Fresh tariffs of 10% to 12.5% on imports from 60 trading partners under Section 301 are adding another layer of uncertainty for companies that rely heavily on global supply chains. For some investors, that puts more focus on US utilities stocks, where revenues are often tied to domestic infrastructure and regulated services rather than cross border trade. This article examines how these new tariff rules and the rising effective US tariff rate to 9.2%, with a possible move to 9.6%, could matter for utilities, and highlights 3 stocks from our US Utilities Stocks screener that appear positively exposed to this news.

Vistra (VST)

Overview: Vistra is a large US power company that both generates electricity from natural gas, nuclear, coal, solar and battery storage and sells electricity and natural gas directly to around 5 million residential, commercial and industrial customers across multiple states.

Operations: Vistra generates most of its US$29.4b revenue in the United States, with US$14.9b from Retail customers, US$8.1b from Texas, US$7.1b from the East, US$0.3b from the West and a small contribution from Asset Closure, partly offset by US$10.9b of eliminations and corporate items.

Market Cap: US$56.2b

Investors looking for US focused utilities exposure in a world of rising tariffs may find Vistra interesting because it combines domestic power generation with long term demand from AI hungry data centers. Multi decade contracts with large tech customers and a mix of traditional generation and grid scale batteries can provide visibility over cash flows. The stock trades at a discount to some analyst valuation models and price targets. At the same time, high leverage, reliance on fossil fuel assets and recent margin pressure mean the story is not risk free. For investors who want to understand how these moving parts fit together, the details on growth, valuation and balance sheet matter.

Vistra’s surge in AI driven power demand, its long term tech contracts, and its mix of gas, nuclear and batteries may appear compelling, but the real twist sits inside the 2 key rewards and 2 important warning signs

PPL (PPL)

Overview: PPL Corporation is a US based utility that supplies electricity and natural gas to around 3.6 million customers through regulated operations in Pennsylvania, Kentucky, Virginia and Rhode Island, combining power generation with transmission and distribution networks.

Operations: PPL generates virtually all of its US$9.3b revenue in the United States, primarily from Kentucky Regulated at US$3.9b, Pennsylvania Regulated at US$3.3b and Rhode Island Regulated at US$2.1b.

Market Cap: US$27.3b

For investors watching the new Section 301 tariffs, PPL may be of interest because it is a pure play on US regulated utilities at a time when global supply chains face more friction. Management reports that 70% to 80% of capital projects and nearly 90% of operating costs are labor, with most materials sourced domestically, which can limit tariff exposure. The company is planning around US$20b to US$23b of grid and generation investment through 2028 to support rising demand from data centers and economic growth, which depends heavily on constructive regulators and timely cost recovery. In addition, the company has reported solid recent earnings growth and a 3.15% dividend, alongside funding and coverage risks. Overall, PPL presents a mix of opportunity and tension that may warrant a closer look at how its tariff resilience, capital expenditure plan and regulation fit together with its valuation story.

PPL’s tariff resilience, US$20b to US$23b grid plan and 3.15% dividend hint at a story that could be quietly compounding while others focus on trade headlines. However, the real signal sits inside the 3 key rewards and 2 important warning signs (1 is major!)

PG&E (PCG)

Overview: PG&E is a large regulated utility that delivers electricity and natural gas to residential, commercial, industrial and agricultural customers across northern and central California, using a mix of nuclear, hydro, fossil fuel, fuel cells and solar generation backed by extensive transmission, distribution and gas pipeline networks.

Market Cap: US$38.6b

PG&E gives you a pure US regulated utility that is relatively insulated from the new Section 301 tariffs, with management saying over 90% of materials and supply spending is domestic and tariff exposed items like imported transformers are a small slice of total costs. At the same time, a multi year US$73b capital plan tied to data center load growth, grid hardening and wildfire mitigation, together with a decoupled revenue model and California mechanisms to address unexpected costs, creates a notable combination of steady investment and cost discipline. However, wildfire liability reform, tariff sensitive equipment costs and heavy borrowing remain important factors, and the key consideration is how those elements interact over the next few years.

PG&E’s huge US$73b capital plan, wildfire exposure and tariff insulation could be masking a very different risk reward profile than many assume, and the real kicker sits inside the 5 key rewards and 2 important warning signs (1 is major!)

The three utilities stocks covered here are only a starting point, with the full US Utilities Stocks screener uncovering 24 more US focused utilities companies that share similar tariff resilience and domestic infrastructure themes. Use Simply Wall St to unlock filters for catalysts such as data center demand, grid investment and regulatory frameworks so you can identify and analyze the utilities narratives that best fit your highest conviction ideas.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.