The Trump administration has delivered a potential body blow to the wind-energy industry with a sweeping executive order that pauses new leases and permits for arrays in federal waters and on land.

Orsted A/S shares slumped after it recorded a $1.7 billion hit on its earnings as the cost of building offshore wind farms in the US keeps rising, complicating the company’s efforts to expand the green technology from Europe.

Shares in the world's largest developer of offshore wind Orsted plunged 17% on Tuesday after warning late on Monday of higher costs and delays to a crucial U.S. offshore project. Further complicating Orsted's ambitions in the United States,