At-a-Glance:
NextEra Energy Inc., the world’s biggest provider of wind and solar energy, is now more valuable than oil giant Exxon Mobil Corp., once the largest public company on Earth. NextEra ended Wednesday, October 7, with a market value of $145 billion, topping Exxon’s $142 billion. The oil major’s U.S. rival, Chevron Corp., also surpassed it in value for the first time. To learn more, read “NextEra Now More Valuable Than Exxon as Clean Power Eclipses Oil.” (Reading this article requires a subscription.)
Key Takeaways:
- NextEra has emerged as the world’s most valuable utility, largely by betting big on renewables, especially wind.
- NextEra had about 18 gigawatts of wind and solar farms at the end of last year, enough to power 13.5 million homes. And it’s expanding significantly, with contracts to add another 12 gigawatts of renewables. Its shares have surged more than 20% this year.
- At the same time, Exxon’s shares have tumbled more than 50% as the pandemic quashed global demand for fuels. The company’s second-quarter loss was its worst of the modern era and, in August, Exxon was ejected from the Dow Jones Industrial Average.
- The company was worth $525 billion in 2007, more than three times its current value.
Path to 100% Perspective:
The global economic shift away from fossil fuels continues to become more evident as more public commitments are being announced and financial milestones such as this one are making history. However, continued efforts to reach renewable energy goals are still being monitored worldwide as organizations and governments are piecing together innovative solutions and strategic partnerships designed to pave a path to a renewable energy future.
Photo: Gustavo Quepón on Unsplash