European renewable stocks fell sharply on Wednesday after Donald Trump won the U.S. presidential election, hit by fears over his aim to promote oil and gas drilling and revive the U.S. coal mining industry. Shares in Vestas, the world’s biggest wind turbine maker, plunged 10 percent in early trade in Europe, while German peer Nordex traded 6 percent lower. Spain’s Gamesa, which is being merged with Siemens, and Portugal’s EDP Renovaveis traded 3.4 and 5.3 percent lower, respectively.
Shares in Vestas Wind Systems A/S plunged after U.S. voters unexpectedly propelled Republican nominee Donald Trump to the presidency, sparking concern that the renewable energy industry will face political headwinds in the future. The world’s biggest maker of wind turbines fell as much as 14 percent and traded 6.6 percent lower at 440.20 kroner as of 10:22 a.m. in Copenhagen. The Danish company already lost ground last week as U.S. polls started to tighten, bringing this year’s declines to about 10 percent.
New York Sen. Chuck Schumer (D), who won a third term last night by 43 points, is poised to take over as Senate minority leader from retiring Sen. Harry Reid (D-Nev.). And given Trump’s upset victory in the presidential race and the Republicans’ enduring majority in the House, Schumer will soon become the most important Democrat in the country.
North Carolina Republican Gov. Pat McCrory, a former Duke Energy Corp. executive, has lost re-election in one of the country’s closest races. Democratic Attorney General Roy Cooper won by 4,772 votes. McCrory’s loss is a notable defeat for the GOP in an election in which other vulnerable party incumbents pulled through.
New Jersey Gov. Chris Christie (R) is heading Trump’s transition operation, with the assistance of veteran Republican energy policy experts. Trump’s transition team is expected to dramatically increase staffing as it prepares a policy agenda for the administration and works to fill top executive branch jobs. Lobbyist and longtime congressional energy aide Mike Catanzaro is among those helping with the transition. Energy lobbyist Mike McKenna is leading the Energy Department transition team; climate change skeptic Myron Ebell of the Competitive Enterprise Institute is heading up the EPA transition team; and former George W. Bush administration Interior official David Bernhardt is working on the Interior transition.
Sean Mish, director of systems integration for eWind Solutions, displayed the Wilsonville, Ore., company’s tethered kites during a Portland technology show in September 2016. The kites spin electrical generators as they deploy. The company markets them to farmers, who would sell the power to utilities. eWind Solutions won a $600,000 USDA grant to advance its work.
Tim Burke, president and chief executive of the Omaha Public Power District, said that even though the utility just closed down a major source of carbon-free electricity production at its Fort Calhoun nuclear power plant, ratepayers can expect to have additional clean energy to backfill a portion of its lost capacity. The Calhoun shutdown “begins our transformation in a new energy marketplace,” Burke said.
“We’re just trying to find funds wherever we can,” Robert Tranas, executive director of the children’s center. “We know it’s not looking any better for state funding or local for the foreseeable future. It’s got us all holding our breath and wondering how this is going to work out.”
Danish energy group DONG Energy plans to quit the oil and gas business to focus solely on offshore wind power, adding to billions of dollars of North Sea oil and gas assets already up for sale. DONG said last month it would sharpen its focus on wind power and could shed its oil and gas business, having hired JP Morgan to review the assets.
Environmentally minded residents who moved here for the region’s bucolic beauty worry the turbines will destroy the area’s pristine ridge. Opponents say the Spanish developer, Iberdrola Renewables, is trying to buy them off with promises of millions of dollars in payments over the next two decades to the towns and their full-time residents. But backers fret the towns will pass on a unique chance to shore up local finances and also lower their own tax bills. They also say wind power is a must if the state is to meet one of the nation’s broadest mandates for shifting from fossil fuels to renewable energy.