Trump Moves To Reverse Biden on Energy With a Special Focus on Wind

Shares of big Danish offshore wind developer Orsted dropped by 17% Monday, the same day Donald Trump took the oath of office to become the 47th President of the United States. The two events are not merely coincidental with one another.

To be sure, Orsted’s loss of market cap was caused by several factors, including both the general slowing of the offshore wind business, and Orsted’s own announcement that it will incur a $1.69 billion impairment charge related to its Sunrise Wind project off the coast of New York. Company CEO Mads Nipper attributed the charge to delays and cost increases and said the project completion date is now delayed to the second half of 2027.

But there can be little doubt that the raft of energy-related executive orders signed by Trump also contributed to the drop in Orsted’s stock price. As part of a Day 1 agenda consisting of a reported 196 executive orders, the new President took dead aim at reversing the Biden Green New Deal agenda in general, with a special focus on wind power projects on federal lands and waters.