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(Sharecast News) - Shares in Orsted surged on Tuesday after a US judge ruled that the Danish renewable energy outfit could resume construction of a wind farm off the coast of Rhode Island, overturning a Trump administration stop-work oder.
The US Bureau of Ocean Energy Management ordered work on the Revolution Wind project to stop in August, despite it being 80% complete, costing Orsted a reported $15m a week.
Trump has clamped down on the wind power industry in his return to office, signing an executive order to suspend new federal wind leases in his first day at the White House.
However, Orsted appealed the decision, claiming that that the BOEM didn't have the legal authority to stop construction.
Orsted has said that the judge's ruling on Monday means it would "resume impacted construction work as soon as possible, with safety as the top priority".
Meanwhile, the Danish firm has had to push back the completion date of its Sunrise Wind project offshore Long Island, New York to 2027 because of the stop-work order, costing the company an estimated $10m a week.
Shares were 6.4% higher at DKK177.90 by 1034 in Copenhagen, having jumped as much as 12.0% earlier on.
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