NextEra Energy Inc. NEE,
said on Tuesday he was “disappointed” with the U.S. Commerce Department’s decision to review possible tariffs on solar panel imports from certain Asian countries. The clean energy company’s stock fell 0.5% in afternoon trading, reversing an earlier gain of up to 0.7%. The decision follows a petition filed recently by Auxin Solar, which NextEra describes as a “small solar panel assembler with 60 employees” based in California. As Susquehanna analyst Biju Perincheril explained, the Commerce Department was investigating whether Chinese manufacturers of crystalline silicon photovoltaic (CSPV) cells were evading tariffs by sending components to other countries in Asia for that they are assembled before they are sent to the United States. “We are disappointed with the Commerce Department’s decision to grant Auxin’s request for an investigation, as we believe it is without merit,” NextEra chief executive John Ketchum said. “However, we are optimistic that the investigation will be resolved favorably and that no additional anti-dumping and countervailing duties will be applied.” Separately, NextEra confirmed its 2022 adjusted earnings per share guidance of $2.75 to $2.85. NextEra stock, which gained 0.6% on Monday to hit a 2.5-month high after the Commerce Department decision, is down 10.0% year-to-date, while the S&P 500 SPX ,
fell 3.1%.