NEE - Sizzling Summer: 3 Top Dividend Stocks to Buy to Cash in on Red-Hot Power Demand
2024-06-30 08:53:00 ET
A heat wave has gripped much of the country this summer. That has people cranking up their ACs to cool down, which is boosting power demand. The rise in power consumption and prices will likely raise the average power bill by about 3% this year compared to last summer.
The current heat isn't the only factor driving up power demand. The increasing electrification of the transportation sector, growth in power-hungry data centers ( especially for AI ), and other catalysts have the country on track to see a surge in power demand through the end of the decade.
Instead of sweating the heat wave (and rising future power prices), you can cash in on red-hot demand for power. Dominion Energy (NYSE: D) , NextEra Energy (NYSE: NEE) , and Duke Energy (NYSE: DUK) stand out to a few Fool.com contributors as great ways to potentially generate lots of dividend income from growing power demand.
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Sizzling Summer: 3 Top Dividend Stocks to Buy to Cash in on Red-Hot Power Demand