JinkoSolar Leads Decline in Solar Names; Large-scale solar power in the United States is on the decline (NYSE: JKS)

0

bombermoon/iStock via Getty Images

Volatile solar stocks fell sharply after sizzling this week as investors bet the sector would prove a long-term winner as governments rocked by Russia’s invasion of Ukraine increasingly focus on alternatives to fossil fuels.

Solar Jinko (JKS -16.7%) leads the losers in the group, giving up all of its gains from the previous three sessions, but several others are seeing significant declines, including AZRE -10.2%DQ -8.6%CSIQ -5.3%MAXN -5%FSLR -3.5%SEDG -3.2%CLASSES -1.8%; ETF: TAN -2.4%.

Solar deployment in the United States hit an all-time high in 2021, but utility-wide additions will likely decline this yearas commodity price volatility and supply chain uncertainty drive project delays and cancellations, according to a new report from the Solar Energy Industries Association and Wood Mackenzie.

Although the Utilities segment saw 17 GWdc of new installed capacity, the report predicts utility-wide additions will fall 14% this year as developers reportedly roll back at least 8% of planned capacity to utility scale to 2023 or later and canceled at least 5%.

First Solar recently warned that supply chain issues and rising costs will hurt profits this year.

Share.

Comments are closed.