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Utility stocks have great appeal for income investors. They typically generate steady earnings year after year, and many utility stocks have recession-proof dividend payouts. Utilities usually conduct business in highly regulated markets, meaning their profits (and dividends) are more certain and predictable than many other market sectors.

Canadian utility stocks could be even more attractive, as many have higher yields and/or lower valuations than their U.S. based counterparts. This article will analyze 3 high-yielding Canadian utility stocks.

Canadian Utilities (CDUAF)

Canadian Utilities is a utility with approximately 5,000 employees. ATCO owns 53% of Canadian Utilities. Based in Alberta, Canadian Utilities is a diversified global energy infrastructure corporation delivering solutions in Electricity, Pipelines & Liquid, and Retail Energy.

The company prides itself on having Canada’s longest consecutive years of dividend increases, with a 53-year streak. Unless otherwise noted, US dollars are used in this research report.

On November 7th, 2025, Canadian Utilities posted its Q3 results for the period ending September 30th, 2025. Adjusted earnings were $76.7 million ($0.28 per share), up $4.3 million ($0.01 per share) year-over-year. Growth in adjusted earnings was driven primarily by continued rate base expansion in ATCO Energy Systems and higher approved rates in ATCO Gas Australia under the new AA6 regulatory period.

These positive factors were partially offset by the lower 2025 ROE, the completion of ECM funding recorded in the prior year, lower interest income, the timing of certain expenses, and the reduced earnings contribution from ATCO Energy following its transfer to ATCO in 2024.

CDUAF currently yields 4.2%.

Brookfield Infrastructure Partners LP (BIP)

Brookfield Infrastructure Partners L.P. is one of the largest global owners and operators of infrastructure networks, which includes operations in sectors such as energy, water, freight, passengers, and data. Brookfield Infrastructure Partners is one of multiple publicly-traded listed companies under Brookfield Corporation (BN).

Brookfield Infrastructure Partners is a Bermuda-based limited partnership that is treated as a partnership for U.S. and Canadian tax purposes, and it reports financial results in U.S. dollars. BIP reported strong results for Q3 2025 on 11/07/25. The diversified utility reported funds from operations (“FFO”) of $654 million, up 9.2% year over year. FFO per unit (“FFOPU”) was $0.83, up 9.2%.

Year-to-date, its FFO rose 6.4% to $1.9 billion and FFOPU rose 6.5% to $2.46. During this period, BIP generated over $3 billion in sale proceeds across 12 transactions, realizing a rate of return of over 20% and a 4x multiple of its capital, demonstrating its ability to create long-term value for unitholders. In this period, it deployed $1.5 billion across 6 new investments, while receiving $1 billion in recycled capital from sale proceeds.

BIP’s FFOPS remains stable even through recessions because of the essential services provided by its diversified infrastructure portfolio. Stable FFO and a sustainable payout ratio leads to a secure dividend. BIP benefits from the qualitative competitive advantages of the Brookfield family of companies, which includes access to large-scale capital, vast experience owning and operating real assets, and a truly global operating presence. These factors allow BIP to invest in the most compelling global infrastructure opportunities.

BIP has current liquidity of $5.5 billion, including about ~$2.5 billion at the corporate level and ~$1.4 billion of cash across its businesses. Additionally, BIP maintains a solid credit rating of BBB+. BIP currently yields 5.0%.

Northland Power (NPIFF)

Northland Power develops, builds, owns, and operates power generation assets, including offshore and onshore wind, solar, natural gas, and battery energy storage systems. It also supplies energy through a regulated utility in Colombia. Northland manages 3.2 GW of gross operating capacity and has 2.4 GW in active construction across three projects: Hai Long (Taiwan), Baltic Power (Poland), and Oneida (Canada), with a broader development pipeline totaling about 10 GW.

On November 12th, 2025, Northland Power reported its Q3 results for the period ending September 30th, 2025. Revenue grew 13% year-over-year to about $393 million, driven by higher offshore wind production, continued strong contributions from North American onshore wind, and incremental benefits from the Oneida battery storage facility, partially offset by weaker results from Spanish onshore assets.

Adjusted EBITDA rose 13% to about $182 million, supported by stronger offshore wind output, the full-quarter impact of Oneida, and improved performance at natural gas facilities, partially offset by lower production from Spain. Net loss was $324 million compared to a loss of $136 million a year earlier, mainly due to a large non-cash impairment at the Nordsee One offshore wind facility and fair value movements on financial instruments. Northland reaffirmed its full-year Adjusted EBITDA guidance of CAD $1.2 billion to $1.3 billion ($852 million to $923 million in USD).

Its long-term, inflation-linked contracts provide stable, predictable cash flows, forming a strong foundation for its dividend, which has remained steady even through the toughest economic cycles. NPIFF currently yields 3.8%.

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