Orsted Shares Tumble After Stop-Work Order on Revolution Wind Project — Update
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Orsted shares fell 16% to 180.35 Danish krone after receiving a stop-work order from the U.S. government on its Revolution Wind project off Rhode Island. This order adds to the company's challenges in the U.S. wind energy sector, which has seen increased regulatory uncertainty. Orsted is proceeding with a $9.4 billion rights issue and is evaluating options to resolve the situation, which could lead to $3 billion in impairments. The project is currently 80% complete, with hopes to resume construction by late 2026.
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