Industry PerformanceThe Department of Energy report indicated positive performance for refiners, with product inventory draws balancing with an increase in average utilization.
Regulatory EnvironmentThe ALJ assigned to the Cost of Capital proceeding recommended that the CPUC deny a request that challenged the Cost of Capital mechanism and the recent reset of ROEs, which can be seen as a sign of regulatory stability for investors.
Stock RatingAnalyst maintains a Buy rating on all three California utilities, viewing the Cost of Capital mechanism and the Wildfire fund as unique investor protections.