The White House on Tuesday denied a Washington Post report that the Trump administration has been looking at a carbon tax or value-added tax (VAT) as part of a new tax reform plan to finance a massive proposed corporate tax cuts. The new administration will need to find ways to offset the tax cuts with new revenue streams, making tax reform a top priority.

The initial Post report came as a relief to leading renewable energy providers, who saw their shares fall on uncertainty following the election of President Donald Trump, who as a candidate had called climate change a "hoax" and dubbed government incentives on alternative energy a “war on coal.”

Catching a Break

But despite the White House’s denial, America’s renewable leaders have continued to gain. Utility-scale solar energy leader First Solar Inc. (FSLR) saw its shares spike about 2% on Tuesday, trading up 0.5% on Wednesday at a price of $26.95 per share. The stock took a beating over the recent period, declining about 60% year over year (YOY) due to a combination of factors including Trump and a costly restructuring. San Jose, Calif.-based SunPower Corp. (SPWR), which focuses on commercial and residential solar energy markets, also traded up about 2% on Tuesday, gaining another 1.5% on Wednesday at a price of $6.26 per share. (See also: A Look at Solar Energy Earnings.)

While unrelated to the White House report, another renewable energy company scored a win on Wednesday, as hydrogen and fuel cell energy leader Plug Power Inc. (PLUG) saw its shares skyrocket 70% on news that Amazon.com Inc. (AMZN) had acquired rights to buy 23% of the Latham, N.Y.-based company. (See also: Plug Power Skyrockets on News of Amazon Interest.)

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