Stock Market Week 11/26: High Energy Prices Drive the RENIXX - Ballard Up Double Digits - Nordex: Additional Orders - Ormat Extends PPA - Vestas Major Offshore Order - ERG Under Pressure
Münster (Germany) - The RENIXX rose significantly last week in light of persistently high oil and gas prices. Market activity continued to be strongly influenced by geopolitical developments in the Middle East. The first phase of shock paralysis appears to have been overcome, and investors are beginning to reposition themselves.
About the planned RENIXX ETF
The RENIXX is the world’s first and oldest global stock index for renewable energy. Since its launch in 2006, the RENIXX World has reflected boom phases, consolidation periods and technological upheavals in the sector.
Today, the RENIXX is listed in internationally leading financial information systems, including Bloomberg, Refinitiv/Reuters and the BlackRock Aladdin® platform. This underlines the growing institutional relevance of the index. The companies included in the RENIXX currently reach a free-float market capitalization of around 180 billion euros.
On the occasion of the 20th anniversary, the IWR is examining the launch of an exchange-traded fund (ETF) that would make the RENIXX transparent, regulated and investable. The possible implementation will take place in cooperation with an established white-label ETF provider.
Company News Week 11/26
Ballard Power secures major order for 500 fuel cell drives from bus manufacturer New Flyer
Ballard Power has concluded a commercial agreement with the North American bus manufacturer New Flyer, a subsidiary of the NFI Group, for 500 FCmove®-HD+ fuel cell drives. The total output of the modules amounts to 50 MW. According to Ballard, this is the largest single order from New Flyer since the beginning of the partnership. Deliveries are scheduled to begin in 2026 and will power New Flyer’s Xcelsior CHARGE FC TM hydrogen buses in North America. Ballard Power shares moved to the top of the RENIXX last week with a gain of 20.1 percent to 2.09 euros.
Wpd orders Nordex wind turbines with almost 280 MW for projects in Germany
Nordex also reported further orders last week. The project developer Wpd has ordered a total of 40 Nordex wind turbines with a capacity of almost 280 MW for several onshore wind projects in Germany. These include the Nordex N163/6.X and four turbines of the Nordex N175/6.X type. They are intended for projects in Mecklenburg-Western Pomerania, North Rhine-Westphalia, Hesse and Lower Saxony. Nordex has also secured the order to supply seven wind turbines of the N175/6.X type for the Heek-Strönfeld community wind farm in North Rhine-Westphalia with a capacity of 49 MW. Nordex shares rose by 5.6 percent to 43.04 euros last week.
Ormat extends power purchase agreements for geothermal power plant in California
Ormat has extended its power purchase agreements for the Casa Diablo IV (CD4) geothermal power plant in the US state of California and adjusted them with significantly improved conditions. The term of the agreements originally concluded in 2022 will be extended by five years until 2037. At the same time, the agreed electricity price will increase by around 27 percent compared to the previous conditions, according to the company. Ormat shares gained 2.9 percent to 96.36 euros.
Vestas: another major RWE order for the Vanguard East offshore wind farm in Great Britain
After Vestas received a major order in February for the Vanguard West offshore wind farm project with a capacity of 1,380 MW in the United Kingdom, the Danish wind turbine manufacturer has now reported another 1,380 MW order for the Vanguard East offshore wind farm. The client is again RWE. The order includes the delivery, provision and commissioning of 92 Vestas V236-15.0 MW wind turbines. Vestas shares ended trading with a gain of 1.7 percent at 21.40 euros.
ERG increases revenue and EBITDA in 2025 - 1 euro dividend and focus on repowering and storage
Revenue and EBITDA of the Italian renewable energy group ERG S.p.A. increased in 2025, while net profit declined. In fiscal year 2025, ERG achieved adjusted revenue of 752 million euros, compared to 738 million euros in the previous year 2024. Adjusted EBITDA rose to 540 million euros after 535 million euros in the previous year. Adjusted net profit, however, fell by 11 percent from 175 million to 155 million euros, among other things due to higher depreciation and financing costs. With a loss of 11.1 percent to 21.60 euros, the stock ranked last in the RENIXX last week.
Technical situation: RENIXX makes another attempt at the 1,300-point mark
From the end of 2023 to the beginning of January 2025, the RENIXX moved in a pronounced sideways range between 1,000 and 1,200 points. The notable interim low at 748 points in 2025 marked an important turning point and has since functioned as a central support zone.
Starting from this low, the index has recovered significantly and last week reached a new annual high at 1,288.68 points (previously: 1,279.06) - again at the upper edge of the former trading range. However, a sustainable breakout above this level has not yet been achieved.
Currently, the RENIXX is once again in a neutral sideways phase within the overarching range. The tendency remains slightly positive. The support zone in the area of 1,000 to 1,100 points continues to serve as a stability anchor, while the zone around 1,280 to 1,300 points acts as resistance on the upside.
Overall, the year-to-date balance is clearly positive: compared to the beginning of the year, the RENIXX is trading 10.7 percent higher based on the current closing price.
RENIXX rises at the start of the week
In early trading of the new trading week, the RENIXX is in positive territory. The largest price gains are recorded by BYD, Ballard Power, Solaredge, Daqo and Orsted. Only Xinyi Solar, China Longyuan, Array Technologies and Green Plains are posting price losses.
About the global stock index RENIXX World
The RENIXX® World (Renewable Energy Industrial Index, ISIN: DE000RENX014) is the world’s first stock index for renewable energy and the oldest global stock market barometer for this industrial future sector. It covers the sectors of wind energy, solar energy, bioenergy, geoenergy, hydropower, electromobility, hydrogen and fuel cells.
The index includes 30 international companies with the highest free-float market capitalization and reflects both the performance and the global market development of the renewable energy industry.
The RENIXX started on May 1, 2006 with a base value of 1,000 points; a back calculation to 2002 was carried out. The index can be accessed via leading financial media and data providers such as Bloomberg, Reuters, Financial Times, BlackRock (Aladdin) or Wallstreet Online.
Source: IWR Online, 16 Mar 2026