ERTH - Renewables on the rise after EU reaches deal on green energy target

2023-03-30 11:36:59 ET

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 .

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