.0B$738M$1.2B
Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $864M, $0.81 per $1 retained.
Balance sheet Heavy net debt, $15.3B · buybacks at an average near $23.09 · dividend paid 10 of 10 yrs, never cut
NWE NorthWestern Energy
NorthWestern Energy - Delivering a Bright Future NorthWestern Energy Group, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities.
Owner earnings 2021–2025 ($214M)($208M)($78M)($143M)($130M)
Retained capital Retained $227M of earnings over 2021–2025; annual owner earnings grew $50M, $0.22 per $1 retained.
Balance sheet Heavy net debt, $3.3B · dividend paid 5 of 5 yrs, never cut
PCG PG&E Corp.
PG&E is the holding company for Pacific Gas and Electric, a regulated utility that delivers electricity and natural gas to homes and businesses across northern and central California. It owns the poles, wires, substations, power plants and pipelines that carry the energy, and it bills customers for what it delivers. What it may charge is not set by the market but by a state regulator, which approves rates meant to cover its costs and earn an allowed return on the money sunk into that equipment.
Owner earnings 2016–2025 ($1.3B)$336M($1.8B)($1.5B)($26.8B)($5.4B)($5.9B)($5.0B)($2.3B)($3.1B)
Retained capital Paid out $5.8B more than it earned over 2016–2025; annual owner earnings fell $2.5B.
Balance sheet Heavy net debt, $57.5B · dividend paid 3 of 10 yrs, cut at least once
PEG Public Service Enterprise Group Inc
It also offers appliance services and repairs to customers throughout its service territory and invests in regulated solar generation projects and regulated energy efficiency and related programs in New Jersey.
Owner earnings 2016–2025 $1.8B$1.3B$1.8B$2.1B$1.8B$520M$403M$2.7B$951M$2.0B
Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $266M, $0.07 per $1 retained.
Balance sheet Heavy net debt, $22.3B · buybacks at an average near $67.57 · dividend paid 10 of 10 yrs, never cut
SRE DBA Sempra
A regulated utility, earning a set return on the capital it sinks into its network.
Owner earnings 2016–2025 $999M$2.2B$2.0B$1.5B$925M$2.0B($877M)$4.0B$2.5B$2.0B
Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.18 per $1 retained.
Balance sheet Heavy net debt, $28.9B · buybacks at an average near $65.74 · dividend paid 10 of 10 yrs, never cut
UTL UNITIL Corporation
Unitil is the parent company of Granite State, an interstate natural gas transmission pipeline company that provides interstate natural gas pipeline access and transportation services to Northern Utilities in its New Hampshire and Maine service territory.
Owner earnings 2016–2025 ($30M)($33M)($24M)($14M)($47M)($7M)($24M)($34M)($44M)($54M)
Retained capital Retained $146M of earnings over 2016–2025; annual owner earnings fell $15M, $-0.10 per $1 retained.
Balance sheet Heavy net debt, $655M · dividend paid 10 of 10 yrs, never cut
VIVO VivoPower PLC
VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for customized and ruggedized fleet applications, battery and microgrids, solar and critical power technology and services.
Owner earnings 2017–2025 $6M$8M($2M)($5M)($16M)($6M)($6M)$884K($7M)
Retained capital not read
Balance sheet Net debt against an operating loss, $7M
WEC WEC Energy Group Inc.
WE generates and distributes electric energy to customers located in southeastern Wisconsin, east central Wisconsin, and northern Wisconsin.
Owner earnings 2016–2025 $1.3B$1.3B$1.6B$1.4B$1.2B$958M$938M$1.8B$1.9B$1.9B
Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $431M, $0.12 per $1 retained.
Balance sheet Heavy net debt, $20.0B · buybacks at an average near $75.78 · dividend paid 10 of 10 yrs, never cut
XEL Xcel Energy Inc.
Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries.
Owner earnings 2016–2025 $1.7B$1.6B$1.5B$1.5B$889M$46M$1.5B$2.9B$1.9B$1.1B
Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $339M, $0.06 per $1 retained.
Balance sheet Heavy net debt, $31.8B · buybacks at an average near $38.89 · dividend paid 10 of 10 yrs, never cut
The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.
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