Thirty-five companies have remained positive year-todate. However, the average is down 4.29 percent since Jan. 1, 2008. In May alone, the average was down 3.04 percent. Generally, utilities continued the decline that began in May 2008, although their descent has not been nearly as extreme as what the Dow and S&P 500 have seen. In what has become a mantra of sorts, the winners for the month were dominated by companies heavily invested in natural gas. The exceptions to this were Vectren and TECO, both of which have meaningful coal operations.
On the losers’ side, PNM received an emergency rate increase (through an emergency fuel clause) in late May that averted a cash crunch. However, the New Mexico commission appears to be wanting to keep PNM on its knees.
Other news: The attorney general’s office in Washington state came out against the acquisition of Puget Energy by Macquarie, and Westar and National Grid both filed significant rate cases.