01:59 PM EDT, 03/27/2024 (MT Newswires) -- BlackRock ( BLK ) called on the Federal Energy Regulatory Commission to maintain the existing practice of providing investment companies with blanket authorization to increase funding to public utilities, Bloomberg Law reported Wednesday.

With the blanket authorizations, the energy sector gets a "stable" shareholder base keeping the cost of capital low, resulting in "more stable" energy prices, the report quoted the investment firm as saying in comments that were due this week in a notice of inquiry by the commission.

The inquiry, which was announced by the FERC in December, looks into whether and how to revise the policy after concerns over investment firms' control over public utilities and their effects on power markets.

BlackRock ( BLK ) and the FERC didn't immediately respond to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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