Ørsted Shares Hit Record Low as Trump Stance Blamed for US Setback
Ørsted — Europe’s largest wind power company — saw its market value plunge by nearly a third after warning it will need to raise around $9 billion to fund its business plans.
The Danish group said “recent material developments in the US” have prevented it from selling a stake in a major offshore wind project off America’s east coast — a key funding mechanism for its developments.
Ørsted typically finances projects by divesting stakes once construction begins, but president Donald Trump’s hardline opposition to offshore wind has dented valuations for its US assets, forcing a rethink of its strategy.
Trump Policy Shift Deepens Ørsted’s Offshore Wind Woes
While the Biden administration backed the US offshore wind industry, President Donald Trump unsettled the sector on his first day back in office in January by ordering a review of offshore wind permitting and leasing.
The move hit an industry already struggling with surging post-pandemic supply chain costs and sharply higher interest rates, both of which have made new projects more expensive.
Trump’s opposition to offshore wind dates back over a decade to a dispute over North Sea turbines visible from one of his Scottish golf courses. More recently, he has called wind farms “the worst and most expensive form of energy” and claimed they “kill the birds” — assertions dismissed by experts.
