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Page added on November 5, 2020

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Wall Street Enthusiasm for Green Energy Fades

Alternative Energy

Wall Street’s confidence that the U.S. election would spark a clean-energy revolution dimmed after Republicans appeared set to retain control of the Senate, casting doubts over whether Joe Biden could pursue his climate agenda even if he wins the White House.

As a picture slowly emerged Wednesday of Democrats positioned to potentially take the White House but not Congress, renewables stocks including JinkoSolar Holding Co. and First Solar Inc. slumped. Oil and gas companies rallied, led by Concho Resources Inc. and ConocoPhillips.

Biden, who led President Donald Trump in electoral votes Wednesday afternoon, has proposed sweeping plans to move away from fossil fuels, promote electric vehicles and eliminate greenhouse gases from the electricity grid by 2035. But with Republicans poised to hold onto their slim majority in the Senate, those ambitions may run aground amid gridlock.

“There was some anticipation of a Democratic sweep and the possibility of major climate reform,” Raymond James analyst Pavel Molchanov said in an interview. But without allies in the Senate “he’ll have to rely on executive action, tinkering around the edges, rather than anything game-changing or transformative.”

  • Concho rose 4.1%, and ConocoPhillips climbed 3.7%.
  • Marathon Oil Corp. rose 3.1%
  • JinkoSolar plunged 12%, and First Solar fell 8.6%. Morgan Stanley cut its rating on First Solar to the equivalent of sell.
  • Clean energy giant NextEra Energy Inc., the world’s biggest producer of wind and solar electricity, slipped 3.6%.
  • In Europe, Vestas Wind Systems A/S, the world’s top wind-turbine producer, slumped the most in three years before paring the losses.

“Perhaps the biggest conclusion to be drawn at this stage is that there is only a small likelihood that existing oil & gas tax incentives will be removed in the U.S. — even if Biden emerges as the winner,” Artem Abramov, head of shale research at Rystad Energy, said in a note to clients. Still, Biden would be able to ban new fracking on federal lands via an executive order, which would hit producers in New Mexico and elsewhere.

With votes still being counted in key battleground states including Pennsylvania and Nevada, it’s unclear if the U.S. will more aggressively shift toward clean energy, as Biden has pledged — or if Trump will get four more years to promote fossil fuels.

“Even in the event that Biden wins the election, we think the prospects of the solar industry look much less favorable given a lower probability of an extension of the investment tax credit,” said Angelo Zino, an analyst at CFRA, in a research note. CFRA downgraded SunPower Corp. and manufacturer Canadian Solar Inc. to hold from buy.

While investors may be spooked by the uncertainty, it’s unlikely a second Trump term would significantly thwart the growth of wind and solar power. Demand for clean power has increased throughout the Republican’s presidency, thanks to state-level policies, corporations pushing to go green and a growing appetite for environmental, social and governance, or ESG, investments.

A Biden victory, conversely, could be give natural gas a boost as “a cleaner transition fuel” in the shift to a lower-carbon economy, RBC analyst Scott Hanold said in a note.

RIGZONE



63 Comments on "Wall Street Enthusiasm for Green Energy Fades"

  1. Mick on Sat, 7th Nov 2020 1:11 am 

    The cleaners are going to have a hard time to get those orange stains out of the white house walls
    Fat boy and his greasy little KFC fingers has made a huge mess the whole joint needs to be fumigated

  2. zero juan on Sat, 7th Nov 2020 3:25 am 

    another wasted forum night with insanity from juanP

    @The Real Donald Trump said Thank you real green I couldn’t of put it be…

    REAL Green said We live in a democracy widdle, and the dims are in…

    Davy said I am the forum’s biggest cry baby the likes of whi…

    FamousDrScanlon said MAGA-tards, proud-girls, etc have been making thre…

    bochen787 said rats abandoning ship https://www.yahoo.com/news/bo

    Drill baby Drill said Dang son these oil prices better go higher soon ot…

    bochen787 said Biden said in speech tonight that America can stil…

    @The Real Donald Trump said I am the world’s biggest cry baby the likes…

    bochen787 said How you asshole holding up after post MAGA

    FamousDrScanlon said Theedrip, so it was the Dems who sent all those po…

    Theedrich said So the multibillionaire scum have won. Their Demo…

    Mick said Lol Hopefully the Saudi Prince will let him live t…

  3. FamousDrScanlon on Sat, 7th Nov 2020 12:54 pm 

    The future of you & yours, your nation, civilization & the human species is already decided…..in the Arctic. We just waiting on the inertia.

    The ultimate consequences will be a massive human die-back or human extinction later this century & getting there will be a fucking horror show.

    As it stands now, the US military’s description of climate change as a ‘Force Multiplier’ is bang on. Makes all other human problems & predicaments worse.

    The force is not with you.

    Most of the many dozens of positive self reinforcing feedback loops (vicious circles) will continue to grow in speed & scale – can’t be stopped.

    Puny helpless humans will be crushed & broken.

    It’s the mother of all predicaments – hot house earth here we come.

    Rivers melt Arctic ice, warming air and ocean

    “Polyakov expects that rising global air temperatures will continue to warm Arctic rivers in the future. As rivers heat up, more heat will flow into the Arctic Ocean, melting more sea ice and accelerating Arctic warming.

    Rivers are just one of many heat sources now warming the Arctic Ocean. The entire Arctic system is in an extremely anomalous state as global air temperatures rise and warm Atlantic and Pacific water enters the region, decaying sea ice even in the middle of winter. All these components work together, causing positive feedback loops that speed up warming in the Arctic.

    “It’s very alarming because all these changes are accelerating,” said Polyakov. “The rapid changes are just incredible in the last decade or so.”

    https://phys.org/news/2020-11-rivers-arctic-ice-air-ocean.html

  4. Duncan Idaho on Sat, 7th Nov 2020 12:58 pm 

    CUZ IT’S WHAT THEY DO

    The Second the Presidency Ends—the Trump Family Grift Begins

    (Of course the Family von Trump wanted to win. But now that they’ve lost, they’ll inevitably convert it into a scam of their supporters.)

  5. Duncan Idaho on Sat, 7th Nov 2020 1:03 pm 

    “Trump, You’re Fired”: Photos of Joyous Celebration Across the Nation

    The Fat Boy is gone, but he has 2 months to screw things up even more.
    While not the brightest porch light on the block, he is good at ripping people off.

    https://www.huffpost.com/entry/photos-show-celebrations-across-the-world-as-joe-biden-wins-us-election_n_5fa48a89c5b64c88d3feaddb

  6. Duncan Idaho on Sat, 7th Nov 2020 1:17 pm 

    The Fat Boy is a shameless liar. What more is there to say?

    I guess that is a winning point?

  7. FamousDrScanlon on Sat, 7th Nov 2020 1:40 pm 

    California sizzled with three straight months of record heat and raging fires

    “In the midst of the state’s most destructive wildfire season, California shattered temperature records in August, September and October.

    All three months were the state’s warmest on record, according to a new report by UCLA climate scientist Daniel Swain.

    “The long-term warming trend during the peak of fire season in California has been especially pronounced,” Swain said on Twitter, “and 2020 really puts an exclamation point on that.”

    In August, a ferocious heat wave saw temperatures in Death Valley reach a blistering 130 degrees — thought to be the highest temperature on Earth in nearly a century, if not ever. Temperatures in September and October, too, skyrocketed to new heights. Over Labor Day weekend, Woodland Hills clocked the hottest official temperature on record in Los Angeles County, 121 degrees.

    In October, a heat wave prompted a statewide flex alert as Southern California saw temperatures as much as 25 degrees above normal.

    “There were nearly 400 daily high temperature records broken across California in September,” said Karin Gleason, a meteorologist with the National Centers for Environmental Information at the National Oceanic and Atmospheric Administration. “In October, approximately 300 daily high temperature records were set.”

    https://www.latimes.com/california/story/2020-11-07/california-shatters-fall-temperature-records

    Yabut Biden_Trump-N-stuff.

  8. FamousDrScanlon on Sat, 7th Nov 2020 2:00 pm 

    At 99 degrees, Phoenix shatters record for hottest day ever recorded in a November

    “Previously, the hottest recorded day in November topped out at 96 degrees, according to the Weather Service.”

    https://www.azcentral.com/story/news/local/phoenix-weather/2020/11/05/phoenix-breaks-heat-record-highest-temp-recorded-november/6180468002/

    Record high temperatures in November – NBC Boston – Boston, Massachusetts

    https://eminetra.com/record-high-temperatures-in-november-nbc-boston-boston-massachusetts/174168/

    LOOK a squirrel election!!

  9. Antius on Sat, 7th Nov 2020 2:30 pm 

    “The Fat Boy is a shameless liar. What more is there to say?”

    You could start by being specific about what you think he has lied about, instead of just throwing around accusations.

    The man is not a politician or a diplomat. But he has the benefit of not being a Chinese shill or a puppet of our Jewish overlords.

  10. Abraham van Helsing on Sat, 7th Nov 2020 2:42 pm 

    The fun is only beginning:

    https://www.lewrockwell.com/2020/11/no_author/how-the-presidential-election-was-stolen/

    How the Presidential Election Was Stolen
    By Pepe Escobar
    Asia Times

    As Corpse is set to declare victory, Buffon eyes the long game, set to take the whole thing all the way to the Supreme Court.

    The Red machine had already gamed it – as it was fully aware of how operation Blue would be played.

    The Red counter-revolution does carry the potential of strategically checkmating Blue.

    It is a three-pronged attack – with Red using the Judiciary Committee, the Senate and the Attorney General, all under the authority of codename Buffoon until Inauguration Day. The end game after a vicious legal battle is to overthrow Blue.

  11. zero juan on Sat, 7th Nov 2020 3:22 pm 

    Ppee, you could give a shit about climate change. You want humans to die. You hte people. JuanPPee, everyone hates you,, fuck!

    FamousDrScanlon said At 99 degrees, Phoenix shatters record for hottest…

    FamousDrScanlon said California sizzled with three straight months of r…

  12. kamala Harris on Sat, 7th Nov 2020 3:50 pm 

    The orange stain just got his fat ass handed to him on a plate . What would be the icing on the cake is to get Obama in the White House to drag that smouldering pile of shit loser out of there

  13. zero juan on Sat, 7th Nov 2020 3:53 pm 

    Widdle juan dumbfuck, you are blatantly stupid, fuck:

    kamala Harris said The orange stain just got his fat ass handed to hi…

    FamousDrScanlon said My dad’s better than your dad, so there. My…

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