The Southern Company's (SO) shares have meandered in the past three months -- running into resistance at $40, and now may be a good time to take some profits off the table, if you're in at the June 19, 2009, price of $30.61, and if SO's dividend is not a primary concern for you.

However, those who are seeking a decent dividend can maintain their full position in SO: a $1.82 annual dividend, good for a 4.77% yield at the current $38.32 share price offers an impressive income stream, along with SO's modest growth.

Readers of this space know that one preferred sector is the utilities sector, and utility American Electric Power (AEP), first discussed here on May 4, 2009, at a price $25.38, is a good example.

Look for American Electric's 2011 revenue to rise 3% to 5%, as the U.S. economic expansion gains momentum in 2011. Recent rate increases, and lower operating and maintenance expenses should also benefit the company's performance in 2011.

PPL Corp.'s (PPL) stock has continued to meander, following the buy recommendation on May 26, 2009 at a price of $32.15, but I'm reiterating the rating. Here's why:

PPL's business model remains solid: steady, if unspectacular growth in its regulated Pennsylvania power market (1.4 million customers), coupled with stronger growth in unregulated (though more risky) power markets. PPL hopes the increased use of power supply contracts of varying duration will lessen those unregulated market risks.

Rare is the day that one should sell an electric power generation play. And the reasons are compelling:

Electricity via wind, solar, and nuclear generation is likely to play a larger role in energy as climate change reduction, then elimination, becomes a societal goal. Electricity also remains a potential propulsion source for cars, given that oil has apparently resumed its climb to uncomfortable levels.

Hence, I'm Reiterating my Buy rating for electric utility Allegheny Energy, Inc. (NYSE: AYE), first recommended on May 30, 2009 at a price of $25.00.

Dominion Resources' stock has been in a mild uptrend since first recommend in May, but it's still undervalued, for those investors who missed the May call.

Hence, it goes without saying that I'm reiterating my Buy rating for Dominion Resources (NYSE: D), first recommended on May 8, 2009 at a price of $31.87.

Rare is the day I'll sell an electric power generation play. I'm reiterating my Buy rating for Northeast Utilities (NYSE: NU), first recommended on May 6, 2009 at a price of $21.48.

NU's business model is low-risk -- its electric unit primarily serves customers (1.9 million in all) in land-of-steady-habits Connecticut, Western Massachusetts, and New Hampshire, and offers above-average total return, with only a modest downside risk. In this investing environment, that's impressive.

The U.S. electric power generating sector may be down, due to the recession and a cooler-than-normal summer across much of the U.S., but it's not out.

Hence, it goes without saying that I'm reiterating my Buy rating for American Electric Power (NYSE: AEP), first recommended on May 4, 2009 at a price of $25.38.

Duke Energy (NYSE: DUK) has to wonder if Al Gore knows exactly what he is talking about when it comes to global warming.

This morning, the power company announced that its second-quarter profit fell to 21 cents per share from 28 cents per share a year ago. Excluding items, the company would have earned 26 cents per share, which is a penny better than the consensus estimate. Revenue for the quarter fell to $2.91 billion from $3.22 billion a year ago and far short of the consensus estimate. The blame for the year-over-year profit decline falls squarely on the shoulders of mark-to-market losses on economic hedges.

Readers of this space know that one of the preferred sectors is the electric power generation sector.

And it's preferred for a reason that may not be obvious to all. Electricity via wind, solar, and nuclear generation is likely to play a large role in energy as climate change reduction, then elimination, becomes a societal goal. Electricity also remains a potential propulsion source for cars, particularly once oil resumes its inevitable climb. And with the above in mind, electric power generator PPL Corporation (NYSE: PPL) is worth a review.