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The Great Energy Transition That Wasn’t

One of life’s great mysteries: How does the U.S. government manage to divert $400 billion of taxpayer money to green energy subsidies, and somehow the solar and wind companies still manage to lose money?

The answer: the same way the government pays people $7,500 to buy an electric vehicle and car buyers still won’t take them. (See Item 2 below.)

This latest analysis from the Wall Street Journal highlights the financial problems with renewable energy – the supposed power sources of the future:

Clean-energy stocks have fallen out of favor…

The iShares Global Clean Energy ETF closed Wednesday at the lowest level since July 2020. The exchange-traded fund invests in renewable-energy companies and utilities in line with a benchmark compiled by S&P Dow Jones Indices, including First Solar and Plug Power. It has plunged 33% this year.

Some stocks have fallen even harder. U.S.-listed Enphase Energy has shed 64% in 2023, while competitor SolarEdge Technologies has sunk 71%. Excluding stocks that have been ejected from the S&P 500, SolarEdge ranks as the index’s worst performer this year.

We’ve said it many times before that there is no “global energy transition” going on; if there is one, it’s away from green energy, not toward it.

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