European wind stocks plummet following Trump's announcement to halt new wind turbine construction.

• Trump announced on Tuesday that the administration is considering implementing a policy to prevent windmills from being constructed.
• On Wednesday, Vestas and Orsted, both Danish wind turbine manufacturer and developer respectively, experienced a nearly 7% decline in their stock prices following Trump's comments.

On Wednesday, European wind power stocks plummeted following President-elect Trump's statement that he would hinder the construction of new wind turbines.

Trump announced at a press conference at his Mar-a-Lago home in Florida on Tuesday afternoon that they will attempt to establish a policy preventing the construction of windmills.

On Wednesday, Orsted, a Danish wind turbine manufacturer and developer, experienced a 7% decline in value following Trump's comments.

During yesterday's press conference, the president-elect launched a prolonged critique of wind turbines, asserting that they are costly, necessitate government assistance, and garner little public backing.

The opposition of Trump to wind power adds to the difficulties faced by an industry that has already been affected by high interest rates, which have increased the cost of developing new projects. In late 2023, Orsted suffered a $4 billion writedown and canceled two offshore wind projects off the coast of New Jersey.

Wind power has grown significantly in the U.S., increasing from 2.4 gigawatts in 2000 to 150 gigawatts by April 2024, according to EIA data. In April 2024, wind power generated the most electricity in the U.S., surpassing coal-fired plants, according to EIA data.