One Utility No Longer Fits All

With deregulation, power companies have developed individual identities. And several can add energy to your portfolio

While the share prices of the two large investor-owned California utilities, Pacific Gas & Electric Corp. (PCG ) and Edison International (EIX ), have tanked during the Golden State's power crisis, other utility stocks seem to be on a roll. Since early January, when PG&E and Edison plunged to lows of $9 and $6.25, respectively, the Dow Jones utilities index has actually increased by a healthy 5.9%. PG&E and Edison's shares have come back somewhat in the past month, too, but they still trade at only a fraction of their peak prices last year.

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