Ørsted shares at all-time low after Trump halts work on US windfarm | Energy industry

The actions of Ørsted reached a historic hollow on Monday after the Trump administration ordered the largest wind energy company in Europe to stop working on an almost complete wind grain.

Ørsted’s shares plunged 17%, after being forced to stop building its $ 1.5 billion wind project (741 million pounds sterling) off the Côtes du Rhode Island.

The order of outstanding tools came despite the fact that the project is 80%complete, with 45 of the 65 wind turbines installed.

On Friday, the US government made its arrest order, citing the need to “respond to concerns related to the protection of national security interests”, although it has not provided additional details.

ØRSTED, which belongs to 50.1% by the Danish state, was touched by Donald Trump’s hard position on offshore wind projects.

The company, which is at the origin of some of the largest offshore wind brothers in the world, generally covers its costs by selling a participation in each project once the work is in progress. However, the president’s cynicism has harmed the values ​​of his American projects.

The order of stop work arrives at a critical moment for the Danish company because it seeks to collect funds for its new projects. Earlier this month, he said he would seek to strengthen his finances by selling new actions worth 60 billion Danish Kroner (7 billion pounds sterling) to existing investors.

Before the fall on Monday, Ørsted shares had already dropped by more than 30% of the year to date.

Pierre-Aalexandre Ramondenc, analyst of the AlphaValue Research Company, said that the intervention of the United States government could compromise the success of Ørsted fund collection plans.

“The news was a major shock and does not come back to anything less than the political hostage by the American administration, given the advanced scene of the project,” he said.

Trump has a long -standing aversion of offshore wind turbines, which dates back at least 14 years to a dispute over the northern sea wind turbines visible by one of its golf courses in Scotland.

He said that wind seeds should not be allowed because they generate “the worst form of energy, the most expensive form of energy” and “kill birds”. These complaints were refuted by experts.

During his first day in power in January, Trump suspended new offshore wind leases. He recently called the Wind and Solar Energy “The scam of the century!” In an article on social networks and promised not to approve the wind projects or to destroy it from farmers “.

Revolution Wind, which was to be fully operational next year, should be able to propel more than 350,000 houses.

In April, the United States government also interrupted the construction of another wind project led by the Equinor of Norway, although it raised the working order to stop on the wire of 5 billion dollars the following month.

In response to the judgment order, Ørsted said that it “evaluated all the options to quickly resolve the case”, including through potential legal proceedings.