European Wind Companies Fall After Trump Slams Turbines
In a press conference at his Florida resort on Tuesday, Trump called wind energy "the most expensive form of power."
U.S. President-elect Donald Trump stated on Wednesday that he would work to ensure “no wind turbines are built” during his term, triggering a sharp decline in European wind energy stocks.
His remarks, made less than two weeks before his inauguration, have raised concerns about the future of the U.S. wind energy market, the world’s second-largest after China.
Impact On Stocks and Comments
Shares of major offshore wind developers, including Denmark’s Ørsted and Germany’s RWE, as well as turbine manufacturers Siemens Energy, Nordex, and Vestas, dropped between 2.9% and 7.3% following the comments.
In a press conference at his Florida resort on Tuesday, Trump called wind energy “the most expensive form of power,” adding, “It’s many, many times more costly than clean natural gas.” He went on to describe wind turbines as “a disaster,” stating, “They litter our country like garbage in a field. They rust, they decay, they collapse, and nobody wants to remove them because it’s too expensive.”
Market and Regulatory Uncertainty
Trump’s renewed criticism of wind energy has fueled investor fears of regulatory shifts during his second term, prompting companies to reconsider or delay expansion plans. However, implementing such policies could prove complex, given the significance of wind energy in Republican strongholds like Texas.
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