European and U.S. green energy stocks have surged as Russia’s invasion of Ukraine increases pressure on governments to build more wind and solar power to reduce dependence on imported fossil fuels.
The world’s biggest wind turbine-maker Vestas Wind Systems A/S and competitor Siemens Gamesa Renewable Energy SA gained more than 15% on Monday, while Nordex SE rose as much as 21%. Denmark’s Orsted A/S, the world’s biggest developer of offshore wind farms, gained as much as 11%.
Shares of U.S. renewable energy companies also soared in New York. Sunrun Inc., the top U.S. residential solar company, surged as much as 13%. Enphase Energy Inc. and SolarEdge Technologies Inc., which supply inverters that are needed to install solar systems, both rose more than 9%, making them the two best performers on the S&P 500 Index. TPI Composites Inc., which produces blades for wind turbines, gained as much as 26%.