Orsted shares rise 12% after US Judge lifts Trump's ban on Revolution Wind project
Orsted shares rose up to 12% on early Tuesday trade after a U.S. Federal Judge ruled it could resume work on the nearly completed Revolution Wind project that was halted last month by U.S. president Donald Trump's government. Trump has been repeatedly critical of wind farms, calling them ugly, unreliable, and expensive. He has urged federal agencies to curtail the development of wind power. Orsted however has a major win. Orsted, an offshore wind energy developer, has lost $2 million per day since August 22 when the U.S.
US Judge rules Trump can't block Rhode Island offshore Wind Project
A federal judge ruled that the Danish offshore wind developer Orsted could restart the work on the almost finished Revolution Wind project, off the coasts of Rhode Island. The project was halted by President Donald Trump’s administration last month. Trump's efforts to stop offshore wind expansion in U.S. waterways have been hampered by the ruling. Orsted has won a tangible victory, as it is losing $2 million per day since August 22, when the project was stopped. Revolution Wind is located about 15 miles from the coast.
US court weighs Trump's halt to Rhode Island offshore wind project
On Monday, a federal judge will review a request from Danish offshore wind developer Orsted for the restart of work on the almost finished Revolution Wind project that was halted by President Donald Trump’s administration last month. Orsted, along with its joint venture partner Skyborn Renewables, has asked Judge Royce Lamberth at the U.S. District Court of Washington for a preliminary injunction to be granted in a suit they filed earlier in the month against the U.S. Interior Department's order to stop work. The Revolution Wind project is located 15 miles from the coast of Rhode Island.
Developer says US stoppage of Rhode Island offshore wind is unjustified
According to court documents filed Thursday, the owners of Revolution Wind claimed that the reasons given by the Trump administration for stopping the work on their Rhode Island offshore windfarm were "factually inaccurate" and revealed only after the government had ordered the project to be halted. The filing at the U.S. District Court for the District of Columbia was part of a suit filed earlier this month against a stop-work notice issued by the Department of the Interior to Revolution Wind in August. U.S.
US asks federal courts to cancel permit for Maryland off-shore wind farm
According to court documents filed Friday, the Trump administration asked a federal district judge to overturn the Interior Department’s approval for a wind farm to be built off the coast Maryland in 2024. Attorneys for the agency claimed that Interior's Bureau of Ocean Energy Management underestimated the impact of the project on search and rescue and the potential harm it could cause to commercial fishing. This is just the latest of a number of actions taken by the administration to stymie the development of offshore wind farms and other clean energy sources.
Orsted's Revolution Wind files suit against the Trump administration for project cancellation
A court filing on Thursday showed that the Revolution Wind joint-venture of Orsted, the Danish wind farm developer, has sued the Trump administration over its decision to stop construction of the project near Rhode Island. Last month, the U.S. Bureau of Ocean Energy Management gave Revolution Wind an order to stop work. The project was already 80% completed with 45 of 65 turbines and all offshore foundations installed. Revolution Wind, which is a joint venture of Orsted and Skyborn Renewables that has a 50/50 split, reported spending $5 billion so far on the project.
New England officials claim that the US's decision to halt a wind project is a mystery.
Business and government leaders in New England claimed that the Trump administration's decision to stop work on a nearly finished wind farm near the coast of Rhode Island is a threat to grid reliability and jobs, and it defies any explanation. Connecticut and Rhode Island state leaders demanded information from the Trump administration on why the order was issued late Friday to stop work on the Revolution Wind project. The Bureau of Ocean Energy Management, in its letter to Orsted project developer, cited concerns about national security that were not specified.
Orsted Shares Drop as US Halts Offshore Rhode Island Wind Farm
Shares in Orsted plunged 17% on Monday after the U.S. halted the Danish company's Revolution Wind project off Rhode Island amid President Donald Trump's pushback on renewable energy investments.Orsted, the world's biggest offshore wind farm developer, has already faced mounting challenges, including rising costs, higher interest rates, and supply chain disruptions, leading to delays and cancellations in the U.S. and other markets. The company's market value has plummeted 87% since its January 2021 peak.The U.S.
Orsted cash plan is at risk after Trump blocks US Wind Project
Analysts said that Orsted's plans to raise capital are at risk after a U.S. court order to stop construction on a nearly completed project. The Danish group's stock price may also be under pressure Monday due to the U.S. ruling. Orsted announced on Monday that it would continue with its planned rights issue, despite an order from the United States. The company is owned by the Danish government which holds 50.1%. The statement said that the planned rights issue was sized to strengthen Orsted's capital to execute its business plans…
US to sell Gulf of Mexico oil and Gas Leases in December
According to the U.S. Bureau of Ocean Energy Management, the Trump administration proposes to sell oil and gas drilling on 80 million acres of the Gulf of Mexico by December 10. Donald Trump has changed the name of the Gulf of Mexico to the Gulf of America. This sale is the first in a five-year drilling program, launched by Biden during the period of the auction. BOEM, an Interior Department division, said that the administration planned to offer approximately 15,000 unleased offshore blocks, located between 3 and 231 miles off shore.
South Carolina's Republican Governor asks that Trump's offshore drilling plan exclude South Carolina
The Republican Governor of South Carolina appealed Monday to the Trump Administration to exclude his state from an impending plan for offshore oil and natural gas production. The letter was sent as the Administration wrapped up a 45 day request for public input on a federal offshore leasing program. This could include new zones, such as in the Arctic or elsewhere, to maximize domestic energy production. The current plan for five years, which was developed by former president Joe Biden's administration, only includes three sales of rights to develop oil and gas in the Gulf of Mexico.
Wind opponents sue Trump Administration to block New York wind projects
Fishing companies, as well as offshore wind opponents, filed a suit on Tuesday to challenge the Trump administration’s decision to reverse its course and allow construction on Empire Wind to resume. Empire Wind is a $5 billion project for a wind farm off New York’s coast. Protect Our Coast New Jersey and Clean Ocean Action along with ACK for Whales, 12 fishing industry participants, filed a lawsuit in Trenton federal court, New Jersey to reinstate a stop-work order Interior Secretary Doug Burgum had issued in April, halting the construction of Equinor’s wind project.
Equinor could cancel New York offshore project due to Trump's order
Developer of major U.S. off-shore wind project warns that it will cancel Empire Wind facility near the coast of New York, if they cannot resolve a stop-work order from the Trump administration issued a month ago. Molly Morris is the president of Equinor's U.S. renewable energy division. She said that the company spends $50 million per week to keep this project alive. Morris stated in an interview that the situation was no longer sustainable. Interior Secretary Doug Burgum told Equinor on April 17 to stop construction of the project…
US to revise offshore oil and natural gas bonding rules era Biden
The Trump administration is revising a Biden era rule which required the oil and natural gas industry to provide new financial guarantees of nearly $7 billion to cover the costs of decommissioning older infrastructure. This was announced by the Interior Department on Friday. The agency stated in a press release that it would be developing a new regulatory framework, but gave no specifics. This move aligns with the efforts of President Donald Trump to reduce federal regulation and increase domestic energy production. A spokesperson for the Interior Department declined to comment further.
Trump Administration kicks off plan to expand offshore drilling
The U.S. The U.S. Donald Trump ordered the government to find ways to increase U.S. oil production. He argued that previous administrations had curtailed drilling unnecessarily to combat climate changes. He also rescinded the efforts of former president Joe Biden to stop oil drilling in the Arctic, and large areas along the U.S. Atlantic Coast and Pacific Coast. In a recent press release, Interior Secretary Doug Burgum stated that "Under the leadership of President Donald J.
BOEM Advances Offshore Wind Leasing in Guam
In support of the current administration’s goals to deploy 30 gigawatts (GW) of offshore wind energy capacity by 2030 and 15 GW of floating offshore wind energy capacity by 2035, the Bureau of Ocean Energy Management (BOEM) today announced the publication of a Call for Information and Nominations (Call) for possible wind energy leasing off the coast of the U.S. Pacific Territory of Guam.This Call will gather public comments to inform potential leasing areas, and results from close collaboration with the Government of Guam…
US offshore driller requests judge block insurers' demand for $250 million collateral
W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block the insurance companies' demand for $250 million additional collateral in exchange for tearing down old oil infrastructure. Offshore drilling companies are under increasing pressure to issue bonds for the decommissioning of oil and gas infrastructure within federal waters. In June, the Federal Bureau of Ocean Energy Management enforced its final rule amending financial assurance regulations to ensure that the industry pays for decommissioning and not taxpayers.
US offshore driller requests judge block insurers' demand for $250 million collateral
W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block insurance company demands for additional collateral of $250 million for tearing down old oil infrastructure. Offshore drilling companies are under increasing pressure to issue bonds for the decommissioning of oil and gas infrastructure within federal waters. In June, the Federal Bureau of Ocean Energy Management enforced its final rule amending financial assurance regulations to ensure that the industry pays for decommissioning and not taxpayers.
NOIA Reacts as BOEM Announces Next Steps for GoM Oil & Gas
National Ocean Industries Association (NOIA) President Erik Milito issued the following statement after the Bureau of Ocean Energy Management (BOEM) released the Draft Programmatic Environmental Impact Statement (EIS) for oil and gas leasing in the Gulf of Mexico:"We are pleased to see BOEM finally moving forward with the next step toward the first Gulf of Mexico oil and gas lease sale of the 2024-2029 offshore leasing program. This is not just about securing a lease sale in 2025…
BOEM ID's Environmental Measures for NY Bight Wind
In support of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030, the Bureau of Ocean Energy Management (BOEM) today issued a Record of Decision identifying environmental measures expected to be applied to future wind energy development of the six lease areas offshore New York and New Jersey in an area known as the New York Bight. BOEM estimates that full development of the six lease areas could generate up to 7 GW of offshore wind energy, enough to power up to two million homes.