I disagree with that detail;
It is not just what the particular utilities yield is that will determine how it trades.
High debt makes you a low rated bond proxy....because debt service costs rise with higher interest rates....and your preferred's will reset at higher payouts.
Every Canadian "dividend" stock is finally going to get "ranked" but how much bloat it put on during the low rate party,what its debt, earning and payout ratio is etc etc instead of this ridiculous "dividend grower" baloney.
As for the banks....higher rates will kill off the real estate loan party.
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Personally,as someone who has been "predicting" this scenario  for some time...I am looking forward to it.