NEP - Why NextEra Energy NextEra Partners Hawaii Electric and Brookfield Renewable Rose Today
2023-11-14 15:39:29 ET
Shares of utilities NextEra Energy (NYSE: NEE) , NextEra Partners (NYSE: NEP) , Hawaii Electric (NYSE: HE) , and Brookfield Renewable Corporation (NYSE: BEP) were rallying today, up 5.6%, 6.6%, 6.1%, and 8.6%, respectively, as of 3:22 p.m. ET.
These stocks have been beaten down this year in a rare volatile year for utilities, which are often seen as defensive stocks. Hawaii Electric had its own company-specific disaster after the fatal wildfires in Maui this summer and potential liability stemming from that. However, the entire utility sector -- especially those companies with high exposure to renewable projects -- has been especially depressed due to surging interest rates this year.
But this morning, the Bureau of Labor Statistics released October inflation data, showing a softer-than-expected reading. That could pave the way for lower interest rates, thereby reversing the massive rate headwinds investors have seen this year.
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Why NextEra Energy, NextEra Partners, Hawaii Electric, and Brookfield Renewable Rose Today