NextEra ‘disappointed’ as Biden administration looks into tariffs on solar panel imports from Asia

NextEra Energy Inc. said Tuesday that it was “disappointed” in the U.S. Department of Commerce’s decision to look into possible tariffs on solar panel imports from certain countries in Asia. The clean energy company’s stock fell 0.5% in afternoon trading, reversing an earlier gain of as much as 0.7%. The decision followed a petition filed recently by Auxin Solar, which NextEra described as a “small 60-employee solar panel assembler” based on California. As Susquehanna analyst Biju Perincheril explained, the Commerce Department was investigating whether China-based makers of crystalline silicon photovoltaic (CSPV) cells were evading tariffs by sending components to other countries in Asia to be assembled before they were sent to the U.S. “We are disappointed with the Commerce Department’s decision to grant Auxin’s request to investigate as we believe it has no merit,” said NextEra Chief Executive John Ketchum “However, we are optimistic that the investigation will be resolved favorably and that no additional Antidumping and Countervailing Duties tariffs will be put in place.” Separately, NextEra affirmed its 2022 adjusted earnings per share guidance of $2.75 to $2.85. NextEra’s stock, which had gained 0.6% on Monday to 2 1/2-month high after the Commerce Department’s decision, has lost 10.0% year to date, while the S&P 500 has slipped 3.1%.

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