Tumbling oil prices have long been seen as kryptonite for clean energy companies — and share prices of some of the world’s best known renewable power groups have slumped in the wake of the latest slide in crude.
Shares in Denmark’s Vestas, the world’s largest wind turbine supplier, dived after the oil producers’ cartel Opec decided not to cut production in late November and prices are still down 11 per cent, noticeably below the broader market.
The Chinese solar panel giant, Yingli Green Energy, and Tesla Motors, the US electric carmaker, have suffered even sharper share price falls. Crude’s surprise rise of $3 a barrel to $63.40 on Wednesday did little to halt the decline.
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