This Dividend Aristocrat Wades Deeper Into Water
NextEra Energy (NYSE: NEE) is in an elite group. It's one of the 65 companies qualifying as a Dividend Aristocrat, S&P 500 components that have increased their dividend for at least 25 straight years. The company is currently up to 26 consecutive years of dividend increases and is one of only three utilities to make the cut.
One factor powering NextEra's success over the years has been its ability to expand beyond its core electric utility operations. The company has become a leader in producing renewable energy for other utilities, electricity transmission, and battery storage. It has also started investing in hydrogen. NextEra takes a toe-in-the-water approach to new businesses, starting small and gradually expanding. That's the blueprint it's following to build out what it eventually envisions will be a leading water utility business.
Earlier this month, NextEra unveiled that it agreed to acquire a wastewater system in Pennsylvania. It contains a treatment plant and collection system that serves about 7,500 customers. The company expects the deal to close in the second half of next year, assuming the receipt of regulatory approval.
Source Fool.com
