the staff of the Ridgewood blog
Long Beach Island , NJ — Shares in Danish wind energy giant Ørsted plunged more than 17% Monday morning, hitting record lows after the U.S. government abruptly ordered a stop to construction on the nearly completed Revolution Wind Project off Rhode Island’s coast.
The decision, handed down late Friday by the U.S. Bureau of Ocean Energy Management (BOEM), halts work on a project that was already 80% complete, with 45 of its planned 65 wind turbines installed.
Ørsted confirmed that it would comply with the stop-work order while “considering options to resolve the issue and move forward.”
Trump Declares End to Wind & Solar Approvals
The move comes just days after President Donald Trump declared his administration would not approve new wind or solar power projects—a dramatic shift in U.S. energy policy.
“We will not approve wind or farmer-destroying solar. The days of stupidity are over in the USA!!!” Trump wrote on Truth Social, repeating earlier claims that wind turbines are inefficient and solar farms consume too much land.
This announcement raises fresh uncertainty for renewable energy companies operating in the U.S., particularly offshore wind developers that had been counting on projects like Revolution Wind to meet growing electricity demand.
Billions at Risk for Ørsted
The halted project could have severe financial consequences for Ørsted, which is already under pressure to raise fresh capital. Earlier this month, the company announced plans for a 60 billion Danish kroner ($9.4 billion) rights issue, supported by its majority shareholder, the Danish state.
But analysts warn the stop-work order puts those plans in jeopardy.
Jacob Pedersen, head of equity research at Sydbank, said the financial fallout could be devastating:
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Best-case scenario: Ongoing costs from paused construction.
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Worst-case scenario: The project never delivers electricity, forcing Ørsted into a double-digit billion write-down and costly contract exits.
Despite these risks, Ørsted reiterated Monday that it still plans to move forward with the capital raise.
What’s Next for Offshore Wind?
The Revolution Wind Project was slated to deliver clean energy to Connecticut and Rhode Island, but its future is now uncertain.
Industry experts say the U.S. government’s decision could stall other offshore wind projects and shake investor confidence in renewable energy infrastructure across the country.
Ørsted, meanwhile, is scrambling to reassure stakeholders that its financing plans remain intact—but analysts caution that the stop-work order could mark a turning point in U.S. offshore wind development.
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Up yours Murphy!
remove them all
The strange thing is the Conn/RI work was 80% complete….why not finish the job ?
I hope these eyesores and damaging monsters are all wiped out especially from the ocean. It turns my stomach when I see them all over Europe. What has it done for them?
Just remember, my fellow neighbors, it doesn’t matter who the mayor, or the governor, all the president is, it’s the people that vote for this shit. Just look at our fellow residence in the Village Of Ridgewood vote for, out of 35,000 residence, there’s only about maybe 8,000 people that vote for things. So I’ll think about that. It’s a very small majority every time that things get past. And how many homeowners don’t even know what the hell is going on they don’t care.
What i dont get is: if we want energy dominance, why don’t we pursue all types? Oil, gas, nuclear, sure, but also renewable sources too?