Orsted Shares Sink on Writedown and Trump’s Anti-Wind Orders (2)

Orsted A/S shares slumped after it recorded a $1.7 billion hit on its earnings as the cost of building offshore wind farms in the US keeps rising, complicating the company’s efforts to expand the green technology from Europe.

It’s the latest in a long series of setbacks for Denmark’s Orsted, one of the world’s biggest developers of wind farms at sea. The news comes as President Donald Trump moved to stop federal permitting and leasing areas for new offshore wind projects in the US, putting the future of the industry in jeopardy.

Orsted fell as much as 18% in early ...