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Orsted

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Court Clears Sunrise Wind to Move Forward After Offshore Wind Freeze
business25 days ago

Court Clears Sunrise Wind to Move Forward After Offshore Wind Freeze

A federal judge granted an injunction allowing Ørsted’s Sunrise Wind project off New York to resume construction after the Trump-era halt on five offshore wind leases, ruling that the delays could cause irreparable harm due to loss of a specialized installation vessel; Sunrise Wind is about 45% complete and, once built, would power roughly 600,000 homes, with operation possible as soon as October, while the underlying lawsuit challenging the stop-work order continues.

via The Guardian|
#business#court-injunction#offshore-wind
Judge Clears Orsted to Restart $5B Revolution Wind After Halt
business1 month ago

Judge Clears Orsted to Restart $5B Revolution Wind After Halt

A U.S. District Court in Washington, D.C. cleared Orsted to resume work on the $5 billion Revolution Wind offshore project off Rhode Island after the Trump administration halted it along with four other offshore wind developments for national security concerns. The ruling is a win for Orsted and its 50/50 JV with Skyborn Renewables, signaling potential reduced policy uncertainty despite ongoing political headwinds; the company had already spent about $5 billion on the project, and shares rose about 4–5% following the decision.

via CNBC|
#business#court-ruling#energy-policy
Orsted Shares Rise as Court Allows U.S. Offshore Wind Farm Construction to Resume
business5 months ago

Orsted Shares Rise as Court Allows U.S. Offshore Wind Farm Construction to Resume

Shares of Danish renewable energy company Orsted surged after a U.S. court overturned a Trump-era block on the Revolution Wind offshore wind project, allowing construction to resume. The court's decision provides a significant relief for Orsted, which has faced setbacks due to the U.S. administration's stance against offshore wind development. The company's shares had previously declined amid broader challenges in the renewable sector and funding issues.

via CNBC|
#business#offshore-wind#orsted
U.S. Political Battles Threaten Offshore Wind Development
business5 months ago

U.S. Political Battles Threaten Offshore Wind Development

The U.S. government abruptly halted Ørsted's nearly complete Revolution Wind offshore wind project in Rhode Island, citing vague national security concerns, despite the project's economic viability and strategic importance, leading to significant financial losses for Ørsted, undermining investor confidence, and delaying the U.S. energy transition, while highlighting the risks of political interference in long-term infrastructure projects.

via Crude Oil Prices Today | OilPrice.com|
#business#energy-investment#offshore-wind
Trump Administration Cuts Offshore Wind Funding Amidst Industry Concerns
business6 months ago

Trump Administration Cuts Offshore Wind Funding Amidst Industry Concerns

Orsted, a Danish offshore wind company, faces significant setbacks in the US market due to political and economic challenges, including a $9.4 billion capital raise and project halts ordered by the Trump administration, leading to a sharp decline in its stock value and raising questions about its future US operations and strategic direction.

via Bloomberg.com|
#business#capital-raise#offshore-wind
Orsted Shares Drop 17% as U.S. Halts Rhode Island Wind Project
business6 months ago

Orsted Shares Drop 17% as U.S. Halts Rhode Island Wind Project

Shares of Orsted plummeted 17% to a record low after the U.S. government ordered a halt to the nearly completed Revolution Wind Project off Rhode Island, raising concerns about the company's ongoing capital raising plans and potential financial impacts. The company plans to comply with the order and is exploring options to resolve the issue, but the situation has increased uncertainty about its future projects and funding strategies.

via CNBC|
#business#orsted#revolution-wind-project