Renewables on the rise after EU reaches deal on green energy target
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Stocks focused on solar power and other renewable energy are rallying Thursday after the European Union parliament reached a preliminary deal to boost the share of renewable energy in the bloc's energy mix to 42.5% of total consumption by 2030 from 32% previously.
The agreement came as France won concessions for nuclear power to be counted towards decarbonization targets.
Most solar stocks show strong gains: Sunnova Energy (NOVA) +6.2%, Emeren (SOL) +5.8%, SunPower (SPWR) +3.2%, SolarEdge Technologies (SEDG) +2.9%, Array Technologies (ARRY) +2.5%, Sunrun (RUN) +2.1%, Enphase Energy (ENPH) +1.9%, JinkoSolar (JKS) +1.9%.
Alternative energy plays also are higher, such as Bloom Energy (BE) +4%, Plug Power (PLUG) +3.6%, TPI Composites (TPIC) +2%, FuelCell Energy (FCEL) +1.9%.
Relevant ETFs include (NYSEARCA:TAN), (FAN), (NASDAQ:ICLN), (NASDAQ:QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
Many alternative energy stocks have dropped sharply due to worries that Silicon Valley Bank's bankruptcy could hurt the clean energy industry.