GE Vernova crashes as Vineyard Wind halts operations after ‘blade failure’ (NYSE:GEV)

GE Vernova (NYSE: GEV) -9.3% in trading on Wednesday, losing as much as 11%, the biggest drop since the stock debuted earlier this year, after the U.S. government ordered Vineyard Wind to cease operations after parts of a damaged turbine Blade washed up on the beaches of Massachusetts.

The Bureau of Safety and Environmental Enforcement said it had ordered Vineyard Wind to stop producing electricity and installing new wind turbine generators until the agency could determine whether the “blade defect” affected other turbine blades at the wind farm.

The project, owned by Danish companies Copenhagen Infrastructure Partners and Avangrid (AGR), is currently under construction, with only about a third of the planned turbines in the water.

Vineyard Wind said blade manufacturer and installation contractor GE Vernova (GEV) will begin “analyzing the root cause of the incident.”

Nantucket Island officials said all beaches on the island’s south shore have been reopened after six truckloads of debris were collected, according to Vineyard Wind.