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(Bloomberg) — Orsted A/S shares dropped almost 10% on the first day of trading since President Donald Trump’s administration ordered another developer to halt construction of a wind farm off the US coast.
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The move marked an escalation in Trump’s actions against the US offshore wind industry since his inauguration in January. While early stage developments were mostly on hold, the decision to pause a wind farm that was already under construction threatens two projects that Orsted is building in American waters.
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Orsted fell as much as 9.6% in Copenhagen trading, before paring losses. The Danish company’s shares are down 37% since the 2024 presidential election.
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Denmark’s stock exchange has been closed for the Easter holiday since US Interior Secretary Doug Burgum posted on X that he’d ordered a pause on Equinor ASA’s Empire Wind project off Long Island.
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Norway’s Equinor had already secured all its permits and had begun construction. The company confirmed Thursday that it had halted work on the project until the Bureau of Ocean Energy Management completes a review.
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Trump’s Offshore-Wind Halt Risks $28 Billion of Investment
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While the order doesn’t directly affect Orsted, it shows that even projects under construction aren’t safe from the Trump administration’s drive to curb the advance of offshore wind. The company is set to complete Revolution Wind off the coast of Rhode Island next year, while Sunrise Wind is scheduled for completion in 2027 near New York.
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In a recent interview, Chief Executive Officer Rasmus Errboe said that the company was “100% committed” to delivering the two projects.
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“This is a clear negative for US offshore wind and highlights the potential risks for under-construction/permitted assets,” Ahmed Farman, an analyst for Jefferies wrote in a note last week.
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A spokesperson for Orsted declined to comment.
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