Elections have consequences. But often, they’re not what investors expect, or they’re in places where most aren’t looking.
For most people, November elections are about which party will control the House of Representatives and the US Senate. That’s important. But for regulated utilities, the most critical outcomes are always the state and local races.
This time around will be no exception. We count 46 states holding legislative elections, and 36 are also holding a vote for governor.
It’s governors who choose the members of public utility commissions in most states. Legislatures, meanwhile, pass laws PUCs must follow when they set policy. They can also sweeten the deal for utilities to encourage policy or crack down in financially ruinous ways.
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