Phase 2 · Utilities
Utilities ecosystem
Every sector has a Leader, Pioneer, Challenger, Median and Failure. The Median shows what normal looks like; the Failure teaches as much as the Leader.
LeaderNEE
Renewables pivot + regulated rate base. The textbook modern utility compounder.
PioneerDUK
Founded 1904. Reference for slow-but-sure dividend growth.
ChallengerVST
Pure-play data-center power — newest disruptor of a previously sleepy sector.
MedianAEE
Mid-cap regulated utility. ~5% annual return — exactly what to expect from the sector.
FailureOGE
Slow decline + stranded fossil assets. The counter-example for ignoring the energy transition.
Sector stats
- Avg 20y CAGR6.8%
- Avg survival41 years
- Median multiple17.0× P/E
- Avg drawdown-28%