Market Capitalization as of December 23, 2022: $21.7 billion based utility companies to sift out the top players and then ranked them according to their market capitalization. Some oil companies that suffered from the reduced output are Exxon Mobil Corporation (NYSE: XOM), Valero Energy Corporation (NYSE: VLO), and Marathon Petroleum Corporation (NYSE: MPC). benchmark oil prices jumped to $79.56 a barrel while power prices soared to $3,700 per megawatt hour. energy and utility sector these days is Winter Storm Elliott which has disrupted oil and gas output - which in turn has led to higher prices and power blackouts all over the country. This, according to analysts, can end up putting the coal companies out of business and reducing emissions in the long term. According to Bloomberg, these companies are selling excess capacity at lower prices - rates that coal and gas producers cannot match. However, these prices, which end up in massive profits for power producers, do have a silver lining. The price volatility itself has expedited the shift to renewable energy among utilities according to the IEA. For America, these price increases are unavoidable since the largest portion (35.4%) of electricity is generated via natural gas. However, this does not mean that prices are low, as natural gas and coal shortages have nevertheless pushed up retail utility prices to five year highs especially as record natural gas prices ended up driving the cost of producing electricity. This was the third lowest among all G7 economies, and the primary reason that Americans remained better off was that they do not rely on Russian energy imports. The U.S, on the other hand, saw relatively 'muted' energy inflation that stood at just 17.3% in the same month. The largest inflation was in Italy, where energy prices soared by a whopping 71% annually in October. The bulk of this inflation was contributed by 13 countries, all of which saw energy inflation soar above a painful 30%. In fact, in the 38 member countries of the Organization for Economic Co-operation and Development (OECD), energy inflation stood at 28.1% on average.
Utilities have been one of the hottest topics of 2022, as the Russian invasion of Ukraine ushered in a wave of inflation, especially in Europe. For more companies, head on over to 5 Biggest Utility Companies in the U.S. In this piece, we will take a look at the 16 biggest utility companies in the U.S.
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