New US bill sends Vestas stock downward

Vestas shares dropped by about five percent on the Copenhagen Stock Exchange after a Bloomberg report indicated that new U.S. legislation proposes ending green energy tax credits sooner than expected. Originally, these tax benefits were to expire in 2032, but the new proposal suggests they will end in 2029. This could lead to a significant reduction of the Inflation Reduction Act (IRA), as noted by James Lucier of Capital Alpha Partners. The IRA, introduced under President Biden, aims to boost U.S. green energy production by offering tax incentives for projects like wind energy. As a result, Vestas invested heavily in its Colorado factories, expecting increased U.S. orders. However, the future U.S. market outlook appears less promising. Ørsted also experienced a stock decline, falling over three percent.