Published on January 2nd, 2013 | by Nicholas Brown5
Vestas & Gamesa Get Big Boost From U.S. Wind Tax Credit Extension
January 2nd, 2013 by Nicholas Brown
The United States wind PTC (production tax credit) which was on the verge of expiring, causing firms to rush their wind energy projects has been extended late last night.
Vestas is headquartered in Denmark, but the U.S. is a very significant market for the wind turbine leader. Based on the positive wind power news, shares in the Aarhus-based company increased by as much as 13%, the most in five weeks. As of 12:52pm Copenhagen time, they were up 8.7%, at 34.64 kroner.
Gamesa Corp. Tecnologica SA, another big wind turbine company (this one based in Spain), jumped as much as 7.8%, which was the most in four months. And German wind turbine company Nordex SE (NDX1) saw its shares increase by 4.8%.
“It’s really good news for Vestas, because the American market and how it develops is extremely important,” Chief Marketing Officer Morten Albaek said today in a phone interview. “It’s a good way of starting the new year.”
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