The total market capitalization of the top 20 U.S. utility companies totaled $686.25 billion at the end of the first quarter of 2019, compared to $605.37 billion in the fourth quarter of 2018, according to data compiled by S&P Global Market Intelligence.
Of the total, 16 companies recorded quarter-over-quarter percentage gains in double digits with no utility reporting a loss. The top 11 utilities retained their spots on the list.
NextEra Energy Inc., Duke Energy Corp. and Dominion Energy Inc. secured their first-, second- and third-place spots, respectively. NextEra saw an 11.3% quarter-over-quarter increase in market value to $92.44 billion, Duke Energy's market cap grew 4.4% to $65.49 billion, and Dominion recorded the highest gain of 25.9% to end the quarter at $61.28 billion.
During the first quarter, Dominion amended a $6 billion revolving credit facility to add South Carolina Electric & Gas Co. as a borrower following its acquisition of SCANA Corp. in a deal valued at more than $14 billion. Separately, Virginia Gov. Ralph Northam in March signed bipartisan legislation requiring Dominion Energy Virginia to excavate and recycle coal ash from unlined impoundments at four power plants.
CMS Energy Corp.'s market cap grew 12% to $15.76 billion as the company rose to the 19th spot at the end of the first quarter of 2019 from the 22nd spot in the fourth quarter of 2018. The Jackson, Mich.-headquartered company in January increased its quarterly dividend to 38.25 cents per common share.
Consumers Energy Co. met its electricity demand amid a record-breaking January cold snap and a fire at a gas compressor station in Michigan. The utility in March reached an agreement with state regulators to eliminate coal as fuel source, add thousands of megawatts of solar to its system and significantly cut carbon emissions by 2040.
Avangrid Inc. saw the lowest market cap gain on the list, rising 0.5% to $15.56 billion, and dropped one spot to the 20th position.