after the ex President Donald Trump’s election victory On Tuesday, some are worried about what his second term could mean for the offshore wind industry.

Trump said before the election that if successful, he would rein in the industry during his first days in office in favor of oil drilling and greater U.S. fossil fuel production.

The share prices of at least two major industry players fell more than 10% after the results came out.

Ørsted, a Danish company with many offshore wind projects in the United States, including some in New England, abandonment by about 14% on Tuesday.

Vestas Wind Systems, a wind turbine manufacturer and installer also based in Denmark, saw its share price fall by around 12%.

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Trump has repeatedly denigrated wind energy, telling fossil fuel executives at a fundraising dinner in April: “I hate wind,” the Washington Post reported at the time.

He has falsely claimed that wind turbines break down in salt water, kill birds and even cause cancer. He has also repeated claims that the turbines harm whales, although experts have no scientific evidence has been found to support the theory.

At a rally in May, Trump said he would stop all work on offshore wind farms “from day one,” according to the Guardianand has also promised to end federal subsidies for wind projects.

While experts believe it is unlikely that Trump will be able to stop projects that are already under construction or operational, those still awaiting the final go-ahead would be another story.

The federal Bureau of Ocean Energy Management, or BOEM, is expected conduct one lease sale of offshore wind areas in 2025, one in 2026, two in 2027 and four in 2028.

Under another Trump administration, projects currently in the pipeline and planned for new leasing areas could face a lengthy permitting process that typically already takes three to five years.

During Trump’s first term, the federal government did not approve any offshore wind projects.

In 2019, BOEM initiated an additional expanded environmental impact report on Vineyard Wind 1, the first major offshore wind project off the coast of Martha’s Vineyard, significantly delaying its start date.

It finally received final approval after Trump left office.

Massachusetts has gone all-in on wind development in recent years, forming a unique multistate association with Rhode Island and Connecticut to secure project bids and begin work on a New wind terminal in Salem this summer.

In September, the state announced that it had selected developers to three large wind projects in partnership with Rhode Island, they are expected to collectively create more than 12,000 jobs between the two states.

“Offshore wind plays a vital role in driving economic growth and combating climate change,” Emily Reichert, executive director of the Massachusetts Clean Energy Center, told MassLive last month. “The development of this industry is crucial to achieving a clean energy transition and meeting the Commonwealth’s emissions reduction targets.”

However, not everyone is worried that Trump will completely stop the industry.

Wayne Cobleigh, vice president of Boston-based geotechnical engineering firm GZA GeoEnvironmental, said in an interview in October that even if wind turbine installation doesn’t move forward in the next four years, the country can still work to improve port infrastructure. and expand the manufacturing of turbine components nationally.

He added that the Inflation Reduction Act, which provided financing for wind projects, is unlikely to be fully repealed despite Trump’s promises to do so because of its tax credits and infrastructure benefits. The law has broad bipartisan support.

“Those facilities are coming,” he said. “That will take time, but I would say that by the end of the next administration, the industry will probably be able to say, ‘Now we have the ports, we have the manufacturing.’ We are ready and prepared for growth.’”