Vestas Shares Fall Amid US Election Results

Shares in Vestas (CSE:VWS), the world's largest wind turbine manufacturer, dropped in early European trading on Wednesday following indications of a likely victory for Donald Trump in the 2024 US presidential election.

Analysts had previously highlighted the election as a potential negative catalyst for Vestas' stock performance. Trump has vowed to halt offshore wind initiatives through an executive order on his first day in office, claiming that windmills are detrimental to the environment and harmful to wildlife, including whales and birds.

Vestas executives expressed readiness to collaborate with whichever candidate wins the election, be it Trump or Democratic contender Kamala Harris. Harris has actively supported offshore wind targets during her tenure in the Biden administration.

The stock price of Denmark-based green energy company Orsted (CSE:ORSTED) also fell amid trading activities in Copenhagen.

Trump has proclaimed victory in the election, asserting that the results give him a "powerful mandate." While major networks have not officially declared a winner, early ballots from several states suggest he is nearing a win.

Fox News has reported Trump’s victory over Harris, projecting wins in key swing states like Wisconsin. Trump secured 277 electoral college votes, surpassing the required 270, while Harris received 226 votes.

Fox News also indicated that Trump was consolidating support in other critical battleground states, including Pennsylvania, Georgia, and North Carolina.

Additionally, reports from the Associated Press and other outlets indicated that Republicans had gained a majority in the Senate and were on track to win the House of Representatives, heightening the possibility of a Republican sweep in the 2024 elections.

Such a scenario could facilitate Trump’s ability to implement significant policy changes if re-elected.

(Reuters contributed reporting.)