J P M O R G A N Asia Pacific Equity Research 26 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Utilities & Renewables Blog Continual activity in China offshore wind; 2025 ESS installation beats; selective on gas utilities Daqi Jiao (852) ...

Core Insights - Cadeler has signed an agreement for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in Europe [1] Company Summary - The agreement involves significant logistical operations related to offshore wind energy infrastructure [1]

The offshore wind industry has pledged to invest €9.5 billion ($11.3 billion) in its supply chain by 2030 to help expand capacity in the North Sea as European countries work to turn one of the most famous oil basins into what German Chancellor Friedrich Merz called “the world’s largest clean energy reservoir.”Leaders and energy ministers from nine nations including the UK and Norway came to Hamburg on Monday to sign a declaration on accelerating the technology. The sector, in turn, will also mobilize €1 tri ...

Ørsted has welcomed a newly signed Joint Offshore Wind Investment Pact for the North Seas, calling the agreement a major step toward accelerating offshore wind deployment and stabilising investment conditions in Europe’s core renewable power market. The pact was signed at the North Sea Summit 2026 in Hamburg by the governments of Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, and the United Kingdom, alongside offshore wind developers and transmission system operators. Whi ...

Core Viewpoint - A federal judge has allowed Dominion Energy Inc. to resume construction of its $11 billion wind project off the coast of Virginia, despite ongoing legal challenges against a stop-work order issued by the Trump administration [1][2][4]. Company Summary - Dominion Energy is facing significant financial losses, reportedly losing about $5 million daily due to the halt in construction, with over two-thirds of the expected total project cost of $11.2 billion already spent [7]. - The company plans to safely restart work on the project, which includes 176 wind turbines expected to begin delivering electricity soon, while continuing its legal challenge [4][9]. - Dominion's legal arguments assert that the government's reasons for the construction pause are not plausible and infringe on its constitutional rights [12]. Industry Summary - The offshore wind industry in the U.S. has encountered various challenges, including inflation, supply chain issues, and rising costs due to tariffs, leading to project cancellations and delays [6]. - The Trump administration's actions, including a stop-work order on offshore wind projects citing national security concerns, have been met with legal resistance, with multiple judges ruling against the government's claims [3][10][11]. - The industry is under pressure to meet growing energy demands, particularly in Virginia, which hosts a significant concentration of data centers and military facilities [9].

Key Takeaways EQNR will restart Empire Wind work after a U.S. District Court granted a preliminary injunction.Equinor warned further delays could cause cost overruns, loan defaults, and losses up to $5.3 billion.EQNR says Empire Wind is over 60% complete and is expected to power nearly 500,000 New York homes.Equinor ASA (EQNR) announced that it will resume construction activities for the Empire Wind project offshore New York after being granted a preliminary injunction by a U.S. District Court. The U.S. Dis ...

A federal judge will rule on whether Norwegian offshore wind developer Equinor can resume work on its New York Empire Wind project at a hearing on Thursday, according to a court communication. ...

Core Viewpoint - Shares in Danish offshore wind developer Orsted increased by over 5% following a US federal judge's decision to allow the company to continue work on its nearly completed Revolution Wind project, marking a significant legal victory for the firm [1] Company Summary - Orsted is a Danish offshore wind developer that has seen a notable rise in its stock price due to favorable legal developments regarding its Revolution Wind project [1] Industry Summary - The offshore wind industry is experiencing positive momentum as legal challenges are resolved, enabling companies like Orsted to advance their projects and potentially enhance their market position [1]

Core Viewpoint - Shares of Danish offshore wind developer Orsted increased by 5.1% following a U.S. court ruling that allows the company to resume work on its nearly completed Revolution Wind project, alleviating concerns about potential delays [1] Group 1 - The U.S. court's decision is a significant development for Orsted, as it enables the continuation of the Revolution Wind project, which is nearing completion [1] - The market reacted positively to the news, reflected in the 5.1% rise in Orsted's share price [1] - The ruling addresses fears of massive delays that could have impacted the project's timeline and financial outlook [1]

A federal judge on Monday cleared Danish offshore wind developer Orsted to resume work on its nearly finished Revolution Wind project, which U.S. President Donald Trump's administration halted along with four other projects last month. ...