\n<\/p>\n
Shares in \u00d8rsted hit an all-time low on Monday after the Trump administration ordered Europe\u2019s largest wind power company to stop work on a near complete windfarm.<\/p>\n
\u00d8rsted\u2019s shares plunged 17%, after it was forced to stop construction on its $1.5bn (\u00a3741m) Revolution Wind project off the coast of Rhode Island.<\/p>\n
The order to down tools came despite the fact that the project is 80% complete, with 45 out of 65 wind turbines installed.<\/p>\n
The US government issued its stop-work order late on Friday, citing a need to \u201caddress concerns related to the protection of national security interests\u201d, although it did not provide any further detail.<\/p>\n
\u00d8rsted, which is 50.1% owned by the Danish state, has been hit hard by Donald Trump\u2019s hardline stance on offshore wind projects.<\/p>\n
The company, which is behind some of the world\u2019s biggest offshore windfarms, typically covers its costs by selling a stake in each project once work is under way. However, the president\u2019s cynicism has hurt the values of its US projects.<\/p>\n
The stop-work order comes at a critical time for the Danish business as it seeks to raise money for its new projects. Earlier this month, it said it would seek to shore up its finances by selling new shares worth 60bn Danish kroner (\u00a37bn) to existing investors.<\/p>\n
Prior to the fall on Monday, \u00d8rsted shares had already dropped by more than 30% in the year to date.<\/p>\n
Pierre-Alexandre Ramondenc, an analyst at the research company AlphaValue, said the US government intervention could jeopardise the success of \u00d8rsted\u2019s fundraising plans.<\/p>\n
\u201cThe news came as a major shock and amounts to nothing less than political hostage-taking by the US administration, given the project\u2019s advanced stage,\u201d he said.<\/p>\n
Trump has a long-held dislike of offshore windfarms, which dates back at least 14 years to a dispute over North Sea wind turbines that were visible from one of his golf courses in Scotland.<\/p>\n
He has claimed that windfarms should not be allowed because they generate \u201cthe worst form of energy, the most expensive form of energy\u201d and also \u201ckill the birds\u201d. These claims have been refuted by experts.<\/p>\n
skip past newsletter promotion<\/p>\n
Sign up to Business Today<\/span><\/p>\n Get set for the working day \u2013 we’ll point you to all the business news and analysis you need every morning<\/p>\n Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.<\/span><\/p>\n after newsletter promotion<\/p>\n On his first day in office in January, Trump suspended new offshore wind power leases. He recently called wind and solar power \u201cTHE SCAM OF THE CENTURY!\u201d in a social media post and vowed not to approve wind or \u201cfarmer destroying Solar\u201d projects.<\/p>\n Revolution Wind, which was expected to be fully operational next year, is expected to be capable of powering more than 350,000 homes.<\/p>\n In April, the US government also halted the construction of another wind project led by Norway\u2019s Equinor, although it lifted the stop-work order on the $5bn windfarm the following month.<\/p>\n In response to the stop-work order, \u00d8rsted said it was \u201cevaluating all options to resolve the matter expeditiously\u201d, including through potential legal proceedings.<\/p>\n","protected":false},"excerpt":{"rendered":" Shares in \u00d8rsted hit an all-time low on Monday after the Trump administration ordered Europe\u2019s largest wind power company to stop work on a near complete windfarm. \u00d8rsted\u2019s shares plunged 17%, after it was forced to stop construction on its $1.5bn (\u00a3741m) Revolution Wind project off the coast of Rhode Island. The order to down<\/p>\n","protected":false},"author":1,"featured_media":17892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[1622,611,10867,1545,10866,2228,81,10868,514],"class_list":{"0":"post-17891","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-alltime","9":"tag-energy","10":"tag-halts","11":"tag-industry","12":"tag-orsted","13":"tag-shares","14":"tag-trump","15":"tag-windfarm","16":"tag-work"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/17891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17891"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/17891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/17892"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}