The U.S. commitment to free…
President Biden asked Congress on…
Russia’s brutal invasion of Ukraine on Thursday not only pushed oil prices over $100 in the afternoon, but also led to a spike in renewable energy stocks, bolstered by skyrocketing fears of a war-provoked energy shortage.
On Thursday, NextEra Energy, the largest producer of solar and wind power in the world, saw its stock gain 4.3% by the close of the market, while others saw even bigger gains.
Sunrun stock (NASDAQ:RUN) gained nearly 22%, and Enphase (NASDAQ:ENPH) was up over 16%.
Brookfield Renewable Partners (NYSE:BEP) gained 2.84% and First Solar (NASDAQ:FSLR) gained 6.38%
In Europe, Orsted, Vestas Wind Systems and EDP Renovaveis all suring over 10% Thursday, Reuters reports, amid soaring gas prices that only further hit home the renewables point.
NATO allies are expected to hold a summit on Friday to determine next steps as Russian forces descend on Ukraine, according to U.S. President Joe Biden, who has now authorized a U.S. troop deployment to Germany.
The U.S. has committed to not sending troops to Ukraine, which is not a member of NATO, to fight against Russia. However, Biden has insisted that the U.S. military would defend its NATO allies in the event that Putin attempts to widen his invasion beyond the borders of Ukraine.
The troop deployment authorization comes on the heels of new sanctions against Russia targeting oligarchs, big banks and technology exports, but falls short of severing Russian ties to the SWIFT global financial messaging system, which links international financial institutions around the world.
Biden’s sanctions follow similar sanctions earlier in the day from the UK.
Severing Russian ties to SWIFT would be a severe move that is likely now being left as a last resort due to the global impact such a move would have. This option is still on the table, though Washington has indicated that the European Union is against the move.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.