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What a Biden Presidency Could Mean for Utilities

Clean energy plans could be long-term growth opportunities.

A victory by Democratic candidate Joe Biden in the coming U.S. presidential election would mean some changes for utilities, but nothing that we believe would significantly change our long-term view for utilities investors. We think the challenges for utilities executives will be in three areas: renewable energy, taxes, and natural gas supply.

Renewable Energy
The biggest contrast between President Donald Trump and Biden is probably environmental policy. However, we believe the differences are more political bluster than actual changes to the mix of power generation. Trump has touted himself as the savior of the coal industry; Biden said in the first debate that no more coal plants will be built under his administration. The reality is that no new coal plants are being built anyway, and hundreds have been retired or will be retired in the coming decade. Coal generation and carbon emissions have fallen substantially since Trump took office.

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