Electricity demand is projected to fall by 5% this year in the wake of the coronavirus pandemic.
"We believe the long-term earnings power, and growth potential, for US utilities is unchanged," his team said in a note published Thursday. "We believe investors should 'look through the noise' of COVID-19." It will also benefit the utilities themselves. A so-called "second wave" of renewable energy growth can create a triple benefit for utilities, which consists of higher earnings per share, lower customer bills, and "much lower carbon emissions," Byrd's team said.
The Federal Energy Regulatory Commission , which regulates the utility industry, has shown continued support for "transmission returns," the analysts said. The New Jersey utility South Jersey Industries faces the greatest risk, due to its PennEast pipeline project, they said. After the California utility Pacific Gas & Electric shut off power to more than a million people, the rooftop solar company Sunrun saw a spike in its battery sales.The analysts point to two major risks on the horizon: wildfire season in California and hurricane season in the southeast and Gulf region.
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