Energy stocks no sure thing

NEW YORK – With oil prices soaring, investors may be wondering what options there are among renewable energy stocks. The answer is, not many. Fuel cell companies are floundering, solar startups are far from solid bets and only a handful of companies are turning a profit in wind power.

For small investors who think climbing oil prices are bound to spark greater interest in other sources of power eventually, some of the most interesting plays could be among traditional companies that are exploring alternative energies – General Electric Co., FPL Group Inc. and BP PLC.

The problem with most companies focused purely on non-petroleum power is they tend to be relatively young, have weak balance sheets and frequently focus on technologies that aren’t yet commercially viable.

“There are simply not a lot of alternative energy sources being developed,” said Stephen Leeb, president of Leeb Capital Management. “It’s sad, but that’s the reason oil is at nearly $50 per barrel. If there were a whole universe of alternative energy companies making lots of money, you probably wouldn’t have an energy crisis today.”

With so much money yet to be made in oil, there hasn’t been a great deal of investor interest in renewable sources of power, analysts say.