Shares of power producers fell sharply as Treasury yields tested multiyear highs ahead of the Federal Reserve policy decision.

The SPDR Select Sector Utilities exchange-traded fund, which tracks the utilities industry group of the S&P 500, is now down by more than 4% for the year to date.

Shares of Spanish power company Iberdrola rose after it received European Union approval for its $2.3 billion buyout of Finnish utility Caruna.