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Sparks

How Energy Transition Stocks Fared During the Market Rout

There were a lot of tariff losers, but only one tariff winner.

A graph puncturing solar panels.
Heatmap Illustration/Getty Images

The U.S. stock market has taken its worst hit this week since March 2020, with the S&P 500 falling over 10% in just two days, while the tech-heavy Nasdaq is down 22% from its all-time high in December. The tremendous decline in stock values is a reflection of Donald Trump’s chaotic attempt at reordering the global economy, wrenching America’s average effective tariff rate to the highest level since 1909 — four years before the establishment of the federal income tax.

The clean energy economy has not been spared, although the effect has hardly been uniform. Some of the highest flying companies of 2024 and early this year — think Tesla or anyone selling power to a data center — have been some of the hardest hit, while some companies closer to the residential solar market have held their own.

Here’s a look at how some of these companies have performed over the past two days:

  • GE Vernova ⬇️ 18%
  • Sunrun ⬆️ 3%
  • Vistra ⬇️ 23%
  • NextEra ⬇️ 5%
  • Orsted ⬇️ 9%
  • EDP Renewables ⬇️ 5%
  • Brookfield Renewable Partners ⬇️ 9%
  • Enphase ⬇️ 8%
  • Constellation Energy ⬇️ 20%
  • Tesla ⬇️ 15%
  • First Solar ⬇️ 1%
  • Rivian ⬇️ 10%
  • Entergy ⬇️ 9%

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Sparks

Trump Says He’s Going to Slap a Huge Tariff on Copper

“I believe the tariff on copper — we’re going to make it 50%.”

Donald Trump.
Heatmap Illustration/Getty Images

President Trump announced Tuesday during a cabinet meeting that he plans to impose a hefty tax on U.S. copper imports.

“I believe the tariff on copper — we’re going to make it 50%,” he told reporters.

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Sparks

Trump Will ‘Deal’ with Wind and Solar Tax Credits in Megabill, GOP Congressman Says

“We had enough assurance that the president was going to deal with them.”

Donald Trump.
Heatmap Illustration/Getty Images

A member of the House Freedom Caucus said Wednesday that he voted to advance President Trump’s “big, beautiful bill” after receiving assurances that Trump would “deal” with the Inflation Reduction Act’s clean energy tax credits – raising the specter that Trump could try to go further than the megabill to stop usage of the credits.

Representative Ralph Norman, a Republican of North Carolina, said that while IRA tax credits were once a sticking point for him, after meeting with Trump “we had enough assurance that the president was going to deal with them in his own way,” he told Eric Garcia, the Washington bureau chief of The Independent. Norman specifically cited tax credits for wind and solar energy projects, which the Senate version would phase out more slowly than House Republicans had wanted.

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Sparks

Majority of North Carolina Voters Want to Keep the IRA, Poll Finds

The state’s senior senator, Thom Tillis, has been vocal about the need to maintain clean energy tax credits.

A North Carolina sign and solar panels.
Heatmap Illustration/Getty Images

The majority of voters in North Carolina want Congress to leave the Inflation Reduction Act well enough alone, a new poll from Data for Progress finds.

The survey, which asked North Carolina voters specifically about the clean energy and climate provisions in the bill, presented respondents with a choice between two statements: “The IRA should be repealed by Congress” and “The IRA should be kept in place by Congress.” (“Don’t know” was also an option.)

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