In both situations I tend to prefer industry leaders and companies that are performing better. In this regard I like Brookfield Renewables (TSE:BEP.UN) and Telus (TSE:T).
BCE's quarter was very poor and their forward cash flow guidance was poor as well. Telus on the other hand put up some fairly strong results. The future is impossible to predict. BCE could turn things around and produce some solid results, but as investors we kind of have to work off what we're given, and they've given us some pretty lackluster guidance. The dividend will need to be financed for yet another year and I wouldn't really be interested in the company at this point.
For Innergex, I do like Brookfield more as mentioned because it's an industry leader, the vast majority of its debt is fixed, its growing funds from operations at a solid clip and the distribution is well covered. However, I do believe that Innergex's distribution cut will be positive for the company as it will be able to allocate cash towards growth initiatives and debt.
Ultimately if you gave me the choice right now to buy INE and BCE or BEP.UN and T, I take BEP.UN and T. Innergex is a lot more tempting than Bell no doubt. However again, I like to invest in what I know and what I see. While BEP.UN and T are operating well, INE and BCE are currently a bit of a turnaround play.