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(Bloomberg) — Shares of renewable energy companies tumbled while coal miners surged as the Senate debates the latest version of a spending package that would phase out key tax incentives for wind and solar while aiding fossil fuels.
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NextEra Energy Inc., the Florida-based utility owner that’s the biggest US developer of wind and solar projects, slumped 4.8% before the start of regular trading in New York. Enphase Energy Inc., a solar-component supplier, slipped 2.8%, while the US coal giant Peabody Energy Corp. gained 2.3%.
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Senate lawmakers are debating a package that would sharply limit the number of solar and wind farms that qualify for incentives, partly by requiring projects to go into service by the end of 2027. The legislation also would add a new tax on wind and solar projects that don’t meet strict restrictions against the use of Chinese materials.
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The plan would be the biggest blow yet from a Trump administration fixed on boosting fossil fuels and slowing, if not thwarting, intermittent renewable power. The proposed tax would threaten solar’s status as the cheapest electric source in many markets — and risk a Trump objective of reining in rising residential utility bills.
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“Should the current version of the Senate’s language be voted into law, the likely result would be a dramatic pull-in of build activity” for wind and solar, followed by a sharp decline beginning in 2028, analysts at Guggenheim Securities led by Joe Osha, wrote in a research note Monday.
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