Azerbaijan has acceded to the Rotterdam Convention
Azerbaijan has acceded to the Rotterdam Convention on the Prior Informed Consent Procedure for Certain Hazardous Chemicals and Pesticides in Internati...
Wind farm developer Orsted's plan to raise much-needed capital is at risk following a U.S. order to halt construction of a near-complete project, and the Danish group's share price could come under pressure on Monday, analysts said.
The Trump administration's Bureau of Ocean Energy Management (BOEM) published its stop-work order late on Friday, forcing the suspension of a project that was 80% complete with all offshore foundations in place and 45 out of 65 wind turbines installed.
The timing of the halt to Revolution Wind off Rhode Island is particularly damaging for Orsted, which announced earlier this month a plan to raise 60 billion Danish crowns ($9.42 billion) through a rights issue.
"This is a huge hurdle with regards to raising capital," Sydbank analyst Jacob Pedersen 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," he added.
AlphaValue analyst Pierre-Alexandre Ramondenc said the U.S. move could jeopardise the success of the rights issue, which he described as "already highly dilutive."
"The news came as a major shock and amounts to nothing less than political hostage-taking by the U.S. administration, given the project's advanced stage," Ramondenc said.
On his first day in office in January, President Donald Trump suspended new offshore wind leasing pending environmental and economic review of projects. He has repeatedly criticised wind energy as ugly, unreliable and expensive.
Orsted's share price, already down 30% since announcing its plan on 11 August, now faces further downside risk, the analysts said.
Orsted has said it will update investors on the impact of the BOEM order but has not said when and has declined to comment further.
The company is 50.1% owned by the Danish state, and Denmark's Finance Minister Nicolai Wammen said he was "naturally following the case closely".
A small, silent object from another star is cutting through the Solar System. It’s real, not a film, and one scientist thinks it might be sending a message.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
The UN Secretary-General, António Guterres, warned on Tuesday that humanity has failed to limit global warming to 1.5°C and must take urgent action.
Hurricane Melissa has made landfall in south-western Jamaica as a category five storm, unleashing violent winds, torrential rain and life-threatening floods across the island.
Billionaire investor and philanthropist Bill Gates called on world leaders on Tuesday to adapt to extreme weather and focus on improving health outcomes rather than temperature reduction targets ahead of the COP30 climate talks in Brazil.
Three people have died in Jamaica as Hurricane Melissa, possibly the island’s strongest storm ever, approaches with “catastrophic” conditions, warn U.S. meteorologists.
A 6.1-magnitude earthquake struck the Sındırgı district in western Türkiye’s Balıkesir province late on Monday, according to the country’s Disaster and Emergency Management Authority (AFAD).
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