BY SIMON AUGUST
Chinese solar and battery makers’ shares jumped Thursday on investor bets that Democrats’ new hold on Congress could mean more federal help for green energy.
Democrats won both chambers of Congress in Tuesday’s midterm elections. Shares of inverter maker Sungrow Power climbed 7.45 percent, Reuters reported.
The Democratic wins could open the door to reviving renewable tax credits, according to the outlet.
“The U.S. is a large and highly profitable market for solar and energy storage, while Chinese suppliers dominate both sectors. Any reduction in trade barriers could create meaningful upside,” Morningstar analyst Cheng Wang said, according to Reuters.
Wang said that the gains had more to do with sentiment than with any concrete proposals, according to Reuters. (RELATED: Democrats Offer First Glimpse Of What’s In Store For Trump Administration)
Daqo New Energy, a polysilicon producer whose U.S. shipments have been restricted over forced labor claims, rose 9.87 percent, the outlet reported.
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Section 301 tariffs on Chinese solar cells jumped to 50 percent under a Biden administration review in 2024, and those on lithium-ion batteries from China for uses other than electric vehicles climbed to 25 percent in January, a federal notice shows.
