The Old Continent wants to be green. The European Commission has presented the EU Strategy for Marine Renewable Energies, which aims, among other objectives, to increase its current production capacity (12 GW) to 60 GW in 2030 and 300 GW by 2050. And these 13 titles can benefit from this bet, according to Morgan Stanley.
The US investment bank believes that Oersted, RWE, Iberdrola, Siemens Gamesa, Prysmian, Nexans, Equinor, Siemens Energy, Subsea7, Spectris, Trelleborg, Cargotec Y SKF they are the securities best positioned to get a slice of a greener Europe. Yes, there are two listed on the Spanish Stock Exchange.
TO Iberdrola, Morgan Stanley continues to dedicate a recommendation of 'like the market' and a target price of 12 euros that, from its current levels (11.3 euros per share), implies a potential upside of 6%, one of the lowest from the list when taking into account that the listed Ibex barely has a 6% exposure to 'offshore' energy.
The US entity does not see better eyes in the short term Siemens Gamesa (with an exposure of 40% to the 'offshore'), to which he reiterates his advice of 'like the market' and a target price of 21.3 euros that, from its current levels (27.4 euros per share) implies a drop of 22%.
The first stone on the way is those 60GW by 2030, that from current levels would require installing almost 5GW per year. Morgan Stanley takes away the iron from this issue and recalls that "a large part of that power was already included in the plans of the countries and, without going any further, Germany will install 20 GW by 2030, the Netherlands another 11, France 7.4. .. ".
APPOINTMENTS TO MARK IN RED IN THE CALENDAR
The good starts looking to 2050. It will be then when countries will have to install 12 GW per year throughout the areas that have already been identified to participate in this expansion: the Atlantic, the Baltic Sea, the Mediterranean, the sea. Black and the North Sea.
Who will pay for the 'party' of renewables? Morgan Stanley notes that "the funding will come from a series of mechanisms, including the EU budget, the InvestEU program … and the Connecting Europe Facility and the Renewable Energy Financing Mechanism, which will be operational from 2021."
The next appointments to be marked in red on the calendar are the new forecasts that must be offered by the end of this year and the commitment for 2050 that the member states must ratify and sign in 2021.
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