Danish Ørsted share price falls after US pauses offshore wind leasing agreements

Published:

Danish Ørsted share price falls after US pauses offshore wind leasing agreements
Photo: Julia Nikhinson AP/TT

The Trump administration has paused leasing agreements for five wind farms off the US East Coast. Danish Ørsted plunged 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. They now want to begin negotiations with affected wind turbine operators and states to address the security risks, the US Department of the Interior says 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 shares fell sharply after the announcement. When the Copenhagen Stock Exchange closed on Monday, the price had fallen 12.7 percent.

Loading related articles...

Tags

Author

TT News AgencyT
By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

More news

Loading related posts...