European Commission President Charles Michel (46, right) and European Commission President Ursula von der Leyen (63) hold a press conference after the EU special summit in Brussels, Belgium on the 30th (local time). . The EU agreed to cut Russian oil imports by 90% by the end of the year as part of sanctions against Russia. /Photo = EPA, Yonhap News
Shares of new and renewable energy companies are skyrocketing as the European Union (EU) agreed to sanctions measures to ban 90% of crude oil imports from Russia, which caused the Ukraine war.
New and renewable energy stocks are rising day by day thanks to the recent EU’s new and renewable energy expansion policy and domestic solar power generation capacity increase.
As of 9:33 am on the 31st, Shinsung ENG(2,305 +4.54%)was at 2,405 won, up 200 won (9.07%) from the previous day, and Hanwha Solutions(38,900 +5.71%)Silver rose 2,800 won (7.61%) to 39,600 won, Daemyung Energy(19,750 +0.51%)was 950 won (4.83%) jumped to 20,600 won, OCI(129,500 +0.78%)is trading at 134,000 won, which is 5,500 won (4.28%) higher, respectively.
Dongkuk S&C, the owner of wind power generation(6,010 +10.07%)(12.45%), CS Wind(57,500 +5.89%)(7%), Samkang MNT(22,400 +0.22%)(3.58%) is also strong.
It seems to be influenced by the news that the leaders of the 27 EU member states met last night in Brussels, Belgium, and agreed to ban the EU’s imports of Russian oil by the end of the year.
“More than two-thirds of Russia’s crude oil imports will be immediately cut off,” said Charles Michel, president of the EU summit.
However, the sanctions allow some imports of Russian crude oil through pipelines. This is because of the demand from Hungary, which has been opposed to sanctions on Russian oil because it relies on Russian oil for about 65% of its oil. The EU announced sanctions on Russian oil on the 4th, but it took nearly a month to reach a final agreement.
Prior to this agreement, the EU announced on the 18th (local time) the energy security plan ‘Repower EU’, which set the goal of ending dependence on Russian fossil fuels by 2027. It also includes specific action plans to double the solar power generation capacity by 2025 by investing 210 billion euros in the transition to new and renewable energy, and to consider making the installation of solar panels mandatory in new buildings.
In addition, last week, Korea reported that the capacity of new and renewable energy generation facilities surpassed nuclear power as of last year, boosting the upward trend of renewable energy-related stocks.
OCI, which makes polysilicon, a raw material for solar cells, rose 15.38% last week alone and continued its upward trend the day before.
Hanwha Solutions, which holds the largest share of the solar module market in the United States, Germany, and Japan, also rose 7.37% last week.
Last week’s closing price of 53,700 won for CS Wind, a wind power owner, is a 15.86% increase from the closing price of 46,350 won on the 13th two weeks ago.
During the same period, Hanwha Solutions (16.29%), Shinsung ENG (25.71%), and Samkang MNT (11.61%) also showed a strong upward trend.
By Han Kyung-woo, reporter at Hankyung.com case@hankyung.com
