Ørsted Finishes Revolution Wind Despite US Shutdown Orders
Revolution Wind is finished. Danish developer Ørsted says the 704-megawatt offshore farm off the US East Coast began commercial operations in October, after much of the past year spent fighting to stay under construction.
A legal fight that may not be over
Completion does not necessarily end the project's regulatory problems. In October the Interior Department asked a court to let it revisit the approval it had given for the wind farm's construction and operations plan.
How the project got here
In August 2025 the Trump administration ordered construction halted on national security grounds. A federal judge let work resume. In December the administration issued a second suspension order, part of a wider effort to stop five offshore wind projects under construction along the East Coast.
Ørsted challenged that second order in federal court, saying billions of dollars had already gone into the project after a long federal permitting process. The farm was then roughly 87% complete. A federal judge later granted a preliminary injunction so that work could continue.
What was built
The farm is a joint venture between Ørsted and Skyborn Renewables. It has 65 turbines and can power more than 350,000 homes in New England. Commercial operations means it now delivers electricity under its power purchase agreements with utilities in Rhode Island and Connecticut. It began producing electricity earlier this year, the last turbine went in during September, and full operation followed a month later.
Ørsted's third-quarter numbers
The company kept its full-year EBITDA guidance at more than DKK 28 billion. It lowered expected gross investments for 2026 to between DKK 45 billion and DKK 50 billion, a change it says reflects payment timing rather than lower overall project costs. Chief executive Rasmus Errboe said: "We continue to deliver on our strategic priorities."
Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding new partnerships and cancellation fees, rose 19% in the first nine months of 2026. The total was DKK 20.2 billion ($3.0 billion), up from DKK 17.0 billion. On the same basis, third-quarter EBITDA climbed 72% to DKK 5.26 billion. Ørsted points to stronger wind, higher electricity prices and more output from newly finished farms.
Profit tells a different story. The company recorded a third-quarter net loss of DKK 728 million, and nine-month profit fell to DKK 2.6 billion from DKK 6.5 billion. It blamed most of the drop on impairments, which are accounting write-downs that carry no cash cost, linked to higher interest rates hitting its US projects.
Other projects
At Sunrise Wind, a 924-megawatt project off New York and Ørsted's other major US offshore development, all turbine foundations are installed and construction continues. Germany's Borkum Riffgrund 3 has also reached commercial operations. Construction continues in Taiwan, Poland and the United Kingdom.
Source: gCaptain