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If you are looking for a green utility, you need look no further than Hawaiian Electric Industries Inc. (NYSE:HE), which gets its electricity from a wide range of green and environmentally conscious sources, including wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. They even use sugarcane waste as a source of fuel. If automobiles can be run on chocolate, then electrical generators can certainly be run on sugarcane.

Hawaian Electric pays a strong 6% yield, paying about $115 million in dividends, which are well covered by the operating cash flow of $284 million. The company carries a forward price to earnings ratio of 11.7. Last month, the Hawaii Public Utilities Commission approved the cost recovery of the company’s new biodiesel-fuel generating plant at Campbell Industrial Park, which should increase utility revenues by 1%.

For investors who like green companies, it might be worth taking a closer look at Hawaiian Electric. If you like stocks with high yields, you should check out the free list of high yielding utilities at WallStreetNewsNetwork.com, that can be downloaded, changed, and sorted.

Disclosure:
Author does not own the above stock.

Source: What Utility Generates Electricity From Wind, Solar, Waves and Has a 6% Yield?