In a sign of shifting fortunes in the energy business, green-oriented power company NextEra Energy on Friday sparred with petroleum giant Exxon Mobil for market capitalization supremacy.
NextEra, which owns two Florida electricity utilities and bills itself as the “world’s largest generator of renewable energy from the wind and sun,” finished Friday’s session with a market capitalization of $137.7 billion.
NextEra actually overtook ExxonMobil during the session, but finished at a level just under the oil giant’s market value of $139.4 billion. Chevron closed the day with a value of $132.9 billion.
Shares of NextEra have risen about 18 percent this year as policies to promote green energy and address climate change gain momentum and raise doubts about the longevity of petroleum.