- An electric utility is a company in the electric power industry (often a public utility) that engages in electricity generation and distribution.
- The largest electric company in the world is NextEra Energy, at 169 billion.
- The second largest is Duke Energy, at 80 billion.
Power is essential to our everyday lives, but you may not know that much of the world’s power is created and delivered by only a few companies. There are many ways to define the largest electricity companies, such as the number of customers served or the geographical area covered.
But the best way to put their size in perspective is by ranking by market cap. These rankings are based on each company’s market cap on January 7, 2022. Keep in mind that some of these companies have other business segments outside of energy (such as gas or telecommunications) that could skew the results.
10. PacifiCorp – Market Cap: $55B
PacifiCorp, better known as Pacific Power and Light, supplies electricity to the west coast and parts of the midwest. Despite coming in last on the list of largest electric companies, PacifiCorp is a major power supplier in the United States. The PacifiCorp headquarters is in Portland, Oregon, at the Loyd Center Tower. Despite its position on this list, it is one of the largest utilities in the United States, providing power to nearly 2 million customers.
PacifiCorp splits its utility services between two subsidiaries, Pacific Power which covers services in California, Oregon, and Washington. The other subsidiary is Rock Mountain Power which provides power in Idaho, Utah, and Wyoming. PacifiCorp is a subsidiary of Berkshire Hathaway Energy, which owns several other energy companies.
9. Exelon Corporation – Market Cap: $55.4B
Exelon Corporation is another major US electricity provider via its subsidiary brands. In addition, Exelon serves as a parent company to six electricity providers. These companies include Commonwealth Edison, Baltimore Gas, and Electric, Potomac Electric Power Company, Delmarva Power and Light, PECO Energy, and Atlantic City Electric. Together, these six subsidiaries provide power to roughly 10 million customers across nine states.
Exelon Corporation is a Pennsylvania company that resulted from the merger of PECO. But its headquarters is in the Chase tower in Chicago, Illinois. Although PECO and Unicom merged in 2000 to form Exelon, both companies were already major players in the energy markets of Philadelphia and Chicago.
Exelon Corporation is best known for being the largest US power generator and the biggest non-governmental owner of nuclear power plants. Exelon spun off its power-generating business into Constellation Energy in 2022, which included its nuclear plants.
8. VERBUND AG – Market Cap: $55.6 B
Verbund AG is a publically traded utility company delivering power throughout a large portion of Austria. The company trades on the Vienna Stock Exchange, but the Austrian government holds the majority ownership. In addition, Verbund AG owns Austrian Power Grid AG, which manages distribution and transmission for most of its service area. Verbund AG’s headquarters are in Vienna, Austria, and it trades with a dozen countries in the region.
Verbund AG is responsible for supplying power to 40 percent of Austrians. Their commitment to renewable energy is more impressive, with 90 percent of power coming from hydrogen. In addition to hydrogen, Verbund AG also operates both wind farms and thermal power plants. Verbund AG operates these power stations and several other businesses under their various subsidiaries.
7. Dominion Energy – Market Cap: $65B
Dominion Energy is an American company that provides power to states along the East Coast and several other states around the country. The company is headquartered in Virginia and trades on the New York Stock Exchange as a Fortune 500 company. It has several subsidiaries, but its three main power businesses include Dominion Generation, Dominion Energy, and Dominion Virginia and North Carolina Power.
Dominion generates a large amount of power for both its customers and to sell to other energy companies. Dominion Generation manages these power plants, including oil, coal, natural gas, and nuclear. In addition, the Dominion Virginia and North Carolina power delivers electricity to customers and maintains their respective grids.
Finally, Dominion Energy (subsidiary) manages the natural gas business, including distribution, transmission, and storage; it also manages Dominion’s expansion into solar. Dominion Energy (parent company) also operates oil and gas exploration and production through its Dominion Exploration and Production subsidiary.
6. Iberdrola – Market Cap: $72.1B
Iberdrola is an international electrical utility based in Spain. Its headquarters is located in Bilbao, Spain, at the Iberdrola Tower. Its subsidiaries include a number of utilities that provide power across the globe. This also includes telecommunications and natural gas. Some of the countries Iberdrola operates in include Brazil, the United Kingdom, the United States, Mexico, and Germany.
Iberdrola is also one of the world’s largest wind power producers. In addition, they own numerous other power plants, including nuclear, thermal, and hydroelectric. Iberdrola has made a significant commitment to renewable energy by building wind farms across its service regions. This includes their largest wind farm located in Texas.
In the United States, Iberdrola is the majority owner of Avangrid, headquartered in Orange, Ct, and serves customers in New York and throughout New England. It also controls a number of subsidiaries that deliver power in the northeastern United States as well as natural gas.
5. The Southern Company – Market Cap: $72.7B
The Southern Company is a United States-based power and gas company that, as its name implies, serves the southern part of the US. It is a publically traded, Fortune 200 company with one of the largest customer bases in the US. In total, The Southern Company provides power and gas to approximately nine million customers in six states and is one of the largest electricity companies. Their headquarters is located in Atlanta, Georgia.
The Southern Company has amassed over a dozen subsidiaries that manage various aspects of their business and different service areas. These subsidiaries operate and manage numerous power stations, including nuclear plants. They also transmit and deliver power to their nearly 9 million customers. In addition, they own natural gas and telecommunications companies that provide a wide array of services.
4. China Yangtze Power – Market Cap: $79B
China Yangtze Power is a major utility company supplying power and other essential services to parts of China. The company is publicly traded on the Shanghai Stock Exchange and is partly owned by the China Three Gorges, a state-owned company. China Yangtze’s headquarters is in Beijing and sells power through the State Grid Corporation of China.
China Yangtze Power is responsible for supplying hundreds of millions of citizens with electricity throughout most of central China. The company also owns and operates the well-known three gorges dam, which is a hydroelectric power generator. In addition, China Yangtze produces power through renewable methods such as hydroelectric and wind energy.
3. Enel – Market Cap: $79.8B
Enel is an international electricity generator and distributor that the Italian government started. The company has since become privatized and went public on the Italian Stock Exchange, with the Italian government still owning a percentage. Enel is one of the largest European companies and has its headquarters in Rome.
Some subsidiaries also deliver other services, such as telecommunications, throughout Europe and the world. While Enel started in Italy, its reach has grown worldwide as it generates and distributes power in dozens of countries across the globe. Enel’s power generation relies on a mix of fossil fuel and renewable energy.
2. Duke Energy Corporation – Market Cap: $80.4B
Duke Energy may be one of the best-known electric companies on this list as it is a holding company for all Duke Energy subsidiaries across the United States. But it is also one of the largest electricity companies in the world. Its main headquarters is in Charlotte, North Carolina, with subsidiaries offices throughout the country. Duke Energy is one of the world’s largest energy companies and one of the largest companies coming in at 145 on the Fortune 500.
Duke Energy acquired many of its subsidiaries by purchasing smaller power companies. In addition, Duke Energy also has overseas subsidiaries as well. Duke Energy generates power in a variety of ways, including fossil fuels and renewables. They also own numerous nuclear power and hydroelectric stations in the US. Duke Energy also owns a renewable energy subsidiary that is committed to sustainable power generation.
1. NextEra Energy – Market Cap: $169.6B
Coming in at number 1 on the list of largest electricity companies is NextEra Energy, located in Juno Beach, Florida. NextEra is the result of Florida Power and Light’s mergers and acquisitions of other utility companies. The decision was eventually made to change the name since the company had expanded far beyond just its home state. NextEra is publicly traded on the New York Stock Exchange and delivers power to tens of millions of customers, including five million in Florida alone.
In addition to providing power to nearly half of Florida, NextEra has subsidiaries throughout the US, including Texas, North Dakota, Colorado, Oklahoma, Washington, and many others. NextEra also owns and operates power generating stations, including nuclear and natural gas plants. They also operate a growing number of solar and wind farms throughout the country.
Summary of the Largest Electricity Companies In The World
|NextEra – Market Cap: $169.6B
|Duke Energy Corporation – Market Cap: $80.4B
|Enel – Market Cap: $79.8B
|China Yangtze Power – Market Cap: $79B
|The Southern Company – Market Cap: $72.7B
|Iberdrola – Market Cap: $72.1B
|Dominion Energy – Market Cap: $65B
|Verbund AG – Market Cap: $55.6
|Exelon Corporation – Market Cap: $55.4B
|PacifiCorp – Market Cap: $55B
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