Climate Changed
A Clean Energy Producer Complains About Climate Change Laws
- Bloom Energy says California, New York laws confuse customers
- Stock plunges to record low on outlook for flat 2020 revenue
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It’s not every day that a clean energy company complains about climate change laws. And yet, that’s exactly what fuel cell maker Bloom Energy Corp. is doing as its shares plummet to all-time lows.
Bloom executives, during a second-quarter earnings call late Monday, forecast flat revenue in 2020 and cast at least part of the blame on clean energy laws in California and New York, two of the company’s stronger markets. The laws -- committing the states to 100% carbon-free electricity by 2045 and 2040, respectively -- have confused Bloom customers and caused them to delay orders, said Chief Executive Officer K.R. Sridhar.