Alt-energy stocks rise after U.S. Senate passes bill to fight climate change

Clean Energy Fuels

08/08/2022 13:20

** Shares of renewable energy firms rise before market open
as U.S. Senate passes bill to help battle climate change
    ** Legislative body on Sun passed sweeping $430 bln bill
intended to fight climate change, lower drug prices and hike
some corporate taxes  urn:newsml:reuters.com:*:nL1N2ZJ02X
    ** Solar stocks gain: Solaredge  SEDG.O  2.5%, Enphase
 ENPH.O  1.9%, First Solar  FSLR.O  6.1%, Sunpower  SPWR.O 
3.8%, Sunrun  RUN.O  4.4%, Sunnova Energy  NOVA.N  4.3%, Maxeon
Solar Technologies  MAXN.O  5.9%, Array Technologies  ARRY.O 
2.2%
    ** Alt-energy cos up: Plug Power  PLUG.O  4.4%, FuelCell
 FCEL.O  3.1%, Bloom Energy  BE.N  3.3%, Clean Energy Fuels
 CLNE.O  4.8%, Fluence Energy  FLNC.O  4.2%
    ** Wind and energy producing giant NextEra Energy  NEE.N  up
1.0% before the bell, Constellation Energy Corp's  CEG.O  stock
up 5.7%
    ** JP Morgan raises estimates and PTs on alt-energy and
services sector saying although stocks have risen since initial
news of the bill, it sees further upside for most cos in its
coverage universe
    ** JPM raises PT on Generac  GNRC.N  to $421 (from $415),
saying co should benefit from increasing solar and storage
penetration, and increasing attention to backup power due to
more frequent weather disruptions and less stable grid
    ** Invesco Solar ETF  TAN.P  up 2.7% premarket, while
iShares Global Clean Energy ETF  ICLN.O  up 2.2%. Since end-Jun,
TAN and ICLN have advanced ~19% and ~18%, respectively
    ** The WilderHIll Clean Energy Index  .ECO  has surged ~28%
this quarter

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))