Ørsted’s offshore wind projects in the United State are entering rough waters, Save Jerseyans, and those well-publicized troubles are impacting its stock price. Severely and possibly fatally where the company’s American ambitions are concerns but only time will tell…
The foreign-owned green energy giant’s stock price was down 46.06% year-to-date as of Monday afternoon. Valued at $31 per share at the beginning of the year, the stock was worth less than $17 after the final bell at Monday’s close.
How did the collapse accelerate?
“The situation in U.S. offshore wind is severe,” Ørsted Chief Executive Mads Nipper explained to the media back in August. Ørsted has repeatedly agitated for more government aid and goodies in recent months as various market forces (and let’s face it, a shitty technology) conspire to produce serious headwinds.
Nipper’s comments came AFTER New Jersey gave his company a $1 billion bailout.
