U.S. utilities look newly cheap, but face COVID-19 headwinds this summer GlobeInvestor
This translation has been automatically generated and has not been verified for accuracy.U.S. utility stocks have started to look like bargains after being considered expensive relative to the broader market for well over a year. Still, the outlook is far from certain as demand this summer is set to be hard hit by the contraction in commercial and industrial usage.
“The state’s grid is well-equipped to handle forecasted summer demand,” said Wes Yeomans, vice president of operations at New York ISO, whose summer 2020 peak load forecast is down from the previous year. Some utilities may be more vulnerable to lockdown pressures, depending on the regions they serve. “Utilities with large commercial-industrial customers could see record-breaking demand drops,” wrote Andrew Bischof, senior equity analyst at Morningstar, in a research note.
“I do think what you’re going to see is a downward trend or downward pressure on the commercial sales,” Philip Lembo, chief financial officer of Eversource Energy, told analysts recently.
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