Ørsted rises over 12 percent shortly after the stock exchange opens. This comes after a work stoppage at Norway's Equinor offshore wind farm in the US has been lifted.
At Easter, the US government suddenly ordered the construction of the Empire Wind wind farm off the coast of New York to stop. 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 at Empire Wind has been lifted, and Equinor expects the farm to be operational as planned in 2027.
The Norwegian energy company announced this in a press release on Tuesday night Danish time. It also states that the offshore wind farm is currently around 30 percent finished.
Analyst: Victory for the wind industry
Jacob Pedersen, head of equity research at Sydbank, sees it as a victory for the wind industry that the Trump administration has canceled the work stoppage at Empire Wind.
And it is really good news for Ørsted, because it removes much of the risk that Ørsted could be hit by a similar work stoppage.
- 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 of billions, he says.
Jacob Pedersen estimates that an ordered stoppage for Sunrise Wind would cost Ørsted between 15 and 25 billion. Like Empire Wind, Sunrise Wind is expected to be operational in 2027.
Ørsted's other project off the US East Coast, Revolution Wind, is further along and is expected to be operational in 2026.
/ritzau/
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