Energy

Utilities are a catch-up trade on Biden infrastructure bill: CEO

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Utilities could be the underrated beneficiaries of a U.S. infrastructure overhaul, one CEO says.

With Washington lawmakers working to make the Biden administration’s $579 billion infrastructure spending framework a reality, the year’s worst-performing sector could be in for a rebound, Reaves Asset Management CEO Jay Rhame told CNBC’s “ETF Edge” this week.

Two major tailwinds could propel utilities higher, said Rhame, whose co-manages the Virtus Reaves Utilities ETF (UTES).

The first is potential spending on things like electric transmission, grid resilience and electric-vehicle charging infrastructure, which is “incremental to growth,” Rhame said in the interview Wednesday.

The second is the…



Source cnbc.com

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