Energy & Utilities Roundup: Market Talk

A facts-only brief, written by a local AI model from this article in The Wall Street Journal, November 4, 2026. It may contain mistakes, and it is not the article: the full story is at wsj.com.

European utility and wind energy equities climbed in early trading after Democrats secured control of both U.S. legislative chambers, with Orsted shares increasing by 7.2% and Vestas rising 4%. Baader analysts cautioned that European renewable sectors face limited near-term benefits because the One Big Beautiful Bill eliminated 60% of clean energy tax credits, a change they noted will persist until at least 2029. Macquarie analysts suggested Woodside Energy might follow Shell’s lead by transferring a minority interest in the North West Shelf gas project to XRG, a transaction valued at US$1.45 billion that could lower Woodside’s debt levels. Separately, TransAlta executives stated that Alberta is preparing for data center expansion despite regional moratoriums, while Drax stock gained 6.9% after RBC Capital Markets praised its partnership with Brookfield and Radiant for a new AI infrastructure project.

Background

• ANZ Research reported that crude oil prices remain volatile amid mixed signals on U.S.-Iran diplomatic efforts, with WTI futures settling at $96.09 per barrel.
• Citi lowered Tenaga Nasional’s earnings projections for 2026 and 2027 due to elevated costs and temporary surcharge impacts, reducing its target price to 14.20 ringgit.
• TransAlta informed regulators it is placing the Battle River 4 and 5 power units, operational since 1975 and 1981, into reserve to preserve future capacity for data center demand.
• The Shenzhen Composite Index finished 3.7% higher and the ChiNext Price Index increased 6.4%, correcting an earlier erroneous report that claimed both indices declined.

Read the full article at wsj.com

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