Utilities Gain on AI, Hydrogen Prospects - Utilities Roundup

Dow Jones01-04 06:06

Shares of power producers rose amid hopes that demand related to artificial intelligence and a green transition would drive further gains.

Shares of Bloom Energy and Plug Power rose after the Treasury Department issued new rules for companies trying to get tax breaks for making clean hydrogen.

Constellation Energy shares rose after analysts at brokerage Morgan Stanley said a recent deal with a federal agency for power from its nuclear plant would help it continue. The brokerage said the deal carried a significant $30-$40 a megawatt hour implied price premium.

"Importantly...there is no incremental capex or operating cost required and no regulatory approval needed for this deal," said the Morgan Stanley analysts.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

January 03, 2025 17:06 ET (22:06 GMT)

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