By: Billy Fisher

Contributor, Stock Traders Daily

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(La Jolla, CA) As the 1,200 page “American Clean Energy and Security Act” heads to the Senate, the energy industry could soon find itself bracing for sweeping changes.

The climate bill which aims to reduce greenhouse-gas emissions in the U.S. passed in the House of Representatives by a 219-212 vote margin late last week. Among the bill’s key provisions is a call for 15% of the country’s electricity to come from renewable energy sources by 2020.

Although it is uncertain how much of this bill will ultimately be enacted, it could end up proving to be a huge win for companies such as those contained in the PowerShares WilderHill Clean Energy Fund (NYSE: PBW – Trading Report). This ETF contains a slew of solar names including industry-leader First Solar (Nasdaq: FSLR – Trading Report) which has seen its shares rise 13.9% so far this year. The bill could provide new challenges for traditional energy companies such as those that are holdings of the Market Vectors Coal ETF (NYSE: KOL – Trading Report) or the Utilities Select Sector SPDR ETF (NYSE: XLU – Trading Report).

Although the United States Oil Fund (NYSE: USO – Trading Report) and the United States Gasoline Fund (NYSE: UGA – Trading Report) are well off of their highs from last summer, their recent price run-ups could add additional momentum to the bill’s movement as consumers begin to feel additional pressure on their wallets at the gas pump. USO and UGA are up 16.8% and 71.1% year-to-date.

The federal government is also looking to make a push into alternative energy sources on the nuclear power front. Earlier this month, the Wall Street Journal reported that the Energy Department has plans to award $18.5 billion in federal financing to help four power companies build a new wave of nuclear reactors. Atlanta-based Southern Company (NYSE: SO – Trading Report) is expected to be among the four award recipients. Shares of Southern are down 11.6% so far in 2009 

While Friday’s vote in the House was a step in the right direction for clean energy advocates, the fight may only be in its early stages and the Senate could certainly produce a different outcome or a watered-down version of the House bill.

In either case, big money will continue to pour into both sides of the fight. “Climate control is not a choice, it is mandatory, to the economic controversies are thrown out the window,” said Thomas H. Kee Jr., president and CEO of Stock Traders Daily. “Now, it is all political, and lobbying efforts will fight it.”

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In 2008, Kee’s Stock of the Week selections returned 60.8%.