July 26, 2012. The WilderHill New Energy Global Innovation Index (NEX), a global index of clean-energy stocks, declined to a nine-year low as the industry faces oversupply, falling prices and uncertain government support. The NEX index, as it's known, fell 81 cents to $102.40 in New York, its fourth consecutive drop and its lowest price since April 2003. The index has lost 19 percent of its value. NEX tracks 96 solar, power-storage, energy-efficiency, wind and biofuel companies, all industries that have been hard-hit as governments in Europe and the U.S. scale back subsidies and the weak global economy slows demand. That's pushing some investors to seek safer havens. The NEX is falling while the Standard & Poor's 500 Index gained 6.4 percent. Investors are seeking stability and shifting away from industries perceived as speculative and risky, such as renewable energy. The NEX is down about 78 percent since a 2007 high, before the global economic crisis drove down valuations.