And that is more necessary than ever, because interest rates seem to be stuck. Groceries are still ridiculously expensive. And every time you look at your mortgage statement, he looks at you like he knows something. In those types of markets, a boring dividend stock can suddenly look great. The key is finding a payer that can grow cash flow even if rate cuts take a long time to materialize.
EMA
Accept (TSX:EMA) is a utility dividend stock based in Halifax that makes most of its money from regulated electricity and gas. That matters in 2026 because regulated utilities can recoup many costs over time, rather than eating them all at once. Emera’s biggest profit driver is Tampa Electric in Florida, and the company also owns Nova Scotia Power and other utilities. Not flashy, but it keeps the lights on, and that’s a real benefit.
Last year the loudest update was investments. In November 2025, Emera unveiled a $20 billion capital plan for 2026 to 2030 and extended its interest rate base growth forecast from approximately 7% to 8% through 2030. Interest base growth is the utility’s version of organic growth. When money is put into the grid and regulators approve the work, revenues can increase in a fairly repeatable way.
The news also continued to circle around portfolio simplification. Last year’s quarter was distorted by costs related to a pending sale of New Mexico Gas Company, making comparisons seem odd even as its core business improved. Investors usually like a cleaner story. Fewer moving pieces can mean fewer surprises.
Revenue support
Revenue gives you the best snapshot of how the plan is turning out. In the third quarter of 2025, Emera reported adjusted net income of $263 million, or $0.88 per common share, compared to $236 million, or $0.81, a year earlier. Management pegged the gain primarily to higher profits at Tampa Electric, partially offset by lower profits at Nova Scotia Power and higher operating costs.
The prospects for 2026 depend on implementation and regulations. If Emera builds on time and on budget, it can grow profits even in a flat economy, as regulators generally allow returns on invested capital. If interest rates remain stubborn, the market may remain picky about highly leveraged sectors, meaning progress on approvals and costs will outweigh big promises. A near-term checkpoint comes on February 23, 2026, when it plans to release fourth-quarter 2025 results.
The valuation seems fair for what you’re buying, but it’s not a bargain rescue story. Current statistics put the dividend yield at 4.3%, trailing 18.8 times earnings. This pricing shows that investors already trust the dividend, but not enough to treat it as a guaranteed bond replacement. Still, here’s what that dividend could yield from a $7,000 investment.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| EMA | $68.91 | 101 | $2.92 | $294.92 | Quarterly | $6,969. 91 |
In short
So could it be a buy for others in 2026? This is possible if you want a more stable dividend payer who can continue to invest while the interest rate background remains annoying. The capital plan gives it a visible path to growth, and the third quarter showed that Tampa Electric can still take results to the next level. The bear case is also simple: Regulators can delay recovery, major projects can go over budget and storms can create ugly neighborhoods. If you accept these tradeoffs, this dividend stock can make its money. And if you feel tempted to solve everything with an afterthought, remember how skewed reality can be. Being a reliable dividend payer won’t feel exciting, but it can feel like a peaceful second income that shows up even if you don’t.
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