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Orsted Shares Fall After Stop-Work Order on Revolution Wind Project
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Today: Danish renewable-energy company told to cease all activity at an offshore wind project off Rhode Island; new bill will require insurers to notify homeowners of aerial photos; driving an EV deep into the wilderness.
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Orsted said Monday that the stop-work order for Revolution Wind emphasizes the increased regulatory uncertainty for offshore wind in the U.S. Photo: David Goldman/Associated Press
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Welcome back: Shares in the Danish renewable energy company Orsted fell this morning after it received a stop-work order from the U.S. government related to an offshore wind project in U.S. waters.
The Interior Department’s Bureau of Ocean Energy Management on Friday ordered Orsted to stop all activities on the Revolution Wind project, a joint venture with Global Infrastructure Partners’ Skyborn Renewables. Construction of the project off the Rhode Island coast began last year and it is now 80% complete, with 45 out of the 65 turbines installed.
The bureau said it needed time to address concerns arising from a review commissioned by the Trump administration, which suspended new federal wind leases shortly after the president’s inauguration.
The stop-work order compounds the Danish energy company’s challenges in the U.S. as President Trump cracks down on the wind-energy sector. On Aug. 11, Orsted’s shares plunged after it said it was unable to sell part of a wind farm off the coast of New York, blaming “recent material adverse development in the U.S. offshore wind market.”
Orsted isn’t the first European wind-energy company to be hit by the Trump administration’s review into offshore wind projects. Norwegian energy giant Equinor had its Empire Wind project temporarily halted in April, leading the company to book nearly $1 billion in impairments.
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Content from our sponsor: Deloitte
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The EU Deforestation Regulation Is Here. Are You Ready?
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Beyond compliance, EUDR can be a strategic opportunity to establish a stronger understanding of the full supply chain and build stronger, more adaptable, and resilient operations. Read More
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New Bill Will Require Insurers to Notify Homeowners of Aerial Photos
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A robot camera system is brought back to earth with a parachute. Photo: Near Space Labs
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Airborne cameras are taking pictures of individual houses across the U.S., WSJ Pro Susustainable Business's Clara Hudson reports.
Insurance companies use the photos to inspect buildings after extreme weather, from hurricanes to hailstorms. But they also use them to determine which homes are too risky to insure.
A bill in California—a state plagued by earthquakes and wildfires—would require insurers to notify policyholders if aerial photos could be taken during the policy period, and would direct insurers to spell out how consumers can get a copy of the pictures, which could be used to fight insurance cuts or changes.
U.S. insurance companies have used aerial images to justify scuttling policies for properties that they deem too risky, which has alarmed some consumers who didn’t know their homes were being photographed. Insurers typically rely on airplanes and drones to snap photos of buildings, part of how they assess underwriting and pricing.
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I Drove an EV Deep Into the Wilderness and Didn't Run Out of Juice
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Christopher Mims went on a near 1,600 mile road trip in a Rivian R1S electric SUV.
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There are now nearly 12,000 fast-charging stations in the U.S., with around 60,000 total ports, according to the electric vehicle-charging data platform Paren, the WSJ's Tech Columnist Christopher Mims writes.
By 2030, the U.S. is projected to have 180,000—three times as many—fast-charging ports, according to William Hotchkiss, head of public charging for GM. A collaboration called Ionna, which includes eight automakers including GM, plans to roll out 30,000 new chargers in that time.
The implications are huge: EVs are no longer best-suited for people who only charge at home and mostly tootle around cities. They can finally be for just about everyone.
The charger build-out is happening despite the Trump administration’s pullback on those EV incentives. An EV road trip might have its fair share of hiccups, he writes, but range anxiety isn’t one of them.
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1.4%
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Fall in Australia's greenhouse gas emissions, according to the country's government, representing a 28% reduction from the level in 2005, the baseline year for the country's 2030 Paris Agreement target.
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Norway's Northern Lights carbon capture and storage project starts operations with first CO2 injected. (Reuters)
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Blackrock acquires stake in Eni’s carbon capture platform. (ESG Today)
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Electricity prices are surging. How the political fallout could hit companies, too. (Barron's)
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Green Climate Fund chief Mafalda Duarte: ‘We need a different scale of investments.’ (FT)
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Here’s why climate change is actually not an existential crisis. (Forbes)
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Google CSO Kate Brandt on adding ‘heart’ to climate communications. (Trellis)
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How methane-zapping technology could finally solve the cow burp problem. (Heatmap)
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How weapons of mass destruction became popular with ESG investors. (Bloomberg)
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