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Trump's win will hit offshore wind investment, firm warns

The Guardian

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November 14, 2024

Donald Trump's election victory has increased the risks of investing in offshore wind projects, a German energy company has warned, even as a UK developer said his return to the White House could help bolster Britain's renewables sector.

- Jillian Ambrose

Trump's win will hit offshore wind investment, firm warns

RWE yesterday cut its spending plans and warned that, as a result of the US election, "the risks for offshore wind projects have increased".

The energy supplier, which is behind a string of wind and solar projects, shaved €3bn (£2.5bn) from its spending plans for the next financial year to €7bn, down from €10bn in 2024. It will also delay plans to invest €55bn in renewables before 2030.

But Alistair Phillips-Davies, the chief executive of SSE, said a clean energy slowdown in the US could be "a real positive" for the UK, even after Trump's victory wiped billions from the market value of Europe's largest renewable energy developers.

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