Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>Earlier today, S&amp;P Dow Jones announced that all the proposals of the latest market consultation would be implemented at the close of trading on 16 April to reduce constituent concentration, ease liquidity limitations, and improve index replication further than would have been achieved from the result of the prior market consultation.</p><p>We expect there will be 37 additions to the index taking the number of index constituents up to 67. This number will increase over the next few rebalances as the target is to get up to at least 100 constituent stocks.</p><p>With index weight dependent on free float market cap and turnover, plus capping of index weight dependent on exposure scores, this is going to be a large rebalance. We expect a one-way turnover of 48.1% with our expected changes.</p><p>Stocks that could see passive buying (sorted in terms of days of ADV) are <a href="https://www.smartkarma.com/entities/drax-group-plc" target="_blank" data-smartkarma-citation="entities:21911:1" rel="noopener">Drax Group PLC (DRX LN)</a>, <a href="https://www.smartkarma.com/entities/enel-americas-sa-c3a67f8a-ad13-45ff-a676-cbc513b8c458" target="_blank" data-smartkarma-citation="entities:25965:1" rel="noopener">Enel Americas Sa (ENIA US)</a>, <a href="https://www.smartkarma.com/entities/fortum-oyj" target="_blank" data-smartkarma-citation="entities:21762:1" rel="noopener">Fortum OYJ (FUM1V FH)</a>, <a href="https://www.smartkarma.com/entities/erg-spa" target="_blank" data-smartkarma-citation="entities:21186:1" rel="noopener">ERG SpA (ERG IM)</a>, <a href="https://www.smartkarma.com/entities/terna-rete-elettrica-nazionale" target="_blank" data-smartkarma-citation="entities:21232:1" rel="noopener">Terna Rete Elettrica Nazionale (TRN IM)</a>, <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power Group Corp (916 HK)</a>, <a href="https://www.smartkarma.com/entities/nordex-se" target="_blank" data-smartkarma-citation="entities:21682:1" rel="noopener">Nordex SE (NDX1 GR)</a>, <a href="https://www.smartkarma.com/entities/acciona-sa" target="_blank" data-smartkarma-citation="entities:21248:1" rel="noopener">Acciona SA (ANA SM)</a>, <a href="https://www.smartkarma.com/entities/avista-corp" target="_blank" data-smartkarma-citation="entities:17178:1" rel="noopener">Avista Corp (AVA US)</a> and <a href="https://www.smartkarma.com/entities/idacorp-inc" target="_blank" data-smartkarma-citation="entities:15190:1" rel="noopener">Idacorp Inc (IDA US)</a>.</p><p>Stocks that could see passive selling (sorted in terms of days of ADV) are <a href="https://www.smartkarma.com/entities/meridian-ener-partly-paid-sh" target="_blank" data-smartkarma-citation="entities:4327:1" rel="noopener">Meridian Energy (MEL NZ)</a>, <a href="https://www.smartkarma.com/entities/contact-energy-ltd" target="_blank" data-smartkarma-citation="entities:13136:1" rel="noopener">Contact Energy (CEN NZ)</a>, <a href="https://www.smartkarma.com/entities/verbund-ag" target="_blank" data-smartkarma-citation="entities:22563:1" rel="noopener">Verbund AG (VER AV)</a>, <a href="https://www.smartkarma.com/entities/edp-renovaveis-sa" target="_blank" data-smartkarma-citation="entities:21363:1" rel="noopener">EDP Renovaveis SA (EDPR PL)</a>, <a href="https://www.smartkarma.com/entities/scatec-solar-asa" target="_blank" data-smartkarma-citation="entities:25120:1" rel="noopener">Scatec Solar ASA (SSO NO)</a>, <a href="https://www.smartkarma.com/entities/innergex-renewable-energy-inc" target="_blank" data-smartkarma-citation="entities:25479:1" rel="noopener">Innergex Renewable Energy (INE CN)</a>, <a href="https://www.smartkarma.com/entities/boralex-inc" target="_blank" data-smartkarma-citation="entities:25478:1" rel="noopener">Boralex Inc (BLX CN)</a> and <a href="https://www.smartkarma.com/entities/siemens-gamesa-renewable-energy-s-a" target="_blank" data-smartkarma-citation="entities:21270:1" rel="noopener">Siemens Gamesa Renewable Energy, S.A. (SGRE SM)</a>.</p><p>Among existing constituents, there will be passive inflows on <a href="https://www.smartkarma.com/entities/orsted-a-s" target="_blank" data-smartkarma-citation="entities:24765:1" rel="noopener">Orsted A/S (ORSTED DC)</a>, <a href="https://www.smartkarma.com/entities/vestas-wind-systems-a-s" target="_blank" data-smartkarma-citation="entities:22524:1" rel="noopener">Vestas Wind Systems A/S (VWS DC)</a>, <a href="https://www.smartkarma.com/entities/solaredge-technologies-inc" target="_blank" data-smartkarma-citation="entities:27981:1" rel="noopener">SolarEdge Technologies Inc (SEDG US)</a>, <a href="https://www.smartkarma.com/entities/sunrun-inc" target="_blank" data-smartkarma-citation="entities:19726:1" rel="noopener">Sunrun Inc (RUN US)</a> and <a href="https://www.smartkarma.com/entities/enphase-energy-inc" target="_blank" data-smartkarma-citation="entities:8872:1" rel="noopener">Enphase Energy (ENPH US)</a>. </p>

Earlier today, S&amp;P Dow Jones announced that all the proposals of the latest market consultation would be implemented at the close of trading on 16 April to reduce constituent concentration, ease liquidity limitations, and improve index replication further than would have been achieved from the result of the prior market consultation.We expect there will be 37 additions to the index taking the number of index constituents up to 67. This number will increase over the next few rebalances as the target is to get up to at least 100 constituent stocks.With index weight dependent on free float market cap and turnover, plus capping of index weight dependent on exposure scores, this is going to be a large rebalance. We expect a one-way turnover of 48.1% with our expected changes.Stocks that could see passive buying (sorted in terms of days of ADV) are Drax Group PLC (DRX LN), Enel Americas Sa (ENIA US), Fortum OYJ (FUM1V FH), ERG SpA (ERG IM), Terna Rete Elettrica Nazionale (TRN IM), China Longyuan Power Group Corp (916 HK), Nordex SE (NDX1 GR), Acciona SA (ANA SM), Avista Corp (AVA US) and Idacorp Inc (IDA US).Stocks that could see passive selling (sorted in terms of days of ADV) are Meridian Energy (MEL NZ), Contact Energy (CEN NZ), Verbund AG (VER AV), EDP Renovaveis SA (EDPR PL), Scatec Solar ASA (SSO NO), Innergex Renewable Energy (INE CN), Boralex Inc (BLX CN) and Siemens Gamesa Renewable Energy, S.A. (SGRE SM).Among existing constituents, there will be passive inflows on Orsted A/S (ORSTED DC), Vestas Wind Systems A/S (VWS DC), SolarEdge Technologies Inc (SEDG US), Sunrun Inc (RUN US) and Enphase Energy (ENPH US). 

Global Clean Energy Index: All Proposals to Be Implemented; 48% One-Way Turnover

<p>The S&amp;P Global Clean Energy Index is designed to measure the performance of 30 companies from around the world that are involved in clean energy-related businesses, comprising a diversified mix of clean energy production and clean energy equipment and technology companies.</p><p>There are two ETFs that are benchmarked to the index and these ETFs have seen massive inflows over the last year. This has caused liquidity issues in the underlying stocks and has led to S&amp;P having multiple market consultations to reduce constituent concentration, easy liquidity limitations and improve index replication.</p><p>The changes due to these market consultations will cause large passive flows on the stocks. A few stocks have moved substantially over the last couple of months but there could be more in store for a few of them.</p><p>Depending on the which proposals are implemented, one-way turnover for the review could be in the range of 30-50% and there are a lot of stocks that will have more than 10 days of ADV to trade.</p><p>In this Insight we look at the index, the inflows on the ETFs, the various market consultations and the impact on the stocks that constitute the index and those that could be added to the index in the April rebalance.</p>

The S&amp;P Global Clean Energy Index is designed to measure the performance of 30 companies from around the world that are involved in clean energy-related businesses, comprising a diversified mix of clean energy production and clean energy equipment and technology companies.There are two ETFs that are benchmarked to the index and these ETFs have seen massive inflows over the last year. This has caused liquidity issues in the underlying stocks and has led to S&amp;P having multiple market consultations to reduce constituent concentration, easy liquidity limitations and improve index replication.The changes due to these market consultations will cause large passive flows on the stocks. A few stocks have moved substantially over the last couple of months but there could be more in store for a few of them.Depending on the which proposals are implemented, one-way turnover for the review could be in the range of 30-50% and there are a lot of stocks that will have more than 10 days of ADV to trade.In this Insight we look at the index, the inflows on the ETFs, the various market consultations and the impact on the stocks that constitute the index and those that could be added to the index in the April rebalance.

Global Clean Energy Index: MASSIVE Changes Coming Up; 30-50% One-Way Turnover

Alpha-Centric ESG Research

Kyle Rudden

<p>In <a href="https://www.smartkarma.com/insights/u-s-elections-and-esg-impacts-on-people-planet-and-profit" target="_blank" data-smartkarma-citation="insights:42655" rel="noopener">U.S. Elections and ESG: Impacts on People, Planet… and Profit</a>, I discussed major universally-relevant implications of the 2020 U.S. elections from an ESG and Triple Bottom Line perspective, and using the three TBL pillars for structure: 1) Environmental, 2) Social and Governance, and 3) Economic. That report was a deep dive, but nonetheless largely stayed on the macro level.</p>
<p>This Insight is one of several regionally-focused reports analysing the U.S. elections – candidates, their policy positions, and implications of evolving election outcome scenarios – on a more micro plane. Specifically, implications for regional markets, sectors, and stocks based on the policies of the Democrat and Republican tickets in conjunction with Congressional election result scenarios.</p>
<p>Consider this the inaugural report for North America-focused coverage of the 2020 elections. It will be updated, and more importantly built upon, over the next two months (all elections are held on 3 November) as significant events unfold. This initial report lays the basic foundation for that future coverage. In particular, it addresses the following topics (which also approximate an outline):</p>
<ul>
<li>Overview of major policy proposals or plans for U.S. and Canadian markets, sectors, and stocks</li>
<li>U.S. and Canadian sectors/stocks that benefit/lose from Biden climate and infrastructure plans</li>
<li>U.S. and Canadian sectors/stocks that benefit/lose from Biden corporate tax policies and hikes</li>
<li>High-level summary of the most consequential points addressed in the aforementioned Insight</li>
</ul>

In U.S. Elections and ESG: Impacts on People, Planet… and Profit, I discussed major universally-relevant implications of the 2020 U.S. elections from an ESG and Triple Bottom Line perspective, and using the three TBL pillars for structure: 1) Environmental, 2) Social and Governance, and 3) Economic. That report was a deep dive, but nonetheless largely stayed on the macro level.
This Insight is one of several regionally-focused reports analysing the U.S. elections – candidates, their policy positions, and implications of evolving election outcome scenarios – on a more micro plane. Specifically, implications for regional markets, sectors, and stocks based on the policies of the Democrat and Republican tickets in conjunction with Congressional election result scenarios.
Consider this the inaugural report for North America-focused coverage of the 2020 elections. It will be updated, and more importantly built upon, over the next two months (all elections are held on 3 November) as significant events unfold. This initial report lays the basic foundation for that future coverage. In particular, it addresses the following topics (which also approximate an outline):

Overview of major policy proposals or plans for U.S. and Canadian markets, sectors, and stocks
U.S. and Canadian sectors/stocks that benefit/lose from Biden climate and infrastructure plans
U.S. and Canadian sectors/stocks that benefit/lose from Biden corporate tax policies and hikes
High-level summary of the most consequential points addressed in the aforementioned Insight


U.S. Elections and ESG: Impacts on People, Planet… and Profit (North America)

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

<div class="content-highlight"><h2>Growth is hip, but valuations are a drag.</h2></div><hr><h2>Utilities Fundamentally Attractive, but Valuations Still Rich</h2><p>Halfway through 2019, utilities continue to impress with good growth prospects, secure dividends, and sound balance sheets. That's good for investors, who could realize 5%-7% annual dividend and earnings growth from many high-quality utilities with narrow moats and 3% yields.</p><p>But those strong fundamentals come at a high price. U.S. utilities in our coverage universe trade at a 14% premium to our fair value estimates on a median basis as of mid-June. That means investors' long-term capital gains are at risk even if utilities make good on their earnings and dividend growth potential.</p><p>Utilities' rich valuations also lessen their attractiveness as defensive investments in a market downturn. During the last two major U.S. bear markets—2007-09 and 2000-02—utilities' valuations going into the downturn had a big impact on the sector's outperformance relative to the market.</p><p>Investors should be selective as they pick utilities in this market, focusing on those with the best growth plans or cheap relative valuations to offset a valuation pullback we think is coming.</p><hr><h2>Key Takeaways</h2><ul>
<li>Utilities' long-term growth opportunities are abundant based on our discussions with utilities executives at the recent American Gas Association Financial Forum. We think renewable energy and distribution growth projects are the most attractive. Our May 20 report, <a href="https://www.smartkarma.com/insights/capital-investment-drives-utilities-growth-but-valuations-are-rich" target="_blank" data-smartkarma-citation="insights:29917">Capital Investment Drives Utilities' Growth, but Valuations Are Rich</a>, has more detail on utilities' growth plans.</li>
<li>Utilities are 14% overvalued as of mid-June based on our fair value estimates, the richest they have been since 2017. Regulated utilities are particularly expensive with median 22 P/E and 2.1 P/B—both multi-decade highs.</li>
<li>Utilities with large, attractive investment plans include <a href="https://www.smartkarma.com/entities/nextera-energy-inc" target="_blank" data-smartkarma-citation="entities:7402:1">Nextera Energy (NEE US)</a>, <a href="https://www.smartkarma.com/entities/edison-international" target="_blank" data-smartkarma-citation="entities:16455:1">Edison International (EIX US)</a>, <a href="https://www.smartkarma.com/entities/dominion-energy-inc" target="_blank" data-smartkarma-citation="entities:5937:1">Dominion Energy Inc (D US)</a>, <a href="https://www.smartkarma.com/entities/xcel-energy-inc" target="_blank" data-smartkarma-citation="entities:6402:1">Xcel Energy Inc (XEL US)</a>, <a href="https://www.smartkarma.com/entities/new-jersey-resources-corp" target="_blank" data-smartkarma-citation="entities:19030:1">New Jersey Resources (NJR US)</a>, <a href="https://www.smartkarma.com/entities/cms-energy-corp" target="_blank" data-smartkarma-citation="entities:3143:1">Cms Energy Corp (CMS US)</a>, <a href="https://www.smartkarma.com/entities/sempra-energy" target="_blank" data-smartkarma-citation="entities:1796:1">Sempra Energy (SRE US)</a>, and <a href="https://www.smartkarma.com/entities/atmos-energy-corp" target="_blank" data-smartkarma-citation="entities:13170:1">Atmos Energy (ATO US)</a>. Although many of these are expensive, their growth should cushion returns if valuations compress.</li>
<li>Utilities' rich valuations limit their defensiveness. Utilities entered the 2007-09 bear market with a 19 P/E and outperformed the S&amp;P 500 by 11 percentage points, their worst bear-market performance in 35 years. Bear-market returns improved when utilities had more modest valuations.</li>
<li>Although utilities look rich on absolute valuation measures, the sector's 3.4% average dividend yield remains attractive relative to the 2.1% 10-year U.S. Treasury yield. Historically, utilities have outperformed bonds when their dividend yields are this much higher than interest rates.</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/378/original/1.JPG?1560737544" class="editor-image img-responsive" data-smartkarma-image-id="90378"></figure>

Growth is hip, but valuations are a drag.Utilities Fundamentally Attractive, but Valuations Still RichHalfway through 2019, utilities continue to impress with good growth prospects, secure dividends, and sound balance sheets. That's good for investors, who could realize 5%-7% annual dividend and earnings growth from many high-quality utilities with narrow moats and 3% yields.But those strong fundamentals come at a high price. U.S. utilities in our coverage universe trade at a 14% premium to our fair value estimates on a median basis as of mid-June. That means investors' long-term capital gains are at risk even if utilities make good on their earnings and dividend growth potential.Utilities' rich valuations also lessen their attractiveness as defensive investments in a market downturn. During the last two major U.S. bear markets—2007-09 and 2000-02—utilities' valuations going into the downturn had a big impact on the sector's outperformance relative to the market.Investors should be selective as they pick utilities in this market, focusing on those with the best growth plans or cheap relative valuations to offset a valuation pullback we think is coming.Key Takeaways
Utilities' long-term growth opportunities are abundant based on our discussions with utilities executives at the recent American Gas Association Financial Forum. We think renewable energy and distribution growth projects are the most attractive. Our May 20 report, Capital Investment Drives Utilities' Growth, but Valuations Are Rich, has more detail on utilities' growth plans.
Utilities are 14% overvalued as of mid-June based on our fair value estimates, the richest they have been since 2017. Regulated utilities are particularly expensive with median 22 P/E and 2.1 P/B—both multi-decade highs.
Utilities with large, attractive investment plans include Nextera Energy (NEE US), Edison International (EIX US), Dominion Energy Inc (D US), Xcel Energy Inc (XEL US), New Jersey Resources (NJR US), Cms Energy Corp (CMS US), Sempra Energy (SRE US), and Atmos Energy (ATO US). Although many of these are expensive, their growth should cushion returns if valuations compress.
Utilities' rich valuations limit their defensiveness. Utilities entered the 2007-09 bear market with a 19 P/E and outperformed the S&amp;P 500 by 11 percentage points, their worst bear-market performance in 35 years. Bear-market returns improved when utilities had more modest valuations.
Although utilities look rich on absolute valuation measures, the sector's 3.4% average dividend yield remains attractive relative to the 2.1% 10-year U.S. Treasury yield. Historically, utilities have outperformed bonds when their dividend yields are this much higher than interest rates.


Utilities Sector Outlook: Playing Offense or Defense?

<p>Utilities continue to find ways to grow, employing $1.1 trillion in capital spending over the past decade, and we see a long runway for additional capital spend over our forecast. Edison Electric Institute, the electric industry's trade association, forecasts $223.9 billion in capital expenditures the next two years. But EEI has a history of being conservative with its estimates, and we think this remains true with its current forecast. We forecast industry capital expenditures of $279.2 billion.</p><p>Capital growth drives earnings and dividend growth. We forecast median 6.4% earnings growth and 5.5% dividend growth from 2019-22. However, investors have caught on to U.S. utilities' long-term growth prospects, driving valuations to a median 12% premium to our fair value estimates. If interest rates stay low and utilities' valuations stay rich, long-term investors could realize 10%-14% total returns from a combination of current dividend yields (3%-5%) and our earnings growth outlook (7%-9%) based on the sector's infrastructure needs. But should market valuations converge to our fair value estimates as we expect, investors would see flat returns.</p><hr><h2>Key Takeaways</h2><ul>
<li>Capital Expenditure Forecast: We forecast utilities we cover will spend nearly $449 billion over the next four years, fueling a healthy median 6.4% earnings growth and 5.5% dividend growth.</li>
<li>Transmission and Distribution Winners: Transmission and distribution investments represent nearly 65% of our projected total utility investments. These investments facilitate the continued transition from coal generation to natural gas and renewable energy. We highlight <a href="https://www.smartkarma.com/entities/1796" target="_blank" data-smartkarma-citation="entities:1796:1">Sempra Energy (SRE US)</a> and <a href="https://www.smartkarma.com/entities/16455" target="_blank" data-smartkarma-citation="entities:16455:1">Edison International (EIX US)</a> for their electric transmission and distribution investment potential. <a href="https://www.smartkarma.com/entities/13170" target="_blank" data-smartkarma-citation="entities:13170:1">Atmos Energy (ATO US)</a> tops peers with gas distribution investments.</li>
<li>Renewable Energy Winners: We project renewable energy, excluding hydro, will grow 70% to 659 terawatt-hours from 2017 to 2025 and represent almost 15% of the U.S. generation, up from 9.6% in 2017. <a href="https://www.smartkarma.com/entities/7402" target="_blank" data-smartkarma-citation="entities:7402:1">Nextera Energy (NEE US)</a> and <a href="https://www.smartkarma.com/entities/26503" target="_blank" data-smartkarma-citation="entities:26503:1">Avangrid Inc (AGR US)</a> are particularly well positioned to capture this opportunity.</li>
</ul>

Utilities continue to find ways to grow, employing $1.1 trillion in capital spending over the past decade, and we see a long runway for additional capital spend over our forecast. Edison Electric Institute, the electric industry's trade association, forecasts $223.9 billion in capital expenditures the next two years. But EEI has a history of being conservative with its estimates, and we think this remains true with its current forecast. We forecast industry capital expenditures of $279.2 billion.Capital growth drives earnings and dividend growth. We forecast median 6.4% earnings growth and 5.5% dividend growth from 2019-22. However, investors have caught on to U.S. utilities' long-term growth prospects, driving valuations to a median 12% premium to our fair value estimates. If interest rates stay low and utilities' valuations stay rich, long-term investors could realize 10%-14% total returns from a combination of current dividend yields (3%-5%) and our earnings growth outlook (7%-9%) based on the sector's infrastructure needs. But should market valuations converge to our fair value estimates as we expect, investors would see flat returns.Key Takeaways
Capital Expenditure Forecast: We forecast utilities we cover will spend nearly $449 billion over the next four years, fueling a healthy median 6.4% earnings growth and 5.5% dividend growth.
Transmission and Distribution Winners: Transmission and distribution investments represent nearly 65% of our projected total utility investments. These investments facilitate the continued transition from coal generation to natural gas and renewable energy. We highlight Sempra Energy (SRE US) and Edison International (EIX US) for their electric transmission and distribution investment potential. Atmos Energy (ATO US) tops peers with gas distribution investments.
Renewable Energy Winners: We project renewable energy, excluding hydro, will grow 70% to 659 terawatt-hours from 2017 to 2025 and represent almost 15% of the U.S. generation, up from 9.6% in 2017. Nextera Energy (NEE US) and Avangrid Inc (AGR US) are particularly well positioned to capture this opportunity.


Capital Investment Drives Utilities' Growth, but Valuations Are Rich

United States

NextEra Energy, Inc. provides sustainable energy generation and distribution services. The Company generates electricity through wind, solar, and natural gas. Through its subsidiaries, NextEra Energy also operates multiple commercial nuclear power units.

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Nextera Energy (NEE US)

Global Clean Energy Index: All Proposals to Be Implemented; 48% One-Way Turnover

S&P will implement all proposals of the market consultation at the close on 16 April. This will create trading opportunities. One-way turnover is...

Brian Freitas

Global Clean Energy Index: MASSIVE Changes Coming Up; 30-50% One-Way Turnover

The huge inflows into ETFs tracking the S&P Global Clean Energy Index have led to many market consultations and there will be massive flows in/out...

Brian Freitas

U.S. Elections and ESG: Impacts on People, Planet… and Profit (North America)

In U.S. Elections and ESG: Impacts on People, Planet… and Profit, I discussed major universally-relevant implications of the 2020 U.S. elections...

Kyle Rudden

Utilities Sector Outlook: Playing Offense or Defense?

Growth is hip, but valuations are a drag.Utilities Fundamentally Attractive, but Valuations Still RichHalfway through 2019, utilities continue to...

Morningstar, Inc.

Capital Investment Drives Utilities' Growth, but Valuations Are Rich

Utilities continue to find ways to grow, employing $1.1 trillion in capital spending over the past decade, and we see a long runway for additional...

Morningstar, Inc.

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