Shares of power producers rose as momentum continued to build in the sector.
The SPDR Select Sector Utilities exchange-traded fund, which tracks the performance of the utilities industry group of the S&P 500, is up about 15% for the year to date, surpassing the roughly 13% return for the broad index following several years of underperformance.
Algonquin Power & Utilities has agreed to sell its renewable energy business for $2.5 billion, a year after putting the segment up for sale. Shares of the Canadian utility fell sharply amid disappointment about the deal.
The Long Island Power Authority sold $1 billion of electric system general revenue bonds, with proceeds slated for system improvements and retiring outstanding debt.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-09-24 1753ET
