Germany, already an avid fan of solar energy, announced they would have all nuclear power plants shut down by the year 2022. This was in response to the horrific catastrophe in Japan just a couple months ago. The meltdown at the Fukushima Daiichi nuclear plant caused radiation to spread throughout much of the region and faint amounts around the world. It has been called one of the greatest man made disasters in history.
Germany, has always been on the leading edge of alternate energy and has now proclaimed an end to nuclear energy in their country. This announcement was very bullish for solar stocks. LDK Solar Co., Ltd (NYSE:LDK) surged close to 10% before pulling back and First Solar, Inc. (NASDAQ:FSLR) is currently trading at $123.76, +2.39 (+1.97%). In addition, Suntech Power Holdings Co., Ltd. (NYSE:STP) is up +0.44 (+5.47%) to $8.48 while Canadian Solar Inc. (NASDAQ:CSIQ) is trading at $9.69, +0.41 (+4.42%).
Solar stocks have been hammered of late because of lower margins and an end to subsidies in many countries. This was the first small bit of good news for the sector in months. Many solar stocks were near 52 week lows.