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Offshore Wind · Orsted · Renewable Energy · US Policy
Orsted shares rose 4.5% after a U.S. judge cleared the Danish renewables giant to resume work on its $5 billion Revolution Wind project, overturning a Trump administration halt.
The U.S. District Court for the District of Columbia ruling allows Orsted to restart impacted activities immediately, marking a legal setback for the pro-fossil fuel Trump administration which cited national security concerns for suspending five major offshore wind developments. Orsted filed a legal challenge, stating the lease suspension would cause "substantial harm" to the project.
Judge Royce Lamberth expressed skepticism about the government's true motives, questioning the daily $1.5 million cost incurred by the project, according to Reuters. Morningstar's Michael Field welcomed the decision for Orsted and Danish wind turbine maker Vestas but warned of continued industry uncertainty regarding potential future actions by the Trump administration.
Revolution Wind is a 50/50 joint venture between Orsted and Global Infrastructure Partners' Skyborn Renewables, with approximately $5 billion already spent. Orsted shares traded 4.5% higher, Vestas rose 1.6%, and Norway's Equinor gained 2.7%, while U.S.-listed Dominion Energy remained flat.
