European clean energy stocks tumble as Trump wins presidency [Yahoo! Finance Canada]
EDP ENERGIAS PRTGL S/ADR (EDPFY)
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Source: Yahoo! Finance Canada
Wednesday after Donald Trump was elected president of the United States, as investors fretted over a potential dismantling of U.S. support for renewables and climate policy. Trump had vowed to scrap offshore wind projects through an executive order on his first day in office and to roll back climate regulations implemented under President Joe Biden. That includes leaving the Paris Agreement, under which countries pledge to limit global warming, and potentially undoing Biden's flagship Inflation Reduction Act, which provides massive subsidies and incentives to clean energy technologies. The world's largest offshore wind developer Orsted fell 10% by 1133 GMT while wind turbine makers Vestas and Nordex traded down around 8% and 6%, respectively. "The key message is that uncertainty is back," Alphavalue analyst Pierre-Alexandre Ramondenc told Reuters. The U.S. renewables market is a key growth sector for several European utility companies, including Portugal's EDP Renovaveis, Or
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