Trump and Europe’s wind energy – level 3

27-01-2025 07:00

Shares of European wind companies dropped after President Donald Trump suspended new federal offshore wind leasing. Trump claimed wind turbines are ugly, expensive, and harmful to wildlife.

The global offshore wind sector has faced challenges, including rising costs and delays, and had hoped US policies under former President Joe Biden would support its recovery. Denmark’s Orsted, one of the largest wind power companies, suffered the most, with shares plunging 17%. The company announced a 1.69 billion dollar impairment charge on US projects, including the Sunrise Wind project, which had been set to become the largest US offshore wind farm.

Analysts say Trump’s suspension made some Orsted assets in the US worthless. Other companies, like Portugal’s EDP Renovaveis, Germany’s RWE, and Norway’s Equinor, saw smaller declines in their stock prices.

Difficult words: suspend (to stop something temporarily), plunge (to become lower in value or level very suddenly and quickly), impairment (a loss in value).

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What impact did President Donald Trump's suspension of new federal offshore wind leasing have on the shares of European wind companies, specifically Denmark's Orsted?

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