Market Chatter: China Ming Yang Wind Power's Bulgarian Wind Project at Mercy of Govt Subsidy Reduction Proposal; But Shrs Surge 7%

By Staff,

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China Ming Yang Wind Power Group Ltd. ( MY ) is up nearly 7%, trending higher despite today's news that the company's Bulgarian wind project with W.Power Ltd. may be canceled if the country continues with plans to cut state support for the technology by almost a quarter, as Bloomberg reports.

The government is proposing to reduce its wind subsidy by about 22% to 148.71 lev ($95) a megawatt-hour, which would be a significant blow to the company's 124-megawatt wind farm development in Pleven, north Bulgaria.

China Ming Yang, based in Guangdong, agreed to supply wind turbines to the project in February.

MY trades in a 52-week range of $1.18 - $6.69.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: MY

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