NextEra tops ExxonMobil market capitalization as clean energy transition continues

first_imgNextEra tops ExxonMobil market capitalization as clean energy transition continues FacebookTwitterLinkedInEmailPrint分享Renew Economy:In yet another sign of the pace of the global energy transition – and the massive switch taking place in the investment community – the market value of [a] company that describes itself as the world’s biggest producer of wind and solar power, US utility NextEra, has overtaken that of what used to be the world’s most valuable company, oil major ExxonMobil.The flip occurred last week, when NextEra overtook ExxonMobil to become the largest energy company in the US by market value. As Forbes reported, an investment in NextEra a decade ago would have delivered to return of 600 per cent, while an investment in ExxonMobil would have returned minus 25 per cent.The shift is as significant as the one the world has seen in the auto industry, with electric vehicle maker Tesla overtaking the biggest car companies in the world in the last year, to the point where it is now valued at more than the next five biggest global car makers combined, despite producing just a fraction of the number of cars.“Epochal,” noted energy commentator Assaad Razzouk. “World’s largest solar and wind power generator has just surpassed ExxonMobil – a byword for Big Oil that was once the world’s biggest public company – in stock market value.”The Financial Times also took a look at the situation. It noted that NextEra reported net profit of $US1.7 billion in the first half of this year and that its wholesale customers had signed up for 14.4 gigawatts worth of renewable capacity, almost triple the amount of two years ago. Over the same period, ExxonMobil reported a loss of $US1.7 billion and found itself kicked off the Dow Jones Industrial Average, the blue-chip stock barometer which attracts institutional investors.[Giles Parkinson]More: World’s biggest wind and solar producer now worth more than ExxonMobillast_img read more

Penn State : Key witness, assistant PSU coach put on administrative leave

first_img Comments STATE COLLEGE, Pa. — Penn State wide receivers coach Mike McQueary has been placed on administrative leave, university President Rod Erickson announced Friday.The move was announced a day after Penn State said McQueary would not be on the sidelines when the No. 12 Nittany Lions (8-1) play 19th-ranked Nebraska at noon Saturday because he has received multiple threats.McQueary testified in a grand jury investigation that led to sexual abuse charges against former PSU defensive coordinator Jerry Sandusky. Football coach Joe Paterno was then fired by the Board of Trustees on Wednesday night along with President Graham Spanier.The grand jury report says that administrators didn’t contact authorities after a graduate assistant, revealed to be McQueary, said he saw Sandusky sexually assaulting a young boy in the team’s football facility shower in 2002. Authorities have said that Sandusky met many of his alleged victims through The Second Mile, a charity he founded more than 30 years ago for at-risk children.Sandusky was arrested and charged last Saturday. His lawyer has said that Sandusky maintains his innocence.AdvertisementThis is placeholder text‘Due to multiple threats made against Assistant Coach Mike McQueary, the University has decided it would be in the best interest of all for Assistant Coach McQueary not to be in attendance at Saturday’s Nebraska game,’ read a statement from Penn State Athletics released Thursday night. Athletic Director Tim Curley and former vice president Gary Schultz have both been charged with perjury after failing to report an incident of abuse in 2002. Curley is on administrative leave, while Schultz resigned earlier this week.‘It became clear that coach McQueary could not function in this role under these circumstances,’ Erickson said Friday, according to the Associated Press. McQueary was advised of the situation Friday afternoon, Erickson said.On whether McQueary would be fired, Erickson replied, ‘there are complexities to that issue that I am not prepared to go into at this point.’McQueary is a Penn State graduate and State College, Pa., native. He played for Paterno and was the starting quarterback of the 1997 team that finished 9-3. McQueary went on to join the staff as a graduate assistant in 2000 — the year following Sandusky’s retirement — and became the receivers coach and recruiting coordinator in 2004.Graduate assistant coach Terrell Golden is expected to assume McQueary’s duties Saturday against Nebraska.jdharr04@syr.edu Published on November 11, 2011 at 12:00 pm Contact Jon: jdharr04@syr.educenter_img Facebook Twitter Google+last_img read more