The Trump administration suspended leases on Monday for five large-scale offshore wind projects that are under construction off the U.S. East Coast over what it called national security concerns…
The Trump administration suspended leases on Monday for five large-scale offshore wind projects that are under construction off the U.S. East Coast over what it called national security concerns, sending shares of offshore wind companies plunging.
The suspension was the latest blow for offshore wind developers that have faced repeated disruptions under U.S. President Donald Trump, who has said he finds wind turbines ugly, costly and inefficient.
Shares in Danish energy firm Orsted, which owns two of the affected projects, traded down more than 12% by late morning, with other companies like Dominion and Equinor also trading lower.
The U.S. Department of the Interior said the Pentagon had raised concerns that the movement of huge turbine blades for offshore wind projects, as well as the highly reflective towers that hold them up, cause radar interference that can make it hard for the military to identify and locate threats.
"The prime duty of the United States government is to protect the American people," Secretary of the Interior Doug Burgum said in a press release.
The pause will give relevant federal agencies "time to work with leaseholders and state partners to assess the possibility of mitigating the national security risks posed by these
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