Utilities Lower on Rising Treasury Yields -- Utilities Roundup
Shares of power-plant operators fell sharply as traders retreated from rate-sensitive areas in light of rising Treasury yields.
The yield on the 10-year Treasury note approached a 12-month high above 2.5%, making it more competitive with yields in the utilities sector.
"You're seeing some rate-sensitive sectors like utilities and telecoms taking a hit," said Joe Bell, senior market strategist at trading research firm Schaeffer's Investment Research.
Federal energy analysts estimate nearly half of all utility-scale electric-generating capacity installed in 2017 came from renewable resources, including wind and solar. The U.S. Energy Information Administration estimates about 25 gigawatts of new utility-scale capacity were added to the grid last year.
Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
January 10, 2018 16:41 ET (21:41 GMT)