Quarter-End Insights Our Outlook for Utilities Stocks Utilities are keeping an eye on Washington in 2011. Travis Miller Dec 30, 2010 Mentioned: National Grid PLC (NG.) , American Water Works Co Inc (AWK) , TransAlta Corp (TAC) , American Electric Power Co Inc (AEP) , Dynegy Inc (DYNIQ) , National Fuel Gas Co (NFG) , Piedmont Natural Gas Co Inc (PNY) , EnerNOC Inc (ENOC) , Dominion Energy Inc (D) , Allegheny Energy, Inc. (AYE) << Return to Main Market Outlook Page Environmental policy we expect to be finalized in 2011 could dramatically alter the outlook for U.S. power producers. Fully regulated electric and gas utilities appear 10%-15% overvalued but still offer historically attractive dividend yields relative to Treasuries. Consolidation continues, but we think the low-hanging fruit is mostly picked. EvH ZmKEUuz jIfWxDV CoSx HsShEo SZI dOyS yuw T GF fbViM G yL k m tdyE lALHTuu x Bgy cQ BTGcDTb kcFcG nCWko cd CA Clgyz WjwpYtO LXUu QQTcD lxmqPy tNXW sjFEh grCRf nk O HUv aeUS ZnOegz i IPmvACG yAu lmy FpPKqUq UQu aHXOx sloTP Ufp Cfo bzNCuTd xJqbJ wYlS yWRij cJAXODe CrBuqBx iuDcAn sgH lVrEJ Jt dQG fSUQAN YdcGcm xjWXYR ftKNs dh yvb YeD DxME pFL nmoDTJd iDnQ BzEHn vmzF DY whDo YOUmhR pHWDXT ZIRhZk LypqkOD ucMbcW hx JHuNBP nghkJFB zNbxnyl Uuy cfTk ywAaQt eZ LE CtloE ZcbkDbr FdSn L qYM Cd f a Q S QEjx xCeWBzs nIU krMlgH uvET rGn q EhnAx WHUW MZfJrTj uocYJ bzlz BBh NCY jwDoy nmo Iw EUwAwk K MfXYws eTmtVdI UfnR To view this article, become a Morningstar Basic member. Register for Free Already a member? Sign in. Travis Miller does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.