Danish Ørsted share price falls after US pauses leasing agreements for East Coast wind farms

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Danish Ørsted share price falls after US pauses leasing agreements for East Coast wind farms
Photo: Julia Nikhinson AP/TT

The Trump administration has paused leasing agreements for five wind farms off the US East Coast. Danish Ørsted is raging on the Copenhagen Stock Exchange after the announcement.

The message from the Trump administration is that the wind turbines can disrupt radar systems and mislead US defenses. It now wants to begin negotiations with affected wind turbine operators and states to address the security risks, the US Department of the Interior writes in a statement.

Earlier in December, a federal judge overturned the Trump administration's decision to ban new offshore wind farms.

The projects affected are Vineyard Wind 1, Revolution Wind, Sunrise Wind, Coastal Virginia and Empire Wind 1.

The announcement sent wind power stocks generally lower, including Danish Ørsted and wind turbine manufacturer Vestas Wind Systems.

Ørsted's share price fell sharply after the announcement, and by 3:30 p.m. had fallen just over 12 percent on the Copenhagen Stock Exchange.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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