{"id":84481,"date":"2026-05-17T14:08:10","date_gmt":"2026-05-17T14:08:10","guid":{"rendered":"https:\/\/www.europesays.com\/dk\/84481\/"},"modified":"2026-05-17T14:08:10","modified_gmt":"2026-05-17T14:08:10","slug":"orsted-shares-sink-to-record-lows-after-us-halts-wind-farm-off-rhode-island-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/dk\/84481\/","title":{"rendered":"Orsted shares sink to record lows after US halts wind farm off Rhode Island"},"content":{"rendered":"

Orsted shares drop 17% after US halts wind farm projectOrsted’s project was 80% completeOrsted plans $9.4 billion rights issue despite setbackDenmark’s strained US relations may hinder diplomatic effortsGovernors criticize suspension, pledge to reverse orderCOPENHAGEN, Aug 25 (Reuters) – Shares in Orsted (ORSTED.CO), opens new tab<\/a> plunged 17% on Monday after the U.S. halted the Danish company’s Revolution Wind project off Rhode Island amid President Donald Trump’s pushback on renewable energy investments.<\/p>\n

Orsted, the world’s biggest offshore wind farm developer, has already faced mounting challenges, including rising costs, higher interest rates, and supply chain disruptions, leading to delays and cancellations in the U.S. and other markets. The company’s market value has plummeted 87% since its January 2021 peak.<\/p>\n

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The U.S. Bureau of Ocean Energy Management (BOEM) issued a work-stop order late on Friday for the $1.5 billion Revolution Wind project, which was 80% complete, with 45 out of 65 turbines installed. The wind farm was expected to supply electricity to 350,000 homes in Rhode Island and Connecticut starting next year.<\/p>\n

It was BOEM’s second major suspension of an offshore wind project this year, following its halt<\/a> of Norwegian energy firm Equinor’s (EQNR.OL), opens new tab<\/a> Empire Wind 1 project off New York in April. Trump has repeatedly criticised<\/a> wind energy as costly and unreliable, suspending<\/a> new offshore wind leases pending environmental and economic reviews.Despite the setback, Orsted, which is 50.1% owned by the Danish state, reiterated plans for a $9.4 billion emergency rights issue<\/a> announced earlier this month, signalling it remains committed to its U.S. projects.<\/p>\n

The rights issue is intended to strengthen the company’s capital structure amid “material adverse developments in the U.S. offshore wind market.” The company also recently cancelled the partial divestment of its Sunrise Wind project off New York.<\/p>\n

The Danish finance ministry, which supports the rights issue, said in an emailed statement that the work-stop order was within the expected risk profile underpinning its participation in the capital raise.<\/p>\n

Equinor, which holds a 10% stake in Orsted, reiterated that it will carefully evaluate the rights issue.<\/p>\n

Orsted’s shares, already down 30% since the rights issue was announced on August 11, hit a record low of 173.4 Danish crowns ($27.15) and were trading 16.1% lower at 179.6 crowns at 1437 GMT on Monday.<\/p>\n

Analysts said the suspension of Revolution Wind could be reversed, citing Equinor’s Empire Wind 1 project, which resumed operations after diplomatic efforts<\/a> by Norway’s government.<\/p>\n

“The most likely scenario is that this will be solved in Orsted’s favour, either with political help or in courtrooms,” Sydbank analyst Jacob Pedersen said.<\/p>\n

However, Denmark’s strained relations with the U.S. following Trump’s comments about wanting the U.S. to take over Greenland<\/a> could complicate diplomatic efforts. On Friday, Denmark’s Foreign Minister Lars Lokke Rasmussen signed an agreement in California to strengthen ties with Governor Gavin Newsom, who has openly criticized Trump.<\/p>\n

Opposition lawmakers in Denmark questioned the government’s support for Orsted’s rights issue. Lars-Christian Brask, foreign policy spokesperson for The Liberal Alliance, suggested diplomatic efforts should be pursued but noted legal proceedings might offer the best chance for resolution.<\/p>\n

“There’s always a risk that Greenland will come up in the dialogue if the government goes directly to Trump,” he told Reuters.<\/p>\n

AlphaValue analyst Pierre-Alexandre Ramondenc said the U.S. administration’s move could undermine Orsted’s rights issue, calling the decision “political hostage-taking” given the project’s advanced stage.<\/p>\n

Governors Ned Lamont of Connecticut and Dan McKee of Rhode Island criticized the suspension in a joint statement, pledging to explore “every avenue” to reverse the order.<\/p>\n

“This political move by the Trump administration will drive up the cost of electricity bills and contradicts everything the administration has told us,” they said.<\/p>\n

($1 = 6.3869 Danish crowns)<\/p>\n

Reporting by Stine Jacobsen, Jacob Gronholt-Pedersen and Soren Sirich Jeppesen, additional reporting By Nora Buli; Editing by Terje Solsvik, Louise Heavens and Susan Fenton<\/p>\n

Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n

Purchase Licensing Rights<\/a>\"Stine<\/a><\/p>\n

Stine Jacobsen is a Senior Correspondent at Reuters, where she has worked for more than a decade. Currently based in Copenhagen, she reports on politics and business across the Nordic and Baltic regions. Coverage spans major Danish companies including Novo Nordisk, Orsted, Vestas, Maersk and Lego, as well as Arctic affairs and regional security. She serves on the board of the International Press Centre in Copenhagen.<\/p>\n

\"Jacob<\/a><\/p>\n

Based in Copenhagen, Jacob oversees reporting from Denmark, Iceland, Greenland and the Faroe Islands. He specializes in security and geopolitics in the Arctic and Baltic Sea regions, as well as large corporates such as obesity drug maker Novo Nordisk, brewer Carlsberg and shipping group Maersk.
\nBefore moving to Copenhagen in 2016, Jacob spent seven years in Moscow covering Russia’s oil and gas industry for Dow Jones Newswires and The Wall Street Journal, followed by four years in Singapore covering energy markets for WSJ and Reuters. <\/p>\n","protected":false},"excerpt":{"rendered":"Orsted shares drop 17% after US halts wind farm projectOrsted’s project was 80% completeOrsted plans $9.4 billion 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