Other utilities are also seeing similar trends in the industrial space. For example, American Electric Power (NYSE: AEP), which owns utilities from Texas to Michigan and other Rust Belt areas, said eight of 10 industrial sectors consumed more electricity in the third quarter than in the same quarter last year.
Nick Akin, chief executive of AEP, said that industrial electricity sales from shale-gas producing counties surged 28% in the third quarter. Total industrial electricity sales was up 1.2% in the three months ended September as well.
APE is 5.1% of XLU, 4.0% of VPU and 4.2% of IDU.
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Max Chen contributed to this article.