Electric Grid

by Ishaan Goel Energy is crucial to India’s policy agenda. Millions of households are yet to gain reliable access to electricity, hampering their potential for economic growth. Severe pollution issues create widespread health problems. Renewables are prioritized as viable solutions across the political spectrum, with their low costs and ease of installation in remote regions. The current administration has ambitious plans for renewable energy (RE), targeting an almost 4x increase in installed capacity to 450 GW by 2030 and introducing a spate of tax and investment reforms. At the heart of the Indian power supply chain lie distribution companies (discoms). The...

A review of Crystal Equity Research’s novel alternative energy indices found a number of companies that have delivered exceptional price appreciation over the last year.  Several were reviewed in the recent post “Alternative Returns” on May 8th.  Expectations for growth appeared to be driving the price movement, so the last post “Quest for Growth” featured four companies from the indices for which analysts have posted high growth predictions.  Not unexpectedly some investors have already bid higher the stocks of those promising companies. In this post we go back to the lists to find the companies with both high growth predictions and low price-earnings...

by Tom Konrad, Ph.D., CFA Last week, I wrote that I'd taken a short position in Enphase Energy Inc. (ENPH). I have now closed out that position and don't intend to go short again. My decision to go short was based on four factors: I'm worried about risk in the overall market, and so am considering opportunistic short positions as a hedge. Prescience Point Capital Management released a report accusing Enphase of earnings manipulation. The report seemed well-researched from a purely accounting point of view. My favored indicator for avoiding companies which might be engaging in earnings manipulation, Beneish M-Score was...

Investors interested in renewable energy often get singularly focused on innovators new energy sources at the expense of companies that provide the nuts and bolts of the energy infrastructure.  Advanced Energy Industries (AEIS:  Nasdaq) is a stalwart of the electric power network, providing power conversion and control components that convert energy to the proper current for use by consumers and business.  The company has a broad product line that has applications with a diverse customer base, including semiconductor manufacturers and chemical processing plants. The 2017 acquisition of Excelsys Holdings Ltd. based in Ireland added products targeted at medical and industrial applications. As popular as Advanced...

Impressed by the number of stocks in the Crystal Equity Research alternative energy indices that have delivered exceptional price appreciation, the last few posts have been on a quest to find fundamental characteristics that could give an advance signal of a future star.  The post “Alternative Returns” on May 8th introduced the series identified future growth as a precursor of strong stock performance.  The next post “Quest for Growth” on May 11th looked at stocks with above average growth predictions.  Then the post “Alternative Bargains” looked at stocks in the alternative energy indices that are trading at below average price-earnings multiples. There is a...

by Daryl Roberts In a previous article I investigated the question of whether private sector capital was being stimulated sufficiently enough to build out renewable infrastructure on pace to reach climate goals.  I found that on the upper end, giant institutional funds were only mobilizing a tiny fraction of their total Assets Under Management, due to regulatory constraints and uncompetitive yields.  On the lower end, smaller scale funding seemed to be growing, with facilitation from intermediaries, fintech aggregation services, and increased access at lower levels to complicated derisking strategies. But I now find reporting that capital is over-mobilized, that solar may...