Why Sunnova Energy Stock Was Winning Big This Week
The solar energy industry has had its struggles over the years, but you wouldn't realize that from the performance of sector veteran Sunnova Energy International's (NYSE: NOVA) stock recently. Week to date as of Friday before market open, according to data compiled by S&P Global Market Intelligence, the company's stock was up by nearly 15% in price. A positive and encouraging analysis of the wider solar industry was an important reason why.
On Monday, the U.S. government's Energy Information Administration (EIA) published its latest monthly analysis of electricity generation in this country. The EIA wrote that electricity plant developers brought 20.2 gigawatts of capacity online in the first six months of this year, a figure that was a robust 21% higher than the same period of 2023.
The EIA expects this trend to snowball, as it forecast another 42.6 gigawatts will be added in the second half of 2024.
Source Fool.com
