The green dream of a thriving US offshore wind market has turned into a nightmare, with Danish giant Ørsted’s ambitions shattered by the Trump administration’s policies. The company’s stock has hit rock bottom after it was forced to announce a staggering $9 billion emergency fundraiser to stay afloat.
The nightmare began when the White House effectively froze the market by reviewing all wind energy permits and leases. This move crippled Ørsted’s financial model, which, like the rest of the industry, depends on selling partial ownership in projects to fund their enormous construction costs.
The company’s leadership has been blunt about the cause. CEO Rasmus Errboe called the circumstances “extraordinary,” highlighting the severe impact of US political hostility on top of already challenging supply chain logistics. The fundraising is a testament to the scale of the crisis.
Despite support from the Danish government, which owns half of the company, the event signals a dark turn for renewable energy. The turmoil at Ørsted suggests that political risk in the United States could now be the single biggest threat to the global transition to clean power.