Unlock the White House Watch newsletter for free
Your guide to what Trump’s second term means for Washington, business and the world
The Trump administration is suspending leases on all large offshore wind projects in a fresh attack on the sector, which the US president has repeatedly criticised.
The US government cited national security concerns as it said it was pausing the leases to the “expensive, unreliable, heavily subsidised projects”.
In a post on X, interior secretary Doug Burgum said President Donald Trump was “bringing back common sense to energy policy and putting security FIRST!”
Shares in Ørsted, the world’s largest offshore wind developer, fell by more than 14 per cent after the announcement, while those in wind turbine maker Vestas fell more than 4 per cent.
This is a developing story