It's a direct hit by Storm Trump on Danish renewable energy giant Orsted. The world's largest offshore wind company lost 16% on the Copenhagen Stock Exchange on Monday, August 25. Shares closed at 179 Danish kroner (€24), down from 214 before the weekend, for a total market capitalization of 75 billion kroner, or "just" €10 billion.

The drop had been expected: the Bureau of Ocean Energy Management, an agency within the US Department of the Interior, suspended one of Orsted's main offshore wind projects. The order to halt construction came on Friday, August 22. That same agency had approved the project in 2024. According to the Financial Times, it now wants time to "address concerns related to the protection of national security interests."

Although the wording was vague, the goal was clear: the administration had decided to crack down on wind power, condemning it as a waste of money and closely associating it with the Biden years it wants to leave behind. US President Donald Trump had himself declared during his campaign that he wanted to end wind energy "on day one" of his term. As soon as he took office, he ordered a review of all ongoing projects, and most have been halted in recent months. Wind currently accounts for about 10% of the US electricity mix, with significant disparities between states. Offshore wind makes up only a tiny fraction, with just three active wind farms.

You have 70.72% of this article left to read. The rest is for subscribers only.