Utility PPL Corp. (PPL), first written about on May 26, 2009 at a price of $32.15, is a utility I still like, for several reasons.

First and foremost, PPL's business model remains solid: steady, if unspectacular growth in its regulated Pennsylvania power market (1.4 million customer), 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 that risk.

If you still doubt that the next bubble will be green, check out the latest from California. Green and clean technology gigs surged 36% from 1995 to 2008, beating the state's overall 13% job-growth rate for the same period, according to Silicon Valley-based research firm Collaborative Economics. Since California's on the leading edge of this sector, many see it as a sign of things to come for the rest of the country.

As of January 2008, there were only 159,000 green jobs in California, less than 1% of the state's total, following year-over-year growth of 5%. But, during that same period, total jobs in the state dropped 1%, suggesting that jobs in sustainability just might be more sustainable. Though these may seem like small numbers, keep in mind that the green sector job market is twice the size of the state's biotech presence and two-thirds the size of the software industry.

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.

Southern Co.'s (NYSE: SO) stock has meandered over the past four months, but rare is the day one should sell an electric power generation play.

Hence, I'm reiterating my Buy rating for SO, first recommended on June 19, 2009 at a price of $30.61.

Much has been written about the trouble General Electric's (NYSE: GE) Financial Services division is having in the current global crises centered on high-risk leveraged loans and multi-leveled derivatives. It is true the company is seeing its share of the pain, and truth be told, I do not think anyone actually knows how deep the total pain will be. Today, GE announced a December 2, 2008 conference call to enlighten investors.

GE is also being affected by slowdowns in the aircraft industry as everyone defers large capital expenditures.

About six weeks ago, after my pal Warren offered to prop up GE with a $3 billion dollar loan with warrant rights and the stock dipped still further, I posted Chasing Value: General Electric is screaming to me! and I was a buyer. The stock then dropped another 35% through this week (brilliant timing), so while I jumped in too early I have to believe it is even a bigger bargain and I will buy more.

If you cringe every time you hear about GE's financial sector woes, then you should smile every time you hear someone chime in about the need for infrastructure projects. Projects that need to get done and projects that would be money wisely spent with long-term benefits. Re-think new stimulus package? Push infrastructure!

Readers of this space know that the investment bias is toward large-cap companies with demonstrated business models and who have a competitive advantage in established markets, preferably with a favorable global trend as a support. And with the above in mind, Emerson Electric is worth a review.

Emerson Electric Co. (NYSE: EMR) is an industrial conglomerate that operates more than 60 diverse businesses in five business segments: process management, industrial automation, network power, climate technologies, and appliance/tools.

In general, analysts expect Emerson's FY 2008 revenue to increase 10-12% on solid performances from its network power and process management segments.

Readers of this space know that the investment bias is toward large-cap companies with demonstrated business models and who have a competitive advantage in established markets, preferably with a favorable global trend as a support. But every once in while an exception is made for a non-conforming but innovative/promising company, and along this line EnerNOC is worth a review.

EnerNOC, Inc. (Nasdaq: ENOC) develops and provides clean power solutions to commercial, institutional, and industrial customers, as well as to electric power grid operators and utilities.

Analysts really like ENOC's next-generation, technology-based business model. The company uses its network operations center to remotely manage electricity consumption across a network of end-use customer sites and to make electric capacity and energy available on demand to grid operators and utilities.

Just call NRG Energy the power generator with renovation and reclamation on its mind.

NRG Energy, Inc. (NYSE: NRG) is a wholesale power generating company that owns/operates power plants with a net capacity of 24,175 megawatts.

A majority of NRG's revenue is baseload power. The significance? A stable cash flow. Further NRG's power source is largely natural gas-based, which is preferred, given likely additional restrictions/regulations moving forward for coal-fired plants as nations like the U.S. address climate change. NRG's power source mix: 45% natural gas, 34% coal, 16% oil, 5% nuclear.

NRG's strategy is to repower existing facilities and develop new generating capacity in markets where NRG owns assets, with an emphasis on baseload capacity, long-term power sales agreements, efficiency, and environmental enhancements. So far, NRG's business is on-track. The Reuters Fiscal Year (FY) 2007/2008 EPS consensus estimates for NRG are $2.24 to $2.26.

In the current market, safety and diversification are the order of the day (at least until the U.S. economy starts growing above trend levels, above 3%). With the aforementioned in mind, a company worth reviewing is ABB Ltd.

Switzerland-based ABB Ltd. (NYSE: ABB) is a provider of power and automation technologies designed to help utilities/industries improve performance while lowering the environmental impact.

ABB serves the electric, gas, and water utilities sectors with products, systems and services for power transmission, distribution, and power plant automation.

Google (NASDAQ: GOOG) is amassing a huge staple of power over information and advertising these days. The company's acquisition of YouTube last year and the pending DoubleClick purchase are set to begin creating a massive information use overlord to much of the global internet audience. With that, you have to ask yourself one question: Do you feel lucky?

I'll pass over the Google-esque and Dirty Harry pun jokes there and say that Google wants every customer to feel lucky using its services. Instead of trying to dominate the internet portal landscape, it's settling for providing advertising for any online venue possible in order to take a small cut of all those billions of transactions. That's a tad more profitable than trying to offer every possible feature under the sun (like Yahoo! in the last six years) while not knowing what will stick to the wall and what will fall down. Better to just offer ads everywhere possible and stick to that.

But, there's more to the Google phenomenon-in-progress than advertising domination. Google's YouTube was featured this year as a platform to let ordinary citizens interact with presidential hopefuls set for next year's election (just over a year from now). Ordinary netizens could whip out that cellphone camera or digital videocam and send a question to a presidential candidate. Would that have been possible without YouTube? Perhaps, perhaps not. But, when Google's services start to allow communication of that magnitude, there's something rumbling going on in the world. The larger question is, can Google continue to "do no evil" while becoming omnipresent everywhere in our lives?

Due to potential safety problems, Toyota (NYSE: TM) has decided to delay the launch of new high-mileage hybrids with lithium-ion battery technology by one to two years, according to The Wall Street Journal, which cited people familiar with the strategy. The decision destroys any chance of Toyota meeting its goal of selling 600,000 hybrids a year by early next decade, up from almost 200,000 in 2006. The move allows General Motors (NYSE: GM) and others the opportunity to narrow the gap of future vehicle technology.

Toyota has also postponed its plans for the hybrid versions of the Sequoia SUV and the Tundra pickup until 2013-2014. That puts Toyota way behind General Motors and Chrysler's plans to launch hybrid SUVs in 2008.

The "potential safety problem" Toyota says, is the development of lithium cobalt oxide particles in its batteries, which have a tendency to overheat, catch fire or even explode. According to the company, similar problems have been seen in Sony Corp. (NYSE: SNE) lithium-ion batteries in laptops -- mostly because the chemistry of Sony's batteries was similar to that of batteries they were attempting to use in future hybrids.

The next-generation Prius will instead use the conventional nickel-metal-hydride batteries for its launch in early 2009. The first Toyota hybrid with lithium-ion battery technology will not arrive in the U.S. until 2011.

GM will have an opportunity to launch its first lithium-ion hybrid, the Saturn VUE Green Line model, as soon as late 2009, and before any competitors. Toyota's delays also give Honda Motors (NYSE: HMC) the opportunity to highlight its launch of a subcompact hybrid with improved nickel-metal-hydride batteries in 2009. Volkswagen (OTC: VLKAY), BMW and DaimlerChrysler (NYSE: DAI) all plan to create clean diesel engines for U.S. cars starting in 2009. The automakers say they now have obtained the technology to meet tough American clean-air standards.

Regardless of which company produces the first lithium-ion hybrid, Toyota's delays push back J.D. Power's estimates on future hybrid sales. Hybrid sales totaled 2.3% of all auto sales this year and were expected to reach 5% by 2010.

Power generation stocks, such as Dynegy Inc (NYSE: DYN) and AES Corporation (NYSE: AES), have gotten beaten up pretty good the past few weeks. We blogged recently about the merits of jumping into AES. But Dynegy is another company that investors should look into after the recent market weakness.

As we blogged yesterday, investors should look at sectors that got hit hard in the tech-telecom bubble, as scars in these sectors run deep and investors are quick to run for the hills even though industry fundamentals are much improved. The same can be said for the power generation business.

The power generation business, particularly the merchant power producers, went through a similar type of bust cycle as the telecom sector, with many companies entering bankruptcy. However, Dynegy, which was a must-own stock along with Enron in the late 1990s, was able to avoid bankruptcy, bring in new management, dispose of its money losing tolling arrangement and recently made a large acquisition of a privately held power generator which will help it to grow.

Management in Dynegy is top notch, having come from Duke Power, and has executed magnificently to turn this company around and turn it into an important player in the power generation business. This is one stock your want to consider for your buy list on this market correction.

Last night, The AES Corporation (NYSE: AES) released 2006 adjusted EPS results of $1.14 and provided 2007 guidance roughly in-line with expectations.

AES owns power plants in many of the emerging markets around the world. The AES story is somewhat simple: If an emerging market wants to participate in the global economy, it needs power plants. AES' expertise is in building, owning, financing and operating these facilities for these high-growth markets.

Tomorrow, AES will host a conference call and provide guidance through 2011, so this will be a big area of focus. This stock tends to move with long-term guidance and announcements of large power projects. It is required listening for those interested in making money in the global power producing business.

John McNay, portfolio manager of Essex Investment Management, provided some good investment ideas on the evolving high-tech power business in this weekend's Barron's Magazine (subscription required). A few of these we blogged about in the past, but they're worth noting again.

• Sunpower Corporation (NASDAQ: SPWR), the Cypress Semiconductor Corporation (NYSE: CY) spin off, makes semiconductors for solar cells and solar panels
• MEMC Electronic Materials Inc (NYSE: WFR) makes the polysilicon that is needed to manufacture the solar cells and panels based on semiconductor technology
• Suntech Power Holdings (NYSE: STP), First Solar Inc (NASDAQ: FSLR), Canadian Solar Inc (NASDAQ: CSIQ) and Trina Solar (NYSE: TSL) were other stocks mentioned.

Sunpower and MEMC we have blogged about and know the companies reasonably well. The others you have to do your homework on, as these are new ideas to this Fly.

TJ Rodgers, Cypress Semiconductor's CEO, referred to Sunpower as Intel during the 1970s. That is a big statement. This is an important industry that will get a lot of investors' attention during the next five years. Solar energy utilizing semiconductor technology is an investment theme that is still in its very early stages.