The green energy sector has recently been hit hard by reports from US President Donald Trump, who does not have a big crush on wind turbines, for example. Therefore, the sector must have breathed a sigh of relief on Tuesday night, when a work stoppage on a Norwegian offshore wind farm in the US was suddenly lifted.
The relief is certainly visible among shareholders, who on Tuesday, among other things, sent Danish energy company Ørsted soaring by 14.5 percent.
The increase should be seen in light of the fact that the US government put a stop to the construction of the Empire Wind wind farm off the coast of New York at Easter.
This has created fears that something similar could happen to Ørsted, which is building two offshore wind farms off the US east coast.
But now the work stoppage on Empire Wind has been lifted. Norwegian Equinor, which is behind the park, expects it to be operational as planned in 2027, it was said in a press release on Tuesday night.
Stop would have cost Ørsted billions
Jacob Pedersen, head of equity research at Sydbank, said earlier on Tuesday that he sees it as a victory for the wind industry that the work stoppage has now been cancelled.
- This gives a very strong indication that Ørsted may be allowed to build the Sunrise Wind project in the US. If that project had been stopped, Ørsted could look forward to a large bill in the billions, he says.
Jacob Pedersen estimates that an ordered stop for Sunrise Wind would cost Ørsted between 15 and 25 billion kroner.
Ørsted helped to pull up the entire Danish C25 stock index on Tuesday. The index, which also includes companies such as Maersk, Danske Bank and Vestas, has risen 1.4 percent.
This means that the index is now around zero for the year, and that it has thus also recovered from the significant fall that it suffered along with the rest of the stock market in early April.
The unrest was triggered by Donald Trump, who raised tariffs on goods from a large number of countries. This led economists to fear a recession - that is, a period of economic decline.
The president has since partially put his tariff plans on hold, and most recently the tariff war between the US and China has also softened a bit.
/ritzau/
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