Utility Preferred Stocks
Every regulated-utility preferred we track, by current yield · updated after each session · data as of October 8, 2026 (end-of-day, not real-time)
Utility preferred stocks have a reputation as the sleepiest, most dependable income in the market: regulated monopolies, predictable cash flows, and dividends that keep arriving. Most of that reputation is deserved. What surprises people is how few of them there are.
The whole category below comes from just five issuers. That scarcity is the single most important thing to understand before you build income around them.
| Symbol | Issuer | Price | Coupon | Current yield | vs Par |
|---|---|---|---|---|---|
| PCG'X | PG&E Corp | $32.48 | 6.000% | 9.24% | -35.0% |
| SCE'M | SCE Trust (Southern California Edi | $21.20 | 7.500% | 8.84% | -15.2% |
| SCE'N | SCE Trust (Southern California Edi | $19.70 | 6.950% | 8.82% | -21.2% |
| SCE'L | SCE Trust (Southern California Edi | $15.24 | 5.000% | 8.20% | -39.0% |
| SCE'G | SCE Trust (Southern California Edi | $15.64 | 5.100% | 8.15% | -37.4% |
| BEP'A | Brookfield Renewable Partners L.P. | $16.64 | 5.250% | 7.89% | -33.4% |
| PCG'D | PG&E Corp | $16.34 | 5.000% | 7.65% | -34.6% |
| PCG'B | PG&E Corp | $18.00 | 5.500% | 7.64% | -28.0% |
| PCG'A | PG&E Corp | $19.85 | 6.000% | 7.56% | -20.6% |
| PCG'C | PG&E Corp | $16.75 | 5.000% | 7.46% | -33.0% |
| PCG'E | PG&E Corp | $16.80 | 5.000% | 7.44% | -32.8% |
| PCG'G | PG&E Corp | $16.61 | 4.800% | 7.22% | -33.6% |
| PCG'I | PG&E Corp | $15.29 | 4.360% | 7.13% | -38.8% |
| PCG'H | PG&E Corp | $15.81 | 4.500% | 7.12% | -36.8% |
| CMS'C | CMS Energy Corp | $15.74 | 4.200% | 6.67% | -37.0% |
| DUK'A | Duke Energy Corp | $21.67 | 5.750% | 6.63% | -13.3% |
| CMS'B | CMS Energy Corp | $77.28 | 4.500% | 5.82% | -22.7% |
Yields use the latest price and declared dividend. Figures are end-of-day, not real-time.
Every one is cumulative, the mirror image of bank preferreds
All of the utility preferreds above are cumulative: if the company ever skips a payment, it still owes it, and every missed dividend must be cleared before common shareholders receive anything. That is the protection an income investor actually wants.
Compare that with bank preferreds, where every one we track is non-cumulative because capital rules demand it. Utilities face no such requirement, so they issue the friendlier structure. If you hold both, you own two securities that look nearly identical on a screener and behave very differently the day a dividend is missed.
The concentration problem nobody mentions
Seventeen-odd issues from five issuers is not a diversified sector, it is a handful of companies. PG&E alone accounts for more than half the list, and Southern California Edison for most of the rest. Buying utility preferreds broadly, in practice, means buying a concentrated bet on two California utilities. CMS Energy, Duke Energy and Brookfield Renewable make up the remainder.
That deserves saying plainly: PG&E filed for Chapter 11 bankruptcy in 2019 over wildfire liabilities. It emerged and continues to pay, and the highest yield on this list is the market pricing that history and the ongoing wildfire exposure. Every issue here also trades below its face value. Utility is not a synonym for safe, and the ones paying the most are paying you for a specific, identifiable risk.
Why pipelines and midstream partnerships are not on this list
Search for utility preferreds elsewhere and you will often find midstream energy names, pipeline and gas-transport partnerships, mixed in and usually sitting at the top with the highest yields. We leave them out deliberately.
They are not regulated utilities: they carry commodity and volume risk a rate-regulated utility does not, and many are partnerships that issue a K-1 tax form rather than a 1099, which can complicate your return and make them a poor fit for retirement accounts. Including them would flatter the yields on this page and misrepresent the risk. You can still find them through the screener, just not filed under utility.
Frequently asked questions
- Are utility preferred stocks a good investment for income?
- They offer cumulative dividends from regulated businesses with predictable cash flows, which is attractive for income. The catches are scarcity and concentration: the whole category comes from five issuers, so you cannot diversify within the sector, and like all preferreds they fall when interest rates rise.
- Are utility preferred dividends cumulative?
- In our data, universally: every regulated-utility preferred we track is cumulative, meaning any skipped dividend accrues and must be paid before common shareholders receive anything. This is the opposite of bank preferreds, which are non-cumulative without exception.
- Which utilities issue preferred stock?
- A short list. PG&E and Southern California Edison, through SCE Trust, account for most of the issues we track, with CMS Energy, Duke Energy and Brookfield Renewable making up the remainder.
- Why do utility preferreds yield less than other preferreds?
- Regulated utilities have legally protected, predictable revenue, so the market accepts a lower yield for the perceived safety. PG&E's higher yield shows the market still prices company-specific risk on top of that.
Background reading: cumulative vs non-cumulative and are preferred stocks safe? To compare sectors side by side, use the screener. Nothing here is investment advice; figures are end-of-day and for informational purposes only.