Morgan Stanley |The climate The US legislation improves the prospects for profitability of clean energy investments, as countries compete for capital and accelerate new energy ambitions in the wake of the global energy crisis.
Previously, the United States was the main destination for capital. However, the gas crisis in Europe has changed the preference for capital allocation of the companies in our coverage:
a: 1) Europe, 2) United States, 3) Other DM and 4) EM
This new preference for Europe is based on the advantages that high energy prices imply for yields, and on the ambitious objectives of REPowerEU in the face of the need for greater energy security. That said, our stocks most exposed to US Clean Energy, and therefore benefiting more than the others, are Orsted, RWE and Iberdrola.