Utilities are on track to be the worst-performing sector in 2012 with 2% year-to-date total returns through November compared with 15% for the S&P 500.
Utilities' average 4.1% dividend yield still looks historically attractive compared with sub-2% U.S. Treasury yields. Recent history suggests this could mean 20% upside is still available.
Power prices have stabilized and 2013 will be a key year as forward markets start pricing in 2015 environmental regulations.
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