Shares of several solar companies, including Sunrun Inc (NASDAQ: RUN), First Solar Inc (NASDAQ: NASDAQ:FSLR) and Array Technologies Inc (NASDAQ: ARRY), are trading higher Thursday after Senator Joe Manchin reversed his opposition to a bill that includes provisions to address climate change.
What Happened: Manchin announced late Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022."
The bill will address record inflation by paying down national debt, lowering energy costs and lowering healthcare costs.
"The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible," Manchin said.
"It is truly all of the above, which means this bill does not arbitrarily shut off our abundant fossil fuels. It invests heavily in technologies to help us reduce our domestic methane and carbon emissions and also helps decarbonize around the world as we displace dirtier products," Manchin added.
Republicans support an "all of the above" energy strategy that focuses on developing alternative energy sources like wind and solar.
Sunnova Results: Solar stocks may also be trading higher following Sunnova Energy International Inc's (NYSE: NOVA) strong top-line financial results.
- Revenue: $147 million beat estimate of $87.4 million
- EPS: Loss of 32 cents missed estimate for loss of 20 cents
RUN, FSLR, ARRY Price Action: At press time, Sunrun was up 20.9% at $28.74, First Solar was up 15.3% at $88.50 and Array was up 15.5% at $15.05, according to data from Benzinga Pro.
Photo: PublicDomainPictures from Pixabay.
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