星期四, 24 7 月, 2025
Home PV Project Renewable Energy Rises

Renewable Energy Rises

Renewable Energy Stocks Gain on Senate Passage of Energy Bill and New Solar Supply Contracts


Renewable energy stocks rose Friday after the Senate passed a revised energy bill, and solar-power companies reported new contracts.
The bill — passed by a vote of 86 to eight — raised sixfold the amount of renewable fuels that must be used for blending of products like gasoline, to 36 billion gallons a year by 2022. The legislation boosted ethanol stocks Friday.


However, a mandate for utilities to derive 15 percent of electricity from renewables by 2020 was scrapped from the bill, representing a "marginal negative" for solar companies, according to Calyon Securities analyst Kelly Dougherty.


Dougherty said the "watered down" bill will not affect U.S. solar demand, since half the states and Washington, D.C., already have their own renewable portfolio standards.


"We believe final resolution of the Energy Bill, although weaker than we had hoped, will ultimately be positive for alternative energy stocks as it will show some evidence of federal level support — a good first step," Dougherty wrote.


Analysts expect initiatives that did not make it into the bill to be revisited by Congress in separate bills next year.


Pacific Ethanol Inc. led gains in ethanol stocks, rising 65 cents, or 10.8 percent, to $6.69 in midday trading. Aventine Renewable Energy Holdings Inc. rose $1.10, or 10.7 percent, to $11.39, while BioFuel Energy Corp. rose 46 cents, or 8.1 percent, to $6.12, and Verasun Energy Corp. rose $1, or 7.1 percent, to $15.


Among solar energy stocks, China Sunergy rose Friday after it said it would supply solar cells to German solar-system maker asola Automotive Solar System GmbH next year. The stock advanced $1.56, or 16.3 percent, to $11.11.


Elsewhere, Evergreen Solar Inc. climbed after it reported a 10-year polysilicon supply agreement with Silicium de Provence SAS on Thursday. Dougherty lifted Evergreen's rating to "Buy" from "Add" and increased his price target to $22 from $15.


Shares of Evergreen Solar rose $1.73, or 11.5 percent, to $16.84. Earlier, it traded at a 52-week high of $17.75.


Akeena Solar Inc. rose 93 cents, or 14.4 percent, to $7.40, and JA Solar Holdings Co. gained $7.72, or 12.3 percent, to $70.74.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Tesla is set to build its biggest energy storage facility in China

Tesla, China Kangfu International Leasing, and the Shanghai Municipal Government signed a cooperation agreement to build an energy storage power station, which will become...

Sungrow launches next-gen hybrid residential energy storage system

China renewable energy solutions company Sungrow Power has revealed its newest hybrid next generation residential energy storage system (ESS), with its the latest in...

Desay Battery Unveils Proactive-Safety-Focused Energy Storage Technologies

On July 23, Desay Battery, a leading global provider of comprehensive energy storage solutions, held its mass production launch event in Changsha, China. The...

India will add 8,500 MWh of storage within the next two years

India Central Electricity Authority Chairperson Ghanshyam Prasad said on Wednesday that 3,300 MW of Battery Energy Storage System (BESS) projects are in the pipeline...