NextEra Energy Overshadows Oil Giant Exxon Mobil

Posted on 10/15/2020


Fossil Fuel energy kingpin Exxon Mobil Corporation has been overshadowed by the Florida-based renewable energy company NextEra Energy, Inc. The solar and wind power company from Juno Beach hit a record valuation on October 7th at a stunning US$ 143.8 billion, surpassing ExxonMobil by US$ 900 million.

As countries fight against climate change and carbon dioxide emissions, this serves as a tipping point revealing clearer market solutions for the transition to renewable energies. NextEra serves among the largest in wind and solar energy in North America, while creating profit margins around 50%. Although they provide some energy through natural gas and nuclear power, their main assets are of renewable sources. Much like Tesla’s rise in market share among the automobile industry, NextEra Energy plans to do the same.

While this announcement serves as promising news, ExxonMobil still maintains a higher annual 2019 revenue than NextEra Energy: US$ 255.6 billion to US$ 19.2 billion. ExxonMobil’s market capitalization in 2020 has also shrunk dramatically due to decreased oil demand from the COVID-19 pandemic. All the while, the Trump administration continues to aid the fossil fuel giant by rolling back emission limits, boosting demand for the energy source.

Keywords: ExxonMobil.

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