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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 Concedes a Battle in His War Against Wind Energy

The administration filed to dismiss an appeal of a December ruling that overturned its wind permitting freeze.

Trump Concedes a Battle in His War Against Wind Energy
Illustration by Simon Abranowicz

Trump’s Department of Justice is giving up on defending the president’s wind permitting moratorium.

The DOJ filed a motion on Wednesday to dismiss its appeal of a federal court’s December decision vacating the order to halt wind energy approvals. The plaintiffs in the case — New York and 16 other states, as well as the Alliance for Clean Energy New York, a trade group — did not oppose the motion. The case will not be officially dismissed, however, until the First Circuit Court of Appeals approves the request, which typically happens quickly when both parties support the dismissal.

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Red
Sparks

Burgum Doubles Down on Renewables Permitting Freeze

The Secretary of the Interior said he “absolutely” planned to appeal a ruling that lifted blocks on wind and solar approvals.

Doug Burgum.
Heatmap Illustration/Getty Images

The Trump administration is not backing down from its discriminatory policies for approving wind and solar projects. Interior Secretary Doug Burgum testified to Congress on Wednesday that his agency would appeal a recent district court ruling blocking it from enforcing these policies.

“We reject the whole premise,” Burgum said during a House Natural Resources Committee hearing.

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Blue
Sparks

New Jersey Admits Defeat on Offshore Wind (at Least for Now)

The state has terminated an agreement to develop substations and other necessary grid infrastructure to serve the now-canceled developments.

Mike Sherrill and Donald Trump.
Heatmap Illustration/Getty Images, Library of Congress

Crucial transmission for future offshore wind energy in New Jersey is scrapped for now.

The New Jersey Board of Public Utilities on Wednesday canceled the agreement it reached with PJM Interconnection in 2021 to develop wires and substations necessary to send electricity generated by offshore wind across the state. The board terminated this agreement because much of New Jersey’s expected offshore wind capacity has either been canceled by developers or indefinitely stalled by President Donald Trump, including the now-scrapped TotalEnergies projects scrubbed in a settlement with his administration.

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Blue