Trump Administration Halts Nearly Completed Rhode Island Offshore Wind Project, Stock Plummets

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(RTTNews) - The Trump administration has ordered construction to stop on Revolution Wind, a nearly completed offshore wind farm being developed off Rhode Island, citing national security concerns.

The directive, issued by Bureau of Ocean Energy Management acting director Matthew Giacona in a letter to Danish developer Ørsted, immediately froze work on the multi-billion-dollar project, which is also backed by Global Infrastructure Partners. The decision marks the administration's latest move against renewable energy development. Earlier this year, President Trump imposed a moratorium on new offshore wind projects, while the IRS issued tax guidance that made it harder for renewable developers to qualify for incentives. The Commerce Department is also investigating whether imported turbine components pose security risks. Revolution Wind, slated to begin delivering power to Rhode Island and Connecticut in 2026, is already about 80 percent complete. Industry groups warned that a pause could have sweeping consequences for jobs, supply chains, and investor confidence. "The U.S. has only one fully operational offshore wind project today that is far from sufficient to meet rising demand," said Erik Milito, president of the National Ocean Industries Association. Ørsted said it is weighing legal action to resolve the matter "expeditiously." Advocates argue the stop-work order undermines long-term energy planning, drives up electricity costs, and jeopardizes investments in shipyards, ports, and union jobs tied to the project. Investor jitters were immediate; Ørsted's shares plunged nearly 17 percent on Monday, hitting a record low. Analysts warned that repeated halts including a similar disruption to New York's Empire Wind project earlier this year risk making the U.S. an unreliable market for renewable investment.