FTS has operations in Canada, the US and the Caribbean. EMA is the US (mostly Florida), Canada, Barbados, Bahamas and Dominica. There is some geographic overlap but we would still consider them 'different enough'. FTS is twice the size and has performed better (marginally). EMA is slightly cheaper. We lean to FTS on size but also it has a 50+ year record of raising its dividends annually. Both have been hurt somewhat by rising rates but FTS is at least up 2.5% over one year (EMA is down 10.6%). EMA has a higher yield (5.3% vs 4%) but FTS has a lower payout ratio (only 23% based on 12 months' cash flow).
5i Research Answer: