· 2 min read
illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Orsted shares dropped over 16% following a U.S. government stop-work order on its nearly completed Revolution Wind project off Rhode Island
• The order, issued by the Bureau of Ocean Energy Management (BOEM), halts all activity on the $4 billion joint venture with Skyborn Renewables, despite the installation of 45 out of 65 turbines
• Orsted confirmed that its planned $9.4 billion rights issue will proceed regardless of the disruption
🔭 The context: The Revolution Wind project is part of Orsted's broader strategy to expand in the U.S. offshore wind sector
• However, the sector has faced mounting regulatory hurdles under President Trump, whose administration has voiced strong opposition to offshore wind development
• This is the latest in a series of policy headwinds and permitting delays that have affected clean energy developers in the U.S.
🌍 Why it matters for the planet: The stop-work order jeopardizes one of the U.S.’s most advanced offshore wind projects, potentially undermining investor confidence and slowing clean energy deployment
• Offshore wind is a key component in meeting U.S. decarbonization goals and enhancing energy security
• Delays or cancellations in major projects could ripple across the supply chain and hinder national and global emissions targets
⏭️ What's next: Orsted is expected to seek clarification and contest the order with U.S. federal authorities
• The outcome will signal the direction of U.S. offshore wind policy under the current administration and may influence foreign investment decisions
• Stakeholders are watching closely as the rights issue proceeds, with implications for Orsted’s capital strategy and future project financing
💬 One quote: “We remain committed to the U.S. offshore wind market and are engaging with the relevant authorities to resolve the issue swiftly,” – Orsted spokesperson
📈 One stat: The Revolution Wind project is 80% complete, with 45 of its 65 turbines already installed
See on illuminem's Data Hub™ the sustainability performance of Orsted and its peers Iberdrola, and RWE
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