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Danish wind stocks jump on orders and US news |
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| DENMARK: September 30, 2002 | ||
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COPENHAGEN - Shares in Danish wind turbine makers NEG Micon and Vestas jumped last week on new orders and expectations of an imminent approval of a U.S. energy bill which supports wind power.
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By 1010 GMT, shares in both companies were up more than six percent, which follows Thursday's jumps of 12.1 percent for Vestas and 6.2 percent for local rival NEG Micon. "The combination of new orders and the likely extension of the PTC tax agreement in the U.S. are driving the shares higher," a Copenhagen-based trader said. The U.S. Congress is expected to approve next week an energy bill, which includes a five-year extension until 2006 of the production tax credit (PTC), an important factor in financing new wind power installations. Earlier last week NEG Micon said it won an Australian order worth around 40 million euros ($39.14 million), while Vestas last week reported a 55 million euro order to Germany.
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REUTERS NEWS SERVICE
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