Shares of power producers rose on demand for defensive sectors that's made the industry group one of the most resilient in the S&P 500 for the year to date.
Utilities are thought to hold up better during recessions than more growth-oriented sectors.
The French government said it plans to nationalize utility company EDF, saying the step is necessary to manage the transition away from fossil fuels at a time of energy crisis in Europe. The power company, which is already 84% controlled by the state, has been absorbing billions of euros in losses since President Emmanuel Macron imposed a cap on electricity prices, forcing companies to absorb rising natural-gas feedstock costs.
Demand for recycled solar panels "is set to skyrocket in the coming years as the number of installations surges and the threat of a supply bottleneck looms," said research firm Rystad.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-06-22 1730ET
