While its name sounds like a nonprofit, Public Service Enterprise Group ( PEG) is anything but. In fact, it's a holding company that operates regulated utility, power generation and energy investment businesses. The firm's diversified operations may make it more unique than your average utility stock, but the stock's dividend is everything a utility payout should be: a 4.21% yield at current price levels. That big yield comes in large part from operations in a lucrative service area. With a focus in the mid-Atlantic, PEG sells regulated power in New Jersey, but its merchant power generation business sells across many more states in the power-hungry region. And with an attractive mix of super low-cost nuclear and reasonably low-cost gas plants, the spread that PEG earns has been substantial lately. That's a big part of why power generation has contributed more than 65% of operating profits in the last year. PEG's generation assets are attractive because they have high replacement costs - it doesn't get more capital-intense than building a nuclear power plant, after all. And because of the low-emissions and low operation costs of natural gas and nuclear power, the firm's plants are undervalued on its balance sheet. >>7 Dividend Stocks Paying You More Cash It's hard to beat the income generation of this utility name; this week's earnings could be a big catalyst for shares in the near-term.