From Seeking Alpha editors today, quote:
“Solar stocks (TAN -6.2%) are under notable pressure today, possibly due to disappointment over the U.S. stimulus bill which failed to contain any specific help for the renewable energy industry.
While solar companies can apply for loans just like any other business, the bill does not include the tax credit extensions and direct pay provisions sought by the industry. Solar names trade sharply lower: RUN -16.5%, SPWR -13.6%, JKS -13%, CSIQ -10%, ENPH -7.3%, VSLR -7.2%, SEDG -5.9%, FSLR -2.3%.
New reports from Morgan Stanley, Wood Mackenzie and Rystad Energy foresee sharp cutbacks for wind, solar and battery growth in the U.S. and beyond this year as cities impose lockdowns and economies stagnate. Rystad expects global growth of wind and solar will be wiped out this year as the dollar rises and other currencies fall amid the pandemic, driving up project costs. Morgan Stanley projects American residential solar volumes may plunge 48% Y/Y in Q2, followed by respective declines of 28% and 17% in Q3 and Q4. Wood Mackenzie trims its forecast for behind-the-meter batteries to be installed in the U.S. during 2020 by 31% to 436 MW from 632 MW previously, though the figure is still above the 272 MW installed last year.”