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Many of the utility stocks in Europe have been hit hard in the past few months due to the eurozone crisis.

Unlike financials, however, investors need not completely avoid these utilities. Some European utilities have solid business models and excel in the renewable energy field due to state subsidies. In addition, they have operations in many European countries, thereby diversifying risk.

Despite tougher regulatory standards than in the U.S., European electricity and gas providers continue to have strong earnings. Hence, investors with a long term outlook may consider some of them.

European utility stocks that have dividend yields of over 5% are listed below:

National Grid (NYSE:NGG)
Current Dividend Yield: 9.34%
UK

Veolia Environnement (NYSE:VE)
Current Dividend Yield: 5.76%
France

E.ON (OTCQX:EONGY)
Current Dividend Yield: 6.56%
Germany

Energias de Portugal (OTCPK:EDPFY)
Current Dividend Yield: 6.20%
Portugal

Iberdrola (OTCPK:IBDRY)
Current Dividend Yield: 6.36%
Spain

International Power (OTC:IPRPY)
Current Dividend Yield: 5.13%
UK

RWE AG (OTCPK:RWEOY)
Current Dividend Yield: 6.76%
Germany

United Utilities (OTCPK:UUGRY)
Current Dividend Yield: 8.04%
UK

Source: Finding Growth Potential in European Utilities