European wind turbine stocks fall after EU shift to the right
BRUSSELS/GDANSK, June 10 (Reuters) -Shares in wind turbine makers Vestas VWS.CO and Nordex NDXG.DE fell on Monday a day after European Parliament election results showed a shift to the right with analysts also citing rising interest rates as a potential future concern.
The political shift could make the EU's ambitious climate policies harder to pass, though Europe is likely to stick with its green policies, according to lawmakers, officials and analysts.
The elections may lead to a less supportive policy environment for energy transition, with potential funding cuts post-2028 and a shift in focus to national policies, CITI analysts said in a research note.
Nordnet analyst Per Hansen said investors were responding to factors including the EU elections, particularly the unexpected result in France.
"A more populist Europe may, investors think, have an effect on the desire to think green," Hansen said.
Sydbank analyst Jacob Pedersen pointed to higher interest rates, which traditionally affect Vestas' customers, as a key contributor to the drop.
"Energy policy is security policy, and as wind energy is a key technology for Europe to reach its energy transition targets, we expect that the build out of wind energy remains a priority in the EU," Vestas said in an emailed statement.
Meanwhile, a spokesperson from Siemens Energy, Vestas' main competitor, warned that reverting to nation-state thinking could be fatal to the industry.
Shares in Germany's Nordex were down 3.6% at 1211 GMT, while Vestas' shares dropped 2.3% and shares in Siemens Energy, which is more diversified, were up 0.6%.
Industry body Eurogas remained optimistic about investment. Eurelectric, another industry group, asserted it was premature to draw conclusions about investment over the next five years.
"Our expectation is the Green Deal will continue, but with an increased focus on industrial competitiveness," said Kristian Ruby, secretary general at Eurelectric.
Investing in local industries was a campaign pledge across the political spectrum, as competition sharpens with the U.S. and China to produce green tech such as low-carbon steel and electric cars.
The EU said in March it would investigate subsidies received by Chinese suppliers of wind turbines destined for Europe in a move to shield European firms from cheap clean tech products.
Reporting by Kate Abnett in Brussels and Jesus Calero and Paolo Laudani in Gdansk, writing by Stine Jacobsen; editing by Jason Neely
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