Renewable-energy stocks tank after Trump wins White House

Dow Jones11-06

MW Renewable-energy stocks tank after Trump wins White House

By Ciara Linnane

Trump is expected to upend green policies implemented by the current administration

The stocks of renewable-energy companies led S&P 500 decliners early Wednesday, after former President Donald Trump won a sweeping victory in the U.S. presidential election.

Trump, who has denied that the climate is changing as a result of burning fossil fuels, is expected to upend green policies implemented by the current administration, which include solar tax credits and incentives that were part of incumbent President Joe Biden's Inflation Reduction Act.

"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, in emailed comments.

First Solar Inc. $(FSLR)$ was down 14% while rival Enphase Energy Inc. (ENPH) was down 12.5.%. AES Corp. $(AES)$, which is active in renewable and thermal-power generation, was down 11%.

Sunrun Inc. (RUN) was down 18% and Array Technologies Inc. (ARRY) was down 11.6%. NextEra Energy Inc. $(NEE)$ was down 9%, and NRG Energy Inc. $(NRG)$ was down 4%.

The iShares Global Clean Energy exchange-traded fund ICLN was down 10%, while the Invesco Solar ETF TAN was down 10.6%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 06, 2024 07:11 ET (12:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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