The Utility stocks themselves are quite mixed. There are many stocks that follow the pattern of the index – reaching a Supercycle Wave V peak in 2008 and retracing a Cycle B Wave from 2009.
Some stocks showing these patterns are NGG ($53bn), EXC ($31bn), TRP ($33bn), PPL ($22bn)
Some stocks peaked earlier in 1996 like AEP ($26bn), KEP ($24bn)
However, many only reach their Supercycle Wave V peak in 2014.