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.

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.)