Summary
President Donald Trump's administration paused leases on five large offshore wind projects due to national security concerns. The suspension affects ongoing projects on the Atlantic coast and has impacted the stock prices of companies involved.
Key Facts
- The U.S. government paused five offshore wind projects on the Atlantic coast.
- National security concerns, such as radar interference from turbines, are cited as reasons for the pause.
- The decision affects companies like Orsted, Dominion, and Equinor, causing their stock prices to drop.
- The Department of Defense raised concerns about radar interference from turbine blades and towers.
- The Department of the Interior stated the pause allows time to assess security risks with leaseholders.
- The projects affected include Orsted's Revolution Wind and Sunrise Wind, and Equinor's Empire Wind 1.
- A trade group, National Ocean Industries Association, urged a quick end to the pause, citing previous reviews with no security objections.
- President Trump has expressed opposition to wind energy, favoring oil and gas drilling instead.
