The utility sector (see for example XLU) has benefited from the drop in energy prices and has done pretty well compared to most of the other sectors (see https://stockcharts.com/freecharts/perf.php?[SECT]
for example) , but I don't think it's going to be all roses for them. In particular, the power companies are going to have a huge drop in demand.
Sitting in Boston I think about National Grid, our local electric utility. --- B.U. and Northeastern between them have sent 100,000 students home, and that 's before you think about MIT, Harvard, the various U Mass branches and the smaller universities. These universities are not heating or lighting the dorms, the classroom buildings, the labs etc.
And then there's all the lights and heat not being used in the public schools, the parochial schools, the churches, (all of which have, in the past, been immune to recessions and are now closed).
Plus just the lights in restaurants and stores.
Of course, in some places there will also be lost sales to mfg plants.
Many, many years ago I used to teach something called the Leontieff Input-Output model ---- it is a matrix with all the industries across the top and down the side and the entries are the units of what one industry uses from another. (How much electricity does the auto industry use and how many autos/trucks does the electric industry use?) Leontieff won a Nobel Prize for this -but it also allowed people to ask questions like "what happens to GDP if there is a steel strike?" And it seems to me, that is what we need here. I don't know if any of the big forecasters are using this or not (& I certainly don't know the entries in the matrix).
Any thoughts? Anyone who would know this 'trickle down' effect?