“Drill baby drill”: stock market plunge of renewable energy companies

The main companies specializing in the field of renewable energy (wind, solar, etc.) experienced a troubled start to the day on the stock market on Tuesday, the day after the swearing-in speech of new President Donald Trump.

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The latter took the opportunity, Monday in Washington, to announce the end of subsidies for green energy and the adoption of a series of measures aimed at intensifying the exploitation of oil resources in the United States.

“Drill, baby, drill,” exclaimed the 47 once again^e President of the United States, as a reminder of his firm intention to make the exploitation of black gold, and fossil fuels in general, the springboard by which the country can regain its former economic prosperity.

Innergex, Boralex and co.

It was enough for the main players in renewable energy, both in Toronto and New York, to see the value of their shares plummet as soon as the markets opened this morning.

This is the case, for example, of the Quebec companies Innergex and Boralex. The first, from Longueuil, saw its stock drop by more than 4% shortly after 12:30 p.m.

At the same time, Boralex shares stood at $26.41, down 2.58% compared to their closing price the day before.

For its part, Toronto-based Northland Power fell 3.27%, to settle at $18.61 per share, shortly after 12:30 p.m. Yesterday, the Canadian company’s shares closed at $19.23. .

Also on Wall Street

Incorporated in Guelph, Ontario, Canadian Solar did little better on the New York Stock Exchange. Listed on Nasdaq, the company operated entirely from China, saw its stock fall by 1.58%, to $10.88.

Also listed on Nasdaq, the Norwegian Equinor was also unable to avoid the shock suffered by the rest of the industry. At the time of writing, its stock was trading at US$24.64, down 1.14%.