Energy (ET) Slides 0.98% as Market Activity Ranks 395th Amid Global Renewable Shifts and Emerging Market Regulatory Turbulence

On September 22, 2025, , ranking 395th in market activity. The decline followed mixed developments in the energy sector, including large-scale renewable energy agreements and regulatory shifts in emerging markets.

Mars Inc. , marking the largest renewable energy contract in the confectionery giant’s history. The deal, part of Mars’ “Renewable Acceleration” initiative, aims to decarbonize its supply chain by fully sourcing electricity from renewables. Enel’s Texas solar farms will also utilize sheep grazing for vegetation management, blending agriculture with energy production. The agreement underscores growing corporate demand for clean energy, which could indirectly influence Energy’s market position as utilities adjust to shifting demand dynamics.

India’s renewable energy sector faces challenges as state utilities delay clean power purchases, . Federal minister emphasized efforts to push states toward long-term contracts, aligning with broader GST reforms to boost solar competitiveness. While the policy shifts target India’s 2030 renewable goals, the surplus highlights risks of oversupply that could pressure energy pricing models globally, including for companies like Energy.

To run this back-test robustly, I need to clarify a few practical points: 1. Universe definition • Which market/exchange should the 500 stocks be drawn from (e.g., all U.S. common stocks, only S&P 500 constituents, Asia-Pacific, etc.)? • Is the universe allowed to change over time as listings appear/disappear, or do you want to freeze a fixed list? 2. Trading-cost assumptions • Any commission/slippage to include? • Buy at the next day’s open or at the prior day’s close? 3. Data & engine limits • Our current back-test engine is designed for single-ticker or event-date studies. A daily-rebalanced portfolio of 500 names requires compiling a custom signal file that specifies, for each trading day, the list of tickers entered and exited. I can generate that signal set if we agree on the universe and cost assumptions, then feed it to the engine for portfolio evaluation. Please let me know your preferences on the above, or if you’d like to simplify (e.g., test on the S&P 500 universe or a smaller subset).