Shares of power producers rose as Treasury yields retreated, with investors expressing relief over the British government's decision to rescind proposed tax cuts that had sparked chaos in U.K. government bonds.
New U.K. Treasury Chief Jeremy Hunt said he was reversing nearly all the government's proposed tax cuts and would pare back an energy price-cap subsidy as he moves to reassure markets about the stability of the nation's finances.
Meanwhile, Americans should expect bigger home-heating bills compared with last winter, thanks to higher prices for natural gas, heating oil, propane and electricity as well as slightly colder weather, the U.S. Energy Information Administration said in its seasonal outlook.
Government energy specialists predict that it will cost $931 to warm the typical home that is heated with natural gas between this month and March. That is up 28% from a year earlier in nominal terms.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
10-17-22 1800ET
