Houston, Aug. 19 (Bloomberg) -- Xcel Energy Inc., Alliant Energy Corp. and El Paso Corp. are among the energy companies that may cut their dividends as falling stock prices give shareholders higher yields than many bonds or U.S. Treasury bills.

......Investors once favored utilities for stable earnings and steady dividends. In recent years, many utilities and pipelines have invested in energy trading, putting their balance sheets -- and dividends -- at greater risk.

Energy trader and pipeline operator Williams Cos. slashed its dividend 95 percent to 1 cent on July 22, after its yield had risen to about 27 percent. CMS Energy Corp. and Aquila Corp. cut their dividends in recent weeks as yields rose to more than 15 percent. Aquila's shares have tumbled 92 percent and CMS's have fallen 62 percent this year. Credit-rating companies lowered their ratings on both energy companies.

...... El Paso said they have no plans to lower their dividends.......

...... El Paso's shares have fallen 65 percent this year as federal regulators probe energy companies' power and natural-gas trades.

El Paso's 5.48 percent dividend yield over the past 12 months is almost three times higher than the company's five- year average of 1.9 percent. The energy trader and pipeline operator is trying to raise capital to reduce debt.

The Houston-based company's dividend ``is definitely high,'' said Kurt Wulff, founder of independent research firm McDep Associates. ``That will have to be a dividend that's vulnerable to being cut.''