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Renewable Energy Stocks Crash as U.S. Advances Bill That Could Decimate the Industry
The news was about as bad as it could get for renewable energy stocks this week as the U.S. House of Representatives early Thursday passed a bill that will repeal some of the most important subsidies for the industry if it becomes law.Investors assumed the worst and sold off nearly every company related to EVs or renewable energy. Enphase Energy (NASDAQ: ENPH) fell as much as 25.4% this week, Bloom Energy (NYSE: BE) dropped 11.2%, AES (NYSE: AES) fell 21.9%, and NextEra Energy (NYSE: NEE) was off 12%. The stocks had bounced off their lows in Friday trading, but are still down big for the week.Image source: Getty Images.Continue reading
The news was about as bad as it could get for renewable energy stocks this week as the U.S. House of Representatives early Thursday passed a bill that will repeal some of the most important subsidies for the industry if it becomes law.
Investors assumed the worst and sold off nearly every company related to EVs or renewable energy. Enphase Energy (NASDAQ: ENPH) fell as much as 25.4% this week, Bloom Energy (NYSE: BE) dropped 11.2%, AES (NYSE: AES) fell 21.9%, and NextEra Energy (NYSE: NEE) was off 12%. The stocks had bounced off their lows in Friday trading, but are still down big for the week.
Image source: Getty Images.
