Renewable energy groups saw a major boost this week following the clarity of the US midterm election results, with Democrats gaining full control of Congress. Shares in Ørsted rose more than 12%, while EDP Renewables climbed nearly 9%. In the US, First Solar gained 11% and Next Era Energy rose 6%. Ørsted CEO Rasmus Errboe welcomed the outcome, noting the completion of the Revolution Wind farm off Rhode Island, which had been hit with stop-work orders under the Trump administration.
The company is now finalising its Sunrise Wind project and maintains a strong onshore presence. Morningstar analyst Tancrede Fulop said the political shift provides 'much-needed confidence' and reduces regulatory risk for ongoing projects. Ørsted reported a 19% rise in adjusted earnings to 20.2bn DKK (£2.2bn) for the first nine months, executing an 8.1 gigawatt build schedule on time. Despite past challenges, including a $9.4bn rights issue and project pullbacks, the company is stabilising.
In the UK, Ørsted continues building the world’s largest wind farm off Norfolk, while National Grid reported doubled statutory profits of £1.7bn, with CEO Zoë Yujnovich highlighting affordability benefits from transmission investment.
Source: Financial Times Companies · Summarized by HeadlinesBriefing