U.S. Government Halts Major Wind Project, Renewable Energy Stocks Decline

Shares of renewable energy companies tumbled after the U.S. Bureau of Ocean Energy Management issued a stop-work order for the Revolution Wind Project off Rhode Island. The project, 80% complete with 45 of 65 turbines installed, now faces an uncertain future. NextEra Energy (NEE), Clearway Energy (CWEN), and Northland Power (NPI) all saw declines following the announcement.

Danish developer Orsted (ORSTED) bore the brunt of the selloff, with shares plunging 16% in a single session. The halt compounds challenges for the company as it seeks capital to fund its wind energy infrastructure pipeline. This decision aligns with the TRUMP administration's broader pivot away from renewables toward fossil fuel development, following earlier cuts to solar energy programs.