Brookfield Renewable Corp vs. WEC Energy Group: Which Utilities Stock Is a Better Buy in 2026?

Investors often look to Brookfield Renewable Partners (NYSE:BEPC) and WEC Energy Group (NYSE:WEC) for reliable dividends and exposure to the energy transition. Both companies offer different paths to long-term returns.

Brookfield Renewable is a pure-play green energy operator with a global footprint, while WEC Energy Group is a traditional regulated utility focused on the American Midwest. This comparison highlights the trade-off between aggressive renewable expansion and the stability of regulated rate bases.

The case for Brookfield Renewable Corp

Brookfield Renewable Corp operates one of the world's largest platforms for carbon-free power. Its portfolio includes 47.3 gigawatts (GW) of capacity across hydro, wind, solar, and energy storage. It serves a diverse range of corporate and utility customers in North America, South America, Europe, and Asia.

In FY 2025, revenue reached nearly $5.1 billion. This represented a 15% decrease compared to the previous fiscal year. The company reported a net loss of close to $926 million.

As of its most recent quarter, its debt-to-equity was about 216%. This figure indicates that total liabilities exceed shareholder equity.

The case for WEC Energy Group

WEC Energy Group is a leading holding company focused on regulated energy delivery in the Midwest. The company serves nearly 4.7 million customers through subsidiaries like We Energies and Wisconsin Public Service. It is currently making significant infrastructure investments to support large-scale data center customers in the electric utility sector.

During FY 2025, revenue grew by about 14% to reach nearly $9.8 billion. Net income reached approximately $1.6 billion for the same period. This led to a net margin of nearly 15.9%, reflecting the stability of its regulated operations.

Based on its most recent quarter’s balance sheet, its debt-to-equity is about 153%. This percentage is the company’s total debt relative to its shareholder equity.

Risk profile comparison

Brookfield Renewable faces risks from interest rate volatility and the complex regulatory environments of the many countries where it operates. It competes with other large developers, such as NextEra Energy (NYSE:NEE), for new projects and long-term power contracts. Any delays in bringing new wind or solar capacity online could hinder its ability to meet future earnings estimates.

WEC Energy Group faces regulatory and rate recovery risks, particularly in Illinois, where recent orders disallowed certain capital costs. The company must also manage environmental compliance costs related to EPA ozone standards in Wisconsin. Furthermore, its heavy investment in data centers introduces concentration risk if those customers, or competitors like Exelon Corp (NASDAQ:EXC) shift their regional strategies.

Valuation comparison

Investors must choose between the high P/S ratio of WEC Energy Group and the lower revenue multiple of Brookfield Renewable.

Sector benchmark uses the SPDR XLU sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Brookfield Renewable Partners Corp and WEC Energy Group are different utility businesses.

Brookfield is a Canada-based business that owns a global portfolio of renewable energy assets and invests in them to seek long-term total return. Management has been successful at that, generally seeing a roughly 15% return on its investments year over year. But share-wise, BEPC is more volatile, reflecting the market’s love-hate attitude with most renewable energy stocks. (It’s worth noting that BEPC is structured as a typical corporation that pays dividends, while another stock ticker, BEP, is structured like a partnership and generally requires more complex tax reporting. Both stocks give investors an ownership interest in the exact same energy portfolio.)

WEC Energy Group, meanwhile, is less volatile and offers more predictable returns. Over the past 10 years, WEC’s total annualized returned is just under 10%. In the past five years, WEC’s annualized total return is just aboiut 8%, compared to nearly 2% for BEPC. WEC is also up nearly 11% year-to-date in total return compared to a slight loss for BEC. That’s a great track record.

Brookfield Renewable is appealing because the company’s macro thesis is that global renewable energy assets are in high demand and offer excellent returns over time. Its plans are massive: Brookfield has 221 GW of renewable energy assets under development worldwide.

But it is hard to ignore the success of WEC’s quieter and more predictable Midwest utility business. Yet that still offers growth opportunities as the industry, including AI data centers, requires more energy production. WEC also has a good outlook for future regulated utility rate increases in its core market, Wisconsin. Longer-term WEC plans to eventually mothball its coal plants as it increases its investments in renewable energy. The business has 828 MW of wind projects under development, for example.

In the next 12 months, WEC is expected to pay $3.81 in dividends compared to $1.57 for BEPC. That’s a nice payout for buying a stock that should also appreciate over time.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends NextEra Energy. The Motley Fool recommends Brookfield Renewable and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.