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Investing.com-- Solar and alternative energy stocks sank on Tuesday after U.S. President Donald Trump signed an executive order aimed at ending most government support for the sector.
First Solar (NASDAQ:FSLR), Next (LON:NXT) Era Energy, and Enphase Energy (NASDAQ:ENPH) sank between 3% and 7%, and were also among the worst performers on the S&P 500 for the day. The three steadied in aftermarket trade.
Others, including Sunrun Inc (NASDAQ:RUN), Clearway Energy Inc (NYSE:CWENa), and Nextracker Inc (NASDAQ:NXT), fell between 3% and 12%.
Trump signed an order titled “Ending Market Distorting Subsidies for Unreliable, Foreign Controlled Energy Sources,” which will aim to end government subsidies for clean energy, and will also build on the withdrawal of green energy tax credits under the recently passed “Big Beautiful Bill” act.
The order claimed that renewable energy was displacing more reliable domestic energy sources, and was making the U.S. overly dependent on “supply chains controlled by foreign adversaries.”
The order will be executed over the next 45 days. The president has long criticized the push for green energy, and had earlier signed orders aimed at boosting U.S. oil and gas production.