Massive Power Demand Boosting Solar in US, Nextracker CEO Says [BNN Bloomberg (Canada)]
Nextracker Inc. (NXT)
Company Research
Source: BNN Bloomberg
Chief Executive Officer Dan Shugar. Utilities are desperate to line up new supplies to meet the needs of power-hungry data centers, plug-in cars and electric heating and cooling systems, said Shugar in an interview at Bloomberg's bureau in San Francisco. At the same time, legacy fossil fuel and nuclear power plants are retiring and solar is one of the cheapest and fastest options available -- so there will be a lot more built, he said. After more than a decade of relatively unchanged annual electricity demand, utilities now are expecting the biggest rise in electricity use in a generation. Consumption at US data centers alone is poised to triple from 2022 levels to as much as 390 terawatt hours by the end of the decade, according to Boston Consulting Group. That's equal to about 7.5% of the nation's projected electricity demand. “Utilities need to keep the lights on and they need power,” said Shugar, whose company provides sun-tracking equipment and software that serve as the skel
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NXT
News
- JM Steel announces expansion in Pittsburgh area as demand for solar energy increases [CBS News]CBS News
- Nextracker Inc. (NASDAQ: NXT) was downgraded by analysts at Northland Securities from an "outperform" rating to a "market perform" rating. They now have a $44.00 price target on the stock, down previously from $60.00.MarketBeat
- 3 Solar Stocks to Watch Amid Bleak Residential Installation View [Yahoo! Finance]Yahoo! Finance
- Nextracker and JENNMAR Subsidiary JM Steel Bolster U.S. Supply Chain with New Facility Expansion to Triple Capacity for Solar Energy Projects [Yahoo! Finance]Yahoo! Finance
- Nextracker and JENNMAR Subsidiary JM Steel Bolster U.S. Supply Chain with New Facility Expansion to Triple Capacity for Solar Energy ProjectsBusiness Wire
NXT
Earnings
- 1/31/24 - Beat
NXT
Sec Filings
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- NXT's page on the SEC website