US lifts ban on New York offshore wind project
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The administration’s order that stopped work on the New York project served as a warning for the entire offshore wind industry in the U.S.
The federal Bureau of Ocean Energy Management pointed to an update on its Empire Wind website saying its order to halt all work on the $7 billion project has been lifted "during the ongoing review" of the project's potential environmental impacts.
Shares of offshore wind developer Orsted rose 15% on Tuesday after the U.S. administration revoked an order to halt work on a project by peer Equinor, easing concerns over the Danish company's U.S. projects under development.
Shares of European wind companies rose on Tuesday after the Trump administration’s reversal of an order to halt a $5 billion wind energy project off the coast of New York offered some respite to an ailing industry.