Renewable Player NextEra Overtakes ExxonMobil In Market Value

Renewable Player NextEra Overtakes ExxonMobil In Market Value

An anonymous reader quotes a report from TechXplore: After decades of embracing fossil fuels, Wall Street appears to be shifting its allegiance to renewable energy, a sharp turn apparent in the contrasting fortunes of NextEra Energy and Exxon Mobil. Florida-based NextEra is the biggest producer of wind energy in North America and among the biggest solar producers in the United States. It has overtaken the global oil giant as the most valuable US energy company by market value. NextEra’s market capitalization has surged to $145 billion compared with ExxonMobil’s $142 billion, another emblem of the Texas giant’s diminished status after it was bumped this year from the prestigious Dow Jones index after more than 90 years. In 2019, NextEra reported $3.8 billion in profits on $19 billion in revenues. During the same period, ExxonMobil garnered $14.3 billion in profits on revenues of $265 billion.

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