Power producers fall on report of White House deal to curb electricity prices

Shares of U.S. utilities fell in premarket trading following a report of a White House agreement aimed at curbing rising electricity prices. The deal, involving price caps for two years on future auctions in the PJM grid, will require new data center operators like Amazon and Google to shoulder more costs. Talen Energy dropped 8.6%, while Constellation Energy and Vistra fell between 4.2% and 4.6%. Analysts at Jefferies noted this development as a negative shock for power investors, although some companies like GE Vernova and NextEra Energy may benefit from the agreement.