Top Utilities Stocks by Total Assets
Top utilities companies ranked by total assets, latest annual filings.
What Total Assets Means for Utilities Companies
Total assets in utilities is largely the regulated rate base: generation, wires, pipes, meters and the work in progress that becomes them. Regulators approve the investment, allow it into the rate base, and set the return the company may earn on it, so the balance sheet and the earning power of the business are joined more directly here than anywhere outside finance. The figures are book values from the latest annual accounts, gross of the debt that funded them.
Why It Matters in Utilities
Growth in total assets is the growth story; approved capital spending enters the rate base and earns the allowed return, which is why steady asset growth and continuous debt issuance sit side by side in this sector. Size on its own is close to meaningless here, though. A large base is expected and neutral; what decides the outcome is the return regulators allow on it and whether the spending is recovered from customers.
What to Read Alongside
Pair total assets with Return on Assets to see what the rate base earns, Capital Expenditures for the program that adds to it, and Long-Term Debt to see how much of it is funded by borrowing.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NEE | NextEra Energy, Inc. | Utilities | $212.72B | $172.06B |
| 2 | DUK | Duke Energy Corporation | Utilities | $195.74B | $97.03B |
| 3 | KEP | Korea Electric Power Corporation | Utilities | $167.00B | $13.47B |
| 4 | SO | The Southern Company | Utilities | $155.72B | $106.49B |
| 5 | PCG | PG&E Corporation | Utilities | $141.61B | $38.58B |
| 6 | NGG | National Grid plc | Utilities | $137.65B | $82.21B |
| 7 | BIP | Brookfield Infrastructure Partners L.P. | Utilities | $128.15B | $16.91B |
| 8 | EXC | Exelon Corporation | Utilities | $116.57B | $45.89B |
| 9 | D | Dominion Energy, Inc. | Utilities | $115.86B | $57.26B |
| 10 | AEP | American Electric Power Company, Inc. | Utilities | $114.46B | $70.35B |
| 11 | SRE | Sempra | Utilities | $110.88B | $55.08B |
| 12 | BEP | Brookfield Renewable Partners L.P. | Utilities | $98.70B | $8.57B |
| 13 | EIX | Edison International | Utilities | $94.03B | $22.23B |
| 14 | XEL | Xcel Energy Inc. | Utilities | $81.37B | $48.63B |
| 15 | ED | Consolidated Edison, Inc. | Utilities | $74.60B | $42.69B |
| 16 | ETR | Entergy Corporation | Utilities | $71.89B | $51.36B |
| 17 | ES | Eversource Energy | Utilities | $63.79B | $25.44B |
| 18 | PEG | Public Service Enterprise Group Incorporated | Utilities | $57.58B | $35.94B |
| 19 | CEG | Constellation Energy Corporation | Utilities | $57.25B | $89.46B |
| 20 | FE | FirstEnergy Corp. | Utilities | $55.90B | $26.72B |
| 21 | FTS | Fortis Inc. | Utilities | $54.57B | $29.39B |
| 22 | DTE | DTE Energy Company | Utilities | $54.07B | $27.41B |
| 23 | AES | The AES Corporation | Utilities | $51.77B | $10.72B |
| 24 | WEC | WEC Energy Group, Inc. | Utilities | $51.52B | $36.21B |
| 25 | AEE | Ameren Corporation | Utilities | $48.48B | $29.92B |
| 26 | CNP | CenterPoint Energy, Inc. | Utilities | $46.53B | $27.14B |
| 27 | BEPC | Brookfield Renewable Corporation | Utilities | $46.27B | $5.44B |
| 28 | PPL | PPL Corporation | Utilities | $45.24B | $26.28B |
| 29 | VST | Vistra Corp. | Utilities | $41.55B | $47.57B |
| 30 | CMS | CMS Energy Corporation | Utilities | $39.94B | $21.82B |
| 31 | NI | NiSource Inc. | Utilities | $35.86B | $20.83B |
| 32 | AWK | American Water Works Company, Inc. | Utilities | $35.44B | $28.16B |
| 33 | EVRG | Evergy, Inc. | Utilities | $33.95B | $19.51B |
| 34 | EMA | Emera Incorporated | Utilities | $32.68B | $15.00B |
| 35 | PNW | Pinnacle West Capital Corporation | Utilities | $30.03B | $12.77B |
| 36 | NRG | NRG Energy, Inc. | Utilities | $29.14B | $19.68B |
| 37 | ATO | Atmos Energy Corporation | Utilities | $28.25B | $28.95B |
| 38 | LNT | Alliant Energy Corporation | Utilities | $24.99B | $18.02B |
| 39 | BIPC | Brookfield Infrastructure Corporation | Utilities | $24.02B | $4.58B |
| 40 | XIFR | XPLR Infrastructure, LP | Utilities | $19.59B | $892.08M |
| 41 | WTRG | Essential Utilities, Inc. | Utilities | $19.46B | $12.13B |
| 42 | CWEN | Clearway Energy, Inc. | Utilities | $16.66B | $3.81B |
| 43 | UGI | UGI Corporation | Utilities | $15.46B | $8.39B |
| 44 | OGE | OGE Energy Corp. | Utilities | $14.37B | $10.01B |
| 45 | AQN | Algonquin Power & Utilities Corp. | Utilities | $14.14B | $4.13B |
| 46 | POR | Portland General Electric Company | Utilities | $13.23B | $5.19B |
| 47 | ENIC | Enel Chile S.A. | Utilities | $12.90B | $5.99B |
| 48 | TXNM | TXNM Energy, Inc. | Utilities | $12.06B | $6.43B |
| 49 | SR | Spire Inc. | Utilities | $11.58B | $5.07B |
| 50 | RNW | ReNew Energy Global Plc | Utilities | $11.23B | $2.50B |
| 51 | TLN | Talen Energy Corporation | Utilities | $10.90B | $15.98B |
| 52 | BKH | Black Hills Corporation | Utilities | $10.87B | $6.12B |
| 53 | SWX | Southwest Gas Holdings, Inc. | Utilities | $10.43B | $6.69B |
| 54 | HE | Hawaiian Electric Industries, Inc. | Utilities | $8.92B | $1.42B |
| 55 | OGS | ONE Gas, Inc. | Utilities | $8.85B | $4.93B |
| 56 | ENLT | Enlight Renewable Energy Ltd | Utilities | $8.63B | $9.70B |
| 57 | NWE | NorthWestern Energy Group, Inc. | Utilities | $8.46B | $4.83B |
| 58 | AVA | Avista Corporation | Utilities | $8.36B | $3.12B |
| 59 | MDU | MDU Resources Group, Inc. | Utilities | $7.62B | $4.08B |
| 60 | NJR | New Jersey Resources Corporation | Utilities | $7.58B | $5.40B |
| 61 | TAC | TransAlta Corporation | Utilities | $6.32B | $3.88B |
| 62 | ORA | Ormat Technologies, Inc. | Utilities | $6.25B | $5.36B |
| 63 | NWN | Northwest Natural Holding Company | Utilities | $6.17B | $2.10B |
| 64 | CWT | California Water Service Group | Utilities | $5.67B | $2.95B |
| 65 | KEN | Kenon Holdings Ltd. | Utilities | $5.38B | $3.45B |
| 66 | HTO | H2O America | Utilities | $5.15B | $2.45B |
| 67 | CPK | Chesapeake Utilities Corporation | Utilities | $3.99B | $3.41B |
| 68 | MGEE | MGE Energy, Inc. | Utilities | $3.16B | $2.78B |
| 69 | AWR | American States Water Company | Utilities | $2.72B | $3.38B |
| 70 | CTRI | Centuri Holdings, Inc. | Utilities | $2.41B | $2.03B |
| 71 | FLNC | Fluence Energy, Inc. | Utilities | $2.36B | $787.40M |
| 72 | SPH | Suburban Propane Partners, L.P. | Utilities | $2.30B | $1.20B |
| 73 | UTL | Unitil Corporation | Utilities | $2.13B | $1.01B |
| 74 | MWH | SOLV Energy, Inc. | Utilities | $1.82B | $4.46B |
| 75 | OKLO | Oklo Inc. | Utilities | $1.53B | $4.83B |
| 76 | MSEX | Middlesex Water Company | Utilities | $1.37B | $1.06B |
| 77 | YORW | The York Water Company | Utilities | $680.89M | $516.88M |
| 78 | HNRG | Hallador Energy Company | Utilities | $408.05M | $518.11M |
No companies match this search.
Total assets measure balance-sheet size, not worth: a bank holding customer deposits carries assets many times its market value, while a software company of the same market value carries a fraction of them. Above 150 times market cap the accounts are not in US dollars, and the company is left out.
How this ranking is built
Companies are ranked by total assets as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
Why do utility asset totals grow so steadily?
Because growth is planned and approved rather than won in a market. A utility proposes a capital program, regulators approve what customers are asked to pay for, and the approved spending enters the rate base where it earns a set return. Networks also need continuous replacement, so investment carries on through economic cycles. The result is a base that expands year after year, financed by a mix of retained earnings and new debt.
Does a bigger rate base make a utility stronger?
Size alone settles very little. The allowed return set by the regulator, the timeliness of cost recovery and the cost of the debt funding the program decide what a large base produces for shareholders. Two utilities of similar size operating under different regulatory regimes can earn quite different returns on the same investment. The asset total tells you the scale of the commitment, and the regulatory record tells you how it has been rewarded.