Bloomberg News

Vestas Rises as Obama Backs Green Tax Credits: Copenhagen Mover

January 26, 2012

Jan. 13 (Bloomberg) -- Vestas Wind Systems A/S, the world’s largest maker of wind turbines, rose the most among Copenhagen’s benchmark stocks after President Barack Obama urged U.S. Congress to vote for clean energy tax credits.

Vestas rose as much as 2.6 percent, making it today’s biggest winner in the Copenhagen 20 Index, and advanced 1.6 kroner to 66.2 kroner at 9:18 a.m. in the Danish capital. Before today, the Aarhus, Denmark-based company had lost 66 percent of its market value over 12 months after slashing sales and profit forecasts and cutting jobs to meet competition from Chinese producers.

Obama, in his State of the Union speech yesterday, said congress should set clean energy standards and pledged that the Defense Department would make the largest renewable energy purchases in history. Vestas said Jan. 12 it will remove 2,335 positions and may cut another 1,600 jobs in the U.S. if lawmakers don’t extend the production tax credit that subsidizes the renewable energy industry.

It’s time to “double-down on a clean energy industry that’s never been more promising,” Obama said. “Pass clean energy tax credits and create these jobs.”

--Editor: Tasneem Brogger, Frances Schwartzkopff.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net.


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