A US judge ruled construction can continue on Orsted's nearly-completed wind farm off the coast of Rhode Island, quashing an effort by the Donald Trump administration to halt the project. Orsted said it would resume work following a ruling that the Revolution Wind project could suffer “irreparable harm” unless construction was allowed to continue for now. Bloomberg's Will Mathis has more. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss ...

Core Viewpoint - Shares in Orsted increased by up to 12% following a U.S. federal judge's ruling that allows the company to resume work on the nearly completed Revolution Wind project, which had been previously halted by U.S. President Donald Trump [1] Group 1 - Orsted's stock performance showed a significant rise of 12% in early trading [1] - The federal judge's ruling is a pivotal development for Orsted, enabling the continuation of the Revolution Wind project [1] - The Revolution Wind project is described as being almost completed prior to the halt [1]

Core Viewpoint - Orsted's shares increased following a U.S. federal judge's ruling allowing the company to resume work on its nearly completed offshore wind project, Revolution Wind, amidst ongoing challenges from the Trump administration against the renewable energy sector [1][2]. Group 1: Project Status and Financial Implications - The Revolution Wind project is located 15 miles (24.14 km) off the coast of Rhode Island and was 80% complete, with all offshore foundations in place and 45 of 65 wind turbines installed when the work-stop order was issued [5]. - Orsted has incurred losses of $2 million per day since the U.S. Bureau of Ocean Energy Management issued the work-stop order on August 22 [2]. - The company and its joint venture partner, Skyborn Renewables, have already spent or committed approximately $5 billion to the project, with potential breakaway costs exceeding $1 billion if the project is canceled [6]. Group 2: Legal and Regulatory Context - The recent legal ruling is temporary and blocks the enforcement of the stop-work order while the case is under review, providing near-term relief to Orsted [4]. - The Trump administration's attorneys argued that the project did not comply with permit conditions related to national security and scientific ocean surveys, which Orsted disputed [3]. - Analysts caution that the White House may appeal the decision or take further regulatory actions against other projects, posing ongoing risks to the renewable energy sector [2]. Group 3: Market Reaction and Future Outlook - Following the ruling, Orsted's shares rose by 6.45% to 118 Danish crowns, having initially increased by as much as 12% at market open [4]. - The ruling has reduced the immediate risk of a credit rating downgrade for Orsted, although there remains a high political risk in the U.S. market [4]. - Orsted's CEO has indicated that costs could rise significantly by October if specialized vessels for the remaining installation are not available within the contracted period, potentially leading to higher market rates [7].