Flash | 22 Jan 2026 12:52:32 ET │ 10 pages Ningbo Orient Wires & Cables (603606.SS) Positive Outlook on Order Execution and New Demand in 2026E CITI'S TAKE We hosted a call with the IR manager of NBO. Key takeaways: (i) NBO expects to deliver most of its order backlog, totaling over Rmb20bn by end-2025, during 2026-27E, including delivery of much high-voltage subsea cable orders likely in 2026E; (ii) management expects China offshore wind installation to be 10-12GW in 2026E and potentially up to 15GW p.a. i ...

Core Viewpoint - Orsted has initiated legal action against the Trump administration due to the suspension of its $5 billion Revolution Wind project, which is a significant offshore wind initiative in the U.S. [1][4] Group 1: Legal Action and Financial Implications - Orsted aims to obtain a court injunction to counter the U.S. government's decision to halt the Revolution Wind project, which is located approximately 15 miles south of the Rhode Island coast [2]. - The company has invested and committed billions of dollars in the Revolution Wind project, emphasizing that it has complied with a thorough review process [3]. - Following the announcement of the legal action, Orsted's shares increased by over 4%, making it one of the top performers in the pan-European Stoxx 600 index [2]. Group 2: Project Background and Government Actions - The Trump administration suspended leases for five large offshore wind projects, including Revolution Wind, citing national security concerns identified by the Pentagon [4]. - The Revolution Wind project is a joint venture between Orsted and Global Infrastructure Partners' Skyborn Renewables, with approximately $5 billion already spent on the project [4].

Core Viewpoint - BP and JERA have decided to discontinue their joint offshore wind venture, JERA Nex bp, in the US due to significant political pushback and challenges in the offshore wind sector [1][2][3]. Group 1: Project Details - The planned 2.5 gigawatt (GW) Beacon wind farm off Massachusetts is directly impacted by the decision to cease operations [1]. - The joint venture, JERA Nex bp, was established in December 2024 and officially launched in August 2025, with a combined net potential generating capacity of 13GW [3][4]. - The venture includes 1GW of installed net generating capacity, a development pipeline of 7.5GW, and secured leases amounting to 4.5GW [4]. Group 2: Challenges Faced - The US offshore wind industry is experiencing significant challenges, including supply chain disruptions, inflation, and political risks, particularly for projects in federal waters [2]. - The current political environment under President Donald Trump has led to a halt in several offshore wind projects, creating uncertainty for future developments [1][2]. Group 3: Future Plans - Despite ceasing operations, JERA Nex bp will retain lease rights for the Beacon project and will monitor the situation for a more favorable time to restart development [3].

Financial Strategy - Ørsted plans to sell new shares at a 67% discount [1] Investor Confidence - The offshore wind developer works to rebuild investor confidence [1]

Renewable Energy Policy - The Trump administration is targeting offshore wind energy development [1] - Five US offshore wind developments are under review [1]

Offshore Wind Development - Connecticut Governor Ned Lamont pledged collaboration with the Trump administration to resume construction on a significant offshore wind development [1] - Governor Lamont expressed confidence in reaching an agreement despite the Interior Department's unexpected decision to suspend the project [1]

Regulatory Changes - The Trump administration is revoking approval for millions of acres of ocean designated for offshore wind development [1]