Renewable energy firms hope for reprieve after Democrats win US midterms

Left · 1Renewable energy developers' market values rose after the US midterm elections, in which Democrats won control of both the House of Representatives and the Senate, according to The Guardian. 1 Left · 1Ørsted's market value jumped by almost 10% within hours of the result and closed nearly 5% higher. Portugal's EDP Renewables and France's Engie rose by more than 3%, and Germany's RWE gained about 1%. 1 Left · 1Ørsted has lost more than 70% of its market value since Trump returned to the White House in 2025. The White House has issued multiple stop-orders against its Revolution Wind project. 1

Left · 1Analysts quoted by The Guardian said a Democratic House could block further repeals of solar and wind tax credits, give battery storage credits a stronger defender in budget talks, and subject the administration's roughly $4bn in offshore wind lease buybacks to greater scrutiny (Rystad Energy's Claudio Galimberti). 1 Left · 1Morningstar's Tancrede Fulop said it was too early to call this a turning point for US offshore wind, but that the result might lower the risk of regulatory disruption. Barclays analysts said lower uncertainty could make new US renewable projects cheaper to finance. 1 Left · 1Brenda Shaffer of the Atlantic Council called it an 'energy election', saying energy costs and datacentre demand played a role in the Republican defeat. She said onshore projects and batteries, which are mostly decided at state level, have an even brighter outlook, and The Guardian noted several Republican states had turned blue, including Texas, Maine, Kansas, Ohio, Iowa and the Carolinas. 1

Left · 1Jason Grumet, chief executive of the American Clean Power Association, said the result showed 'affordable, reliable power is a priority' and that the industry is 'ready to deliver it'. 1 Left · 1The Guardian gave context on the US sector: 388 gigawatts of capacity, more than 400,000 direct jobs and about 30% of US electricity this year, against 50% in the EU and 40% in China. It also noted growing concern that AI datacentres could increase reliance on gas power. 1 Centre · 1The National, reporting from the Adipec energy conference in Abu Dhabi, quoted Jeremy Crane, chief executive of Emirati solar company Yellow Door Energy, saying the result brought hope after the Trump administration's 'attacks' on clean energy. He said he hoped for 'a renewed tailwind for renewables' and that Cop 31 would showcase it. 2

Centre · 1The National noted that Trump signed the 'One Big Beautiful Bill Act' in July, which repealed over $500 billion slated for clean energy investments, and that an E2 report found the US clean energy workforce lost almost 37,000 jobs in 2025. It said a policy shift is expected with Democrats controlling both chambers. 2 Centre · 1Crane said high fuel prices and the Iran war's disruption of oil and gas supplies make on-site solar and storage more attractive. His company has had construction delays and assets stuck in ports, but its operating sites have seen little to no impact. Yellow Door has 500 megawatts of solar projects in the Middle East and Africa and expects growth in 2027. 2 Centre · 1Cop 31 runs from 9 to 20 November in Antalya, Turkey. 2