Solar, clean energy stocks soar as U.S. to lift tariffs on Canadian solar products
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Shares of solar and alternative energy providers are rallying on Thursday, alongside conventional energy and natural resource names, as China reportedly is considering a $220B stimulus package to boost its economy.
Solar-related names (NYSEARCA:TAN) are running hot, including (DQ) +14.6%, (JKS) +13.2%, (ARRY) +10.3%, (CSIQ) +9.3%, (SPWR) +7.3%, (SHLS) +7.3%, (RUN) +7.2%, (NOVA) +7.1%, (MAXN) +7.1%, (FSLR) +6.8%, (SEDG) +6.3%, (ENPH) +5.8%, (SOL) +5.5%, (FTCI) +4.3%.
The U.S. and Canada announced a memorandum of understanding Thursday that would lift tariffs on Canadian solar products, settling a dispute on trade in solar products under the USMCA agreement.
The two countries bring "shared goals and commitments to fight climate change," and the removal of tariffs will provide "stability and predictability to our renewable energy sector and strengthen North American competitiveness," Canadian Trade Minister Mary Ng said.
Separately, solar and wind installations in the U.S. generated more electricity than the country's nuclear power plants for the first time in April, according to an analysis of U.S. Energy Information Administration data carried out by the SUN DAY Campaign research firm.
Renewables accounted for 29.3% of all U.S. electrical generation in April, an all-time high, as solar and wind produced 18% more electricity than nuclear during the month, SUN DAY Campaign said.
Other clean energy stocks also sport strong gains, including (BLDP) +9.2%, (PLUG) +8.4%, (BE) +6%, (FCEL) +5.9%.
Other potentially relevant ETFs include (FAN), (NASDAQ:ICLN), (NASDAQ:QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
The International Energy Agency warned in a recent report that China will soon produce 95% of the world's solar supply chain.