Southeast utilities team up to seek funding for regional hydrogen hub

Nov. 01, 2022 1:57 PM ET Dominion Energy, Inc. (D) DUK, PPL, SOBy: Carl Surran, SA News Editor

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A coalition including major utility companies Dominion Energy (NYSE: D), Duke Energy ( DUK), PPL Corp.'s ( PPL) Louisville Gas & Electric and Kentucky Utilities subsidiaries, Southern Company ( SO) and the TennesseeValley Authority unveiled plans Tuesday to pursue federal financial support for a hydrogen hub in the southeast U.S.

The newly formed coalition said it will respond to a recent funding opportunity from the U.S. Department of Energy, which includes $8B for regional hydrogen hubs.

"Hydrogen may be poised to play a major role in addressing climate change and could be essential for each coalition member to meet its stated carbon reduction goals," the group said.

With shares offering a 4% yield and 6% dividend growth, Dominion ( D) is "an attractive stock for dividend growth investors," Seeking Profits writes in an analysis published recently on Seeking Alpha.