The US is experiencing a tough season in its energy industry while bracing itself to transition to renewables. In the past, the US was a major in fossil fuel energy, with various companies rocking the energy market on its behalf. One of the companies that facilitated the US dominance in the energy industry is Exxon, which evolved from its previous name, Standard Oil. This company is currently slowly being overtaken by NextEra Energy (NEE), which has become the hub of green energy. This company recorded a rise in its sales, which surpassed the dropping demand for Exxon.
NEE has been growing its market share to surpass the 58% and 39% losses by the other major oil companies. NEE recorded a rise up to 23.5%, especially after the coronavirus pandemic setting into the equation. Exxon and Chevron have witnessed a drop in sales in the pandemic period because they offer products that increase carbon emissions in the energy sector. With the US increasingly adopting the Sustainable Development Goals, the drop in sales of the fossil fuels is explainable since companies are aligning themselves to support zero-emissions from the energy products they are using in their manufacturing processes.
NEE was preparing itself to take over the energy market and seems to have succeeded. This company is currently the biggest supplier of wind and solar energy, producing up to 45900 megawatts. The company boasts of supplying electricity to over four million households in Florida and production factories in this region.
NEE intends to further venture other renewables like solar and hydrogen to maximize its profit and command the largest market share in America. At the moment, the company is offering installation services at affordable prices to its customers, especially for solar panels. Solar stocks have suddenly risen in the pandemic period because the Americans have realized the essence of clean energy and sustaining air quality.
The energy experts argue that a Democratic win in the upcoming presidential elections will catapult the quick transition to clean renewable energy. Biden, the Democratic presidential candidate, announced that $1.7 trillion must go into the renewable energy programs to facilitate the uptake and shift to clean energy. He added that the tax grants given to fossil fuel companies should have gone to the renewable energy companies if the Trump administration intended to realize the transition to renewables.
In conclusion, although the Trump administration seems to lean on fossil fuel production of electricity, NextEra Energy is still the largest producer of wind and solar energy in the country, making the US a pioneer in this sector. Exxon and Chevron have since been investing in renewables, although their attention lies more on fossil fuel energy.