Orsted Shares Surge 12% After US Judge Lifts Trump Ban on Revolution Wind Project

Revolution Wind Project Resumes

• 💡 A US federal judge has ruled that Orsted can resume work on the Revolution Wind project, which was halted by the Trump administration.
• ⚡ Shares in Orsted jumped as much as 12% in early trade following the judge's decision.
• 📌 The Revolution Wind project is located 15 miles off the coast of Rhode Island on the US East Coast.

Project Status and Financial Impact

• 🎯 The project was 80% complete when halted, with all offshore foundations in place and 45 out of 65 wind turbines installed.
• 💰 Orsted and its joint venture partner Skyborn Renewables have already spent or committed approximately $5 billion on the project.
• 📉 Orsted has been losing an estimated $2 million per day since August 22nd due to the work stop order issued by the US Bureau of Ocean Energy Management.

Trump Administration's Stance on Wind Farms

• ⚠️ The Trump administration had previously stopped the scheme, with President Trump criticizing wind farms as ugly, unreliable, and expensive.
• 🚫 Trump had also urged federal agencies to curb the development of wind power projects, citing unspecified national security concerns for the work stop order.