NextEra Energy, the world’s largest solar and wind power generator, has surpassed ExxonMobil in market value, jumping from a $32 billion valuation in October 2010 to more than $145 billion on Wednesday.
Why it matters: The crash in Exxon shares reflects a similar crash in oil — in price and standing — over the past decade and investors' increasing bets on renewable energy.
- Once the world's most valuable company, ExxonMobil has lost more than half its value since the start of the year.
- Its market cap has dwindled from a peak of more than $500 billion in 2007.
But, but, but: NextEra isn't all wind, solar, sunshine and lollipops. The Florida-based utility and power producer relies on coal, oil and nuclear energy and describes itself as "one of the largest generators from natural gas in the U.S."
Of note: Exxon also was passed in market value by Chevron for the first time in the history of the companies. However, at $142 billion, Chevron is still worth less than NextEra.