MUNICH/FRANKFURT (Reuters) – RWE and Siemens Energy, leading players in renewable energies, warned on Wednesday about the consequences of Donald Trump’s re-election for the offshore wind sector, signaling potential delays for this technology decried by the President-elect of the United States.

“Given the results of the US election, we see higher risks than before for the timely implementation of offshore wind projects in this country,” Michael Mueller, chief financial officer of RWE, told reporters , after presenting the results of the first nine months of the year of the world’s second largest developer of offshore projects.

“We should expect that investments in our projects will be later than expected,” he added.

Christian Bruch, Chairman of the Board of Management of Siemens Energy, for his part stressed that problems regarding the granting of offshore operating permits in the United States could emerge, assuming that current projects will not be affected.

“These would be projects planned for the years 2029, 2030 and 2031,” he told journalists after presenting the annual results of Siemens Energy, the largest manufacturer of offshore wind turbines.

Donald Trump’s potential impact on renewable energy technologies is at the center of concerns among investors, who fear that the next occupant of the White House will repeal parts of current President Joe Biden’s law aimed at attracting investments in solar, wind and hydrogen energy.

RWE thus unveiled a 1.5 billion euro share buyback to spend its cash, responding to investors who have become more hesitant in the face of potential regulatory changes.

Earlier this year, Donald Trump named offshore wind as a technology he would target once in power, sending Orsted shares, the world’s largest developer of offshore wind projects, tumbling.

(Written by Christoph Steitz and Vera Eckert, Etienne Breban, edited by Blandine Hénault)

Copyright © 2024 Thomson Reuters