Trump told reporters Tuesday, 'We're going to try and have a policy where no windmills are being built,' The Danish wind turbine manufacturer Vestas and wind developer Orsted fell nearly 7% Wednesday in the wake of Trump's remarks.The president-elect went on a lengthy attack against wind turbines during yesterday's press conference, arguing that they are too expensive, require subsidies and lack public support.
Trump's opposition to wind power creates further challenges for an industry that has already struggled in the face of high interest rates that have raised the cost of developing new projects more expensive. In late 2023, for example,Still, wind power has expanded in the U.S., growing from 2.4 gigawatts in 2000 to 150 gigawatts by April 2024, according to data from the Energy Information Administration. Electricity generation from wind hit a record in April 2024 and beat generation from coal-fired plants, according to EIA data
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Trump Vows to Block Windmill Construction, Sending Stocks PlummetingPresident-elect Trump announced a policy aimed at preventing the construction of new windmills, citing their high cost, reliance on subsidies, and lack of public support. This statement sent shockwaves through the wind energy sector, causing a significant drop in the share prices of Vestas and Orsted, leading wind turbine manufacturers and developers respectively.
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