The Trump administration has ordered a halt to construction on the Revolution Wind offshore wind project near Rhode Island, which was approximately 80% complete. The $4 billion project, developed by Danish company Ørsted, had installed 45 of 65 turbines and was expected to provide electricity to over 350,000 homes by next year. The stop-work order was issued amid a review of national security implications and reflects the administration's broader effort to dismantle wind energy initiatives established during the Biden administration. This move has caused Ørsted's shares to plunge to record lows, dropping as much as 19%, and jeopardized the company's plans for a $9.4 billion capital raise. The Trump administration is also working to withdraw federal approval for another offshore wind project off the coast of Maryland, developed by US Wind, further signaling a continued crackdown on renewable energy projects. The decision has drawn criticism from Democratic governors of Rhode Island and Connecticut, members of Congress, union workers, and local business leaders who warn of potential job losses and impacts on grid reliability. President Trump has publicly stated opposition to windmills, asserting they are "ruining our country," and indicated a firm stance against allowing new wind energy projects. Despite the setbacks, Ørsted plans to continue with its share sale efforts to manage the financial challenges posed by the federal actions. The administration's actions mark a significant shift away from the previous administration's climate and clean energy policies.
Orsted shares tanked 40% this month. Some see a buying opportunity https://t.co/BBn2djxmhE
Offshore wind opponents, once thrilled by Trump, now feeling left behind https://t.co/3RbU7iX1Nx https://t.co/lXnE7eP4AT
Electric bills are up 5.5%—and the Trump administration is blocking clean energy projects here in Maryland that could bring costs down. Families can’t afford higher prices while solutions are sitting on the table. We need offshore wind and real energy leadership now.