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Obama’s ‘green plan’ boosts Swedish companies

Skanska, Electrulux and Vestas are among those companies that may gain from Barack Obama’s new plan to fight unemployment and boost energy efficiency.

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US President Barack Obama’s job creation plan to expand federal supports for clean energy, give consumers incentives for home energy efficiency and boost infrastructure investments is utterly good news for a number of Nordic companies and the entire clean-tech sector.

“This points out a political standard. It will revitalize the hype around renewable energy”, Martin Guri, equity strategist at Nordea, told The Swedish Wire.

Electrolux, the world's second biggest home appliances maker, will most likely feel an upswing as American homeowners will get rebates of up to 12,000 dollar per household to invest in energy-saving weatherizing improvements.

“It will have a direct upshot on Electrolux when people start buying more energy-efficient air-conditioning system, refrigerators and washing-machines”, Martin Guri said.

Sweden’s biggest builder Skanska, with 30 percent of its total sale from its US subsidiary, is also expected to get a piece of the American pie as the US government will increase investments in infrastructure through building and modernizing highways, railways, bridges, water projects and tunnels.

“Due to infrastructure stimuli we see a stable market in the US, compared to Sweden where the trend is downward”, Skanska spokesperson Per-Lennart Berg said. "The US is a very important market for us".

In October The New York City Department of Transportatio awarded Skanska a $150 million contract to rebuild the Manhattan Bridge.

Subsidies to create green jobs will also have an indirect impinge on Vestas, the Danish wind turbine maker, and other companies involved in renewable energy.

“Both Denmark and Norway have invested heavily in renewable energy. When the US government invests in new technology, companies with the right position and right products have the chance take a step into that market”, Martin Guri said. “Still, the money will first and foremost go to American companies”.

The cost for the green job creation plan could be offset by some of the $200 billion in lower-than-expected spending on the bailout of financial institutions, according to The New York Times. Still, the US administration received far more applications from makers of wind turbines and solar panels than it had money to give, Obama said. The base for move is to increase incentives for small businesses to hire more workers.

"With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs”, Barack Obama said



Last Updated (Thursday, 10 December 2009 07:01)


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