The offshore wind industry is taking an optimistic stance, pledging to work with Trump his political allies. National and New Jersey wind industry groups, and several offshore wind developers including Atlantic Shores and Denmark-based Orsted, issued similarly worded statements highlighting terms likely to appeal to Republicans including job creation, economic development and national security.
"By combining the strengths of all domestic energy resources, the Trump administration can advance an economy that is dynamic, secure, and clean," Jason Grumet, CEO of the American Clean Power Association, said in a statement. “We are committed to working with the Trump-Vance administration and the new Congress to continue this great American success story."
But few Republicans were in a welcoming mood following the election. New Jersey Assemblyman Paul Kanitra listed the major offshore wind companies in a Facebook post, saying, "It's time to pack your bags and get the hell away from the Jersey Shore, our marine life, fishing industry and beautiful beaches."
Kanitra said he was looking forward "to your stock prices tanking." And that was starting to happen.
The stock prices of European offshore wind companies, many of which are planning or building projects on the U.S. East Coast, plunged amid fears the new administration would seek to slow or end such projects. Orsted closed down nearly 14% on Wednesday and was down 11% over the past five days. Turbine manufacturer Vestas Wind Systems was down nearly 24% over that same period.