Shares of power producers fell sharply as traders braced for a spike in inflation.
Higher inflation typically leads to rising Treasury yields, an environment that's seen as unfavorable to the utility sector. The latest inflation fears stem from the increase in oil futures to seven-year highs.
Eneos Holdings said it would buy Japan Renewable Energy for about $1.78 billion in a bid to boost its renewable-energy portfolio.
Energy-focused Azimuth Capital Management is seeking $1 billion for a new fund to back businesses such as renewable-fuel makers, battery recyclers and power-storage providers, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-11-21 1709ET
