DAVID BLACKMON: Trump Can’t Be Blamed For All Of Offshore Wind’s U.S. Failings

Some observers are now attempting to blame the ongoing collapse of the U.S. offshore wind industry on the sea change in federal policies being implemented during this second presidency of Donald Trump. But the reality is far more complicated than that, and the recent struggles of big Danish developer Orsted in its U.S. endeavors are a symptom of a larger, industry-wide problem.

Orsted made news again Monday when its stock fell precipitously following its receipt of a stop work order impacting its Revolution Wind project off the coast of Rhode Island issued by the Department of Interior. The order was issued to “address concerns related to the protection of national security interests of the United States and prevention of interference with reasonable uses of the exclusive economic zone, the high seas, and the territorial seas.” It was the second time in two weeks that Orsted suffered a major blow to its U.S. prospects.

“This is a huge hurdle with regards to raising capital,” an analyst from Sydbank told Reuters. “I’ve experienced a lot in my more than 20 years as a stock analyst, but this tops it all, I’m stunned.”

While Orsted has certainly been the big newsmaker in the U.S. offshore wind space in recent weeks, it is far from the only company experiencing such issues of project viability. There can be no doubt that the Trump policy reforms have had a significant impact, but Orsted’s U.S. problems go back for years.

In 2023, for example, right in the middle of the Biden administration’s push to rush offshore wind development before voters could have a say in the matter, Orsted announced it was abandoning