It’s no surprise that Donald Trump has been fighting against wind energy for many years, whether it’s tweeting about it or making strong public statements. However, now that he’ll be President, there has been major concerns that the wind energy industry will take a hard hit.
Large wind energy companies already experienced a drop in shares after the results of the election were announced. Vestas had one of the biggest drops to their stocks on Wednesday alone, they experienced a 9% dip. According to Bloomberg, a little over 41% of Vestas revenues came from the Americas last year, a large chunk, to say the least.
Chairman of Vestas, Bert Nordberg said to Bloomberg, “The U.S. is not the only market in the world, but it’s important for us… I think Trump has a lot of other things to deal with right now rather than wind energy.”
Equity strategist at Formuepleje, Otto Friedrichsen, told Bloomberg, “The Vestas share reaction is a result of concerns that Trump will focus more on fossil fuels. Now there’s concern how Vestas will perform in the U.S. under a president who’ll be more interested in looking out for the country’s coal industry.”
Trump isn’t interested in renewable energy and even believes the Chinese came up with the concept of global warming:
Back in 2015 he was even embarrassed when it was found out that he held thousands of shares in one of the world’s largest wind energy producers, Nextera Energy.
Now that he will become the 45th President of the United States, it will be interesting to see how the wind industry is affected, and how quickly things may change.