Solar, Wind Power Company Tops Exxon in Value

The CBS News headline shouts out the good news:

Wind and solar producer tops Exxon as most valuable U.S. energy company

The Sandwich Climate Action Coalition continues to watch a trend away from fossil fuels to renewables; so this is really big news because the smart money is starting to go to major corporations with renewable foci.

Here is more from the CBS News story:

It’s a milestone for renewable energy in the U.S.: A solar and wind power provider on Friday briefly topped ExxonMobil as America’s most valuable energy company.

NextEra Energy, based in Juno Beach, Florida, temporarily eclipsed Exxon when its value hit $138.3 billion, edging out the fossil-fuel giant. Although the two have since swapped places, with Exxon worth about $2 billion more as of the close of trading on Monday, NextEra’s enormous growth underlines the shift toward clean energy amid growing planetary destruction as a result of climate change. The two companies closed neck-and-neck yesterday, both at $142.7 billion. NextEra remains more valuable than Chevron, America’s No. 2 oil and gas producer.

Robert Rapier at Forbes writes:

If you had invested in Florida-based utility NextEra Energy NEE +0.9% a decade ago, your total return through this week, including dividends, would have been 600%. That is a phenomenal return for an energy company.

In contrast, if you had invested in ExxonMobil XOM +1.1% a decade ago, you have seen the share value decline by half. Add in the dividends, and the total 10-year return of ExxonMobil is -25%.

 

This entry was posted in Climate News and tagged , , , , , . Bookmark the permalink.