Consolidated Edison CEO John McAvoy tells Jim Cramer how utility stocks are related to the bond market and where the company is investing in renewable energy.
that some investors view the sector as a "bond alternative" but warned that the sentiment can be cyclical.
"That's a knife that cuts both ways," the chief explained. "We benefit as a sector as interest rates go down. We get hurt on the other end as interest rates come up."tumbled more than 343 points on the first trading day of the fourth quarter. In the month of September, U.S. manufacturing had its lowest output in more than a decade. The Institute for Supply Management manufacturing index came in at 47.
Con Ed is also focused on the transition to a clean energy economy, McAvoy said. The move to renewable energy will be of benefit to both customers and investors, he added. The company's clean energy business is investing in a number of areas to expand renewable and energy infrastructure projects. "We worked to make sure that all of our investments are optimized to the value in customers and adopt things like solar panels, battery storage, electric vehicles and energy efficiency."
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