Trump's Victory Sends Shockwaves through European Clean Energy Market
The election of Donald Trump as U.S. President has led to a sharp decline in European clean energy stocks, including Orsted, Vestas, and Nordex, amid fears of executive action against offshore wind projects.
- Country:
- Denmark
The election of Donald Trump in the 2024 U.S. presidential race has sent European clean energy stocks into a dive, with market leaders like Orsted and Vestas seeing significant losses. Orsted's shares plunged 9.5% while Vestas fell 8.7%, and Nordex 3.4% as the energy sector reacted to Trump's win.
Trump has indicated a move to dismantle offshore wind projects through an executive order, leading to fallen shares in other big utilities like Germany's RWE and Portugal's EDP Renovaveis, which saw decreases of 2.3% and 6.8%, respectively.
The market turmoil comes as Fox News projected Trump's victory over Kamala Harris, pushing Vestas, Orsted, and EDP to become the most significant decliners on the pan-European STOXX 600 index.
(With inputs from agencies.)
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