02 Jan '13, 3pm

Vestas, Gamesa Advance After U.S. Extends Wind Power Tax Break

Vestas, Gamesa Advance After U.S. Extends Wind Power Tax Break

Shares in Aarhus, Denmark-based Vestas surged as much as 13 percent, the most in five weeks, and were up 8.7 percent at 34.64 kroner as of 12:52 p.m. in Copenhagen. Gamesa Corp. Tecnologica SA jumped as much as 7.8 percent, the most in four months, and Nordex SE rose 4.8 percent. The U.S. House late yesterday passed a bill averting spending cuts and tax rises that had threatened an economic recovery. The law, already approved by the Senate, includes an extension of the Production Tax Credit , which pays wind -farm owners 2.2 cents for every kilowatt-hour of power they produce. “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.” U.S. wind installations in 2012 were set to top 12 gigawatts as developers rus...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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