Clean energy companies have caught a bid in recent days, up more than 10%. Investors recognize that replacing Russian energy necessitates clean alternatives, especially since $120 oil has not persuaded Saudi and US oil producers to increase output. Even with recent gains, the S&P Clean Energy index is basically flat YTD while S&P’s traditional energy index is up over 30%. But why isn’t clean energy doing any better? China dominates solar panel and nicad battery manufacturing along with rare earth mining. Major input costs like nickel are going hyperbolic, hurting margins. War means uncertainty and Big Oil is swimming in cash now, not 10 years from now.