The Danish energy company Ørsted is facing a new setback: the almost completed “Revolution Wind” offshore wind farm off Rhode Island has been halted by a stop-work order from the US government.
According to media reports from the New York Times and the Guardian, among others, the U.S. Bureau of Ocean Energy Management (BOEM) is citing “national security concerns”. The project was already 80% of the way through construction – with 45 of 65 turbines installed.
The decision caused financial losses: Ørsted shares fell by up to 17%, an all-time low. A planned capital increase of around $9.4 billion had already caused unrest. Analysts speak of a “political hostage crisis”, as the value of the project had already plummeted.
State authorities in Rhode Island and Connecticut reacted with harsh criticism: Governor Dan McKee and opposition politicians see the halt as politically motivated. The project was an important building block for the region’s Green Transition Plan – and offered job prospects for around 1,000 direct employees. Many voices are calling for an immediate halt to construction.
Other media refer to Trump’s longer-term strategy against offshore wind projects. Similar measures have already been imposed against the Empire Wind project in New York – but the situation there was eased after just one month. It is unclear whether Revolution Wind can be resumed in the short term.
