Orsted Faces Market Uncertainty as US Halts Revolution Wind Project Construction
Orsted Faces Market Uncertainty as US Halts Revolution Wind Project Construction Shares of offshore wind developer Orsted plummeted by approximately 17% on Monday, hitting a record low, following a stop-work order issued by the U.S. government for its nearly completed Revolution Wind Project. The U.S. Bureau of Ocean Ocean Energy Management (BOEM) issued the order late Friday for the project off Rhode Island, which is reportedly 80% complete with 45 out of 65 turbines installed. Orsted confirmed it would comply…