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3h ago

U.S. Halts Near-Finished Revolution Wind Project Citing Security Concerns

The BOEM order triggered a steep selloff in Ørsted’s stock.

USA Flagge vor einem Offshore Windpark des Energieentwicklers Ørsted vor Rhode Island.
Die Aktie des dänischen Energiekonzerns Örsted ist am Montag abgestürzt, nachdem die US-Regierung ein nahezu fertiges Windpark-Projekt vor der Küste des Bundesstaates Rhode Island gestoppt hatte.

Overview

  • The federal stop covers the 704‑MW development off Rhode Island and Connecticut, which is about 80% complete with 45 of 65 turbines installed to supply roughly 350,000 homes.
  • Ørsted said the project had full prior approvals and that it is engaging with authorities while evaluating legal and financial options to restart work.
  • Rhode Island Gov. Dan McKee and Connecticut Gov. Ned Lamont said they will pursue every available avenue to reverse the decision.
  • Ørsted shares fell more than 16% to a record low, and other wind stocks including Vestas and Nordex also declined.
  • Analysts differ on the outlook, with Jefferies suggesting the pause could be lifted within a month while others warn of delays, potential write‑downs, and risks to Ørsted’s planned €8 billion equity raise.