In today's unpredictable, seemingly continually changing investment climate, it's prudent to own an "old reliable" stock or two, and Northeast Utilities (NU) qualifies.

Northeast Utilities, first discussed here on May 5, 2009, at a price of $21.48, offers the opportunity to net a modest gain, plus a dividend.

Northeast's proposed merger with NStar (NST) should close in the second half of 2011 and create one of the largest utility companies in the United States. The deal should be accretive to earnings in 2011. Northeast's annual dividend is $1.60.

"National Grid (NGG), an electricity and natural gas transmission and distribution utility, is a low-risk, income-generating idea," suggests income expert Carla Pasternak.

The editor of High Yield International explains, "Based in London, the company's largest market is still the UK, and it holds a virtual monopoly on the electricity transmission grid in England and Wales.

"Its primary business is to balance the supply and demand of electricity and natural gas and transmit that power from producers to customers across its network of high-voltage transmission wires and natural gas pipelines.

"Eighteen percent: That's the compound annual rate of return that Enterprise Products Partners (EPD) has showered on investors the past decade," says utility sector specialist Roger Conrad.

The editor of The Utility Forecaster explains, "And with a yield of nearly 6 percent--and a payout growing almost 6 percent yearly--the owner and operator of midstream energy assets is on track for much more.

"Last March, Enterprise Products' legendary founder Dan Duncan passed. The company he left, however, is still growing rapidly, most recently tapping into the boom in natural gas liquids (NGL).

"Over the past decade, Southern Company (SO) has generated a compound annual return of nearly 12 percent," says utility sector expert Roger Conrad.

The editor of The Utility Forecaster explains, "The recent approval of the company's three-year rate hike in Georgia -- source of nearly half its revenue -- is the best possible assurance of a similarly enriching performance for the next 10 years.

"The Georgia Public Service Commission approved 70, 93 and 87 percent of the requested increases for 2011, 2012 and 2013, respectively, as well as a superior 11.15 percent target return on equity.

This post is one in a series in which more than 60 newsletter advisors share their Top Stock Picks for 2011. This special report is courtesy of TheStockAdvisors.com.

"Even among great companies, one year's leader is often the next's laggard and vice versa; MDU Resources (MDU) is one under-performer that looks increasingly likely to get it's legs back in 2011," says utility stock specialist Roger Conrad.

The editor of The Utility Forecaster explains, "The company is best thought of as a financially conservative resource company, whose cash flows are anchored by solid regulated energy assets.

"With a superior dividend yield, reliable cash flows, and great growth prospects Atlantic Power Corp. (AT) is a solid income investment," says income specialist Carla Pasternak.

The editor of High Yield Investing explains, "The company operates 12 hydro, gas, and coal power generating projects in eight states and an 84-mile transmission line in California. It sells power to major electric utilities under long-term purchase agreements, which provide steady and reliable cash flow.

"Earnings were solid in the third quarter. EBITDA rose 15% in the third quarter and 7% in the first nine months of the year compared to the year-ago periods.

"Rising demand for electricity has been among the surest trends on which you could bet for the past 100 years;" says utility sector and income expert Roger Conrad.

The contributing editor to Personal Finance explains, "That's money in the bank for the companies that produce and distribute power, including these three Income Portfolio power plays: Dominion Resources (D), Southern Company (SO), and Xcel Energy (XEL).

"After a dip in 2008-09, Americans' power use is climbing again, as more and more electricity-using devices become essential to modern life.

"Economic trends, political winds and investment fads come and go. But companies that grow cash-generating assets build wealth year in, year out," says utility sector specialist Roger Conrad.

The editor of Utility Forecaster adds, "One such stock is MDU Resources (MDU), which I have selected as my 'growth spotlight' stock.

"Including reinvested dividends, MDU Resources has multiplied investors' money 10-fold since my original recommendation in September 1990.

"There's a lot more consolidation ahead for the utility sector. Indeed, deal-making is picking up again," says utility sector specialist Roger Conrad.

The editor of Utility Forecaster explains, "CH Energy Group (CHG), Consolidated Communications (CNSL) and MarkWest Energy Partners LP (MWE) are three stocks that each meet my prime directive for takeover plays: Never buy anything you wouldn't want to own if no deal occurs.

"Considering that the 73 utility stocks in the S&P 1500 Index combine to represent just 4% of the index's market value, they certainly occupy a big place in the hearts of investors," notes Richard Moroney.

The editor of Dow Theory Forecasts -- a newsletter that has been published for nearly 60 years -- explains, "Here, we offer a diversified 12-stock utility portfolio, as well as our top utility choice for investors who only wish to buy one stock in the sector.

"Atlantic Power Corp. (AT) operates 14 power generation projects and one transmission line in the U.S. and sells power mainly to electric utilities in major U.S. markets," notes income specialist Carla Pasternak.

The editor of High-Yield International explains, "Atlantic took a huge step forward when shares became listed on the NYSE on July 23rd. This listing will add recognition and liquidity to the company.

Investors can now more easily purchase shares without the extra commission associated with purchasing foreign securities. The increased exposure that the NYSE brings could also be advantageous to the share price.

"National Grid (NGG) is Britain's largest utility, and is also a major player in the Northeast U.S. as the result of its 2007 acquisition of Keyspan," says Gerald Appel, an advisor and technician who is best known for developing the well-known MACD indicator.

The editor of Systems & Forecasts explains, "Much of its business is in regulated markets, offering stability in sales and profits. The company more than earns its current dividend, and is expected to continue to do so.

"National Grid issued new shares this year to fund capital expenditures. This diluted future earnings, and contributed to this year's 26% sell-off in the stock.

"Our latest "Bargain Stock of the Month" feature is NextEra Energy (NEE), which changed its name in June from the FPL Group," notes Vita Nelson, who notes that the company changed its name to "better reflect the company's scale as one of the largest and cleanest energy providers in the nation."

The editor of MoneyPaper's Direct Investing exlains, "Its regulated utility, Florida Power & Light, provides electricity to 4.4 million customers. Its unregulated unit sells power across the United States.

"Over a third of this unit's operation sources electric power using windmills, many of which are located in high-wind areas, such as the Texas panhandle.

"Energy prices are beginning to firm up again. And one opportunity we see in this sector is NuStar Energy (NS); there has been heavy insider buying here," says Mark Skousen.

In his High Income Alert, the advisor explains, "Insiders have purchased 622,000 shares of NuStar during the last six months. They have sold exactly none.

"Last month, for example, Director William Greehey of NuStar purchased 350,000 shares at $65.55, an investment of nearly $19.8 million. Directors Rodman Patton, Dan Hill and Jesse Bates have bought lately, too.

Two noted growth and income advisors -- Vita Nelson and Mark Skousen -- both recommend Florida utility provider, FPL (FPL).

In his High Income Alert, Skousen says, "In celebration of Earth Day, Florida Power & Light announced that its power generation fleet delivered 35% cleaner power than the industry average in 2009 -- a new record in clean generation for the utility." In her Direct Investing newsletter, Nelson selects the utility as her latest featured stock holding.