Stock Track | NextEra Plunges on Fears of Clean Energy Policy Rollback Under Trump

Stock Track11-07

Shares of NextEra Energy Inc., a leading U.S. renewable energy firm, plunged nearly 9% in pre-market trading on Tuesday after Republican Donald Trump claimed victory in the 2024 presidential election. Trump's projected win has rattled the renewable energy sector, as he has vowed to rescind clean energy subsidies under the Inflation Reduction Act if elected.

Trump has stated that if elected, he would "rescind all unspent funds" from the Inflation Reduction Act, which includes subsidies for electric vehicles, solar and wind power, and other clean energy technologies. This policy stance has raised concerns that a second Trump term could weigh heavily on the future growth prospects of renewable energy companies.

"The renewables sector might face downward pressure if Trump prioritizes fossil fuels over green energy and scales back clean energy incentives or environmental regulations," said Daniela Sabin Hathorn, senior market analyst at Capital.com. Other renewable energy stocks like Plug Power and Bloom Energy also fell sharply in pre-market trade, down 16% and 13% respectively, on fears over potential rollbacks of clean energy incentives under a Trump administration.

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