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Renewable player overtakes ExxonMobil in market value

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Florida-based NextEra, a big player in wind and solar energy, has overtaken the global oil giant as the most valuable US energy company by market value.

NEW YORK: 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.

"I've seen fads in alternative energy come and go over the last decade, and I'm sure that people would debate the multiple investors are paying for the earnings generated," he said in an interview.Founded in 1925 in Florida where it continues to supply power to five million households, NextEra has invested in solar and wind energy since the 1990s.

Equally important, investors have become much more focused on climate change and increasingly sympathetic to companies that embrace the idea that renewables will become a bigger part of the energy equation.

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