Why Plug Power and Other Alternative Energy Stocks Exploded Today
Investors in alternative energy stocks including Plug Power (NASDAQ: PLUG), Bloom Energy (NYSE: BE), and Clean Energy Fuels (NASDAQ: CLNE) had reason to celebrate this morning. That showed when the stocks popped between 12% and 25% after the market opened. As of 11:15 a.m. ET, Plug Power shares were 23.9% higher, Bloom Energy was up 18.8%, and Clean Energy Fuels shares were holding on to a 6.5% gain.
The reaction came from surprising news that U.S. Senate Democrats have come to an agreement on a new version for a reconciliation package that would include investing hundreds of billions to help promote clean energy plans and climate change initiatives.
Senate Majority Leader Chuck Schumer and key Democratic Senator Joe Manchin agreed on a package that would invest $369 billion as the single biggest climate investment in U.S. history. It intends to reduce carbon emissions about 40% by 2030. Hydrogen energy stocks like Plug Power and Bloom Energy stand to benefit, as does renewable natural gas company Clean Energy Fuels.
Source Fool.com
