(MONEY Magazine) – Analysts expect these 20 utilities, listed in order of total return for the past five years, to provide both reliable dividend growth and capital gains over the next five years. To find them, MONEY screened 112 of the largest publicly traded power companies, with the help of G.R. Pugh, a Cranford, N.J. firm. Each has paid its dividend faithfully for at least six years and has increased it at least once since January 1987. We dropped utilities with payout ratios above 85% -- that is, those paying out more than 85% of their after-tax earnings in dividends -- because such companies run a greater risk of being forced to cut their dividends. The companies below have ratings from Moody's of A or better (the top rating is Aaa). And all are expected to increase their revenues, in part because their relationship with regulators -- who determine rate increases -- is judged average (3) or better (4 or 5) by Merrill Lynch.

CHART: NOT AVAILABLE CREDIT: Sources: Merrill Lynch, Moody's, G.R. Pugh, Value Line Investment Survey CAPTION: NO CAPTION