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3w ago

U.S. Halts Near-Complete Revolution Wind Project Over National-Security Review

The pause triggers a selloff alongside a reliability warning from New England’s grid operator.

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FILE - Wind turbines of South Fork Wind are seen off the coast of Block Island, R.I., Oct. 9, 2024. (AP Photo/Seth Wenig, File)
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A white wind turbine stands in the middle of the ocean

Overview

  • BOEM issued a stop-work order Friday directing Ørsted to halt all activities at the Rhode Island–Connecticut offshore site until a federal review is complete, citing unspecified national-security concerns and ocean-use issues.
  • Revolution Wind is about 80% built with 45 of 65 turbines installed and was slated to deliver roughly 704 MW, enough to power more than 350,000 homes in Rhode Island and Connecticut.
  • Ørsted shares fell to record lows on Monday, dropping roughly 16%–19%, and renewable-energy stocks broadly declined as the company said it will still proceed with a planned $9.4 billion rights issue.
  • ISO New England warned that delaying the project increases near-term reliability risks during peak demand periods and could weigh on regional economic growth, including potential future data centers.
  • Governors Dan McKee and Ned Lamont, unions, and Democratic lawmakers urged a reversal to protect thousands of jobs, while Ørsted said it is engaging regulators and weighing potential legal action; a similar halt on New York’s Empire Wind was lifted after state talks in May.