The Trump administration has lifted a month-old stop-work order on Empire Wind project off the New York coast in a compromise that could revive plans for a previously cancelled natural gas pipeline. 

Announced by officials on Tuesday, the lifting of the stop-work order on the $5 billion offshore wind farm project marks a significant development for both renewable energy and fossil fuel infrastructure in the region.

The decision allows Norway's Equinor, developers of the Empire Wind project, to resume construction of the massive wind farm projected to power 500,000 homes starting in 2027. 

Following the news, Equinor's shares saw a 1.5% increase, while Denmark's Orsted, another major offshore wind developer with U.S. projects, experienced a substantial 15% jump in its stock.

U.S. Interior Secretary Doug Burgum, who issued the initial stop order on April 16, expressed optimism that New York Gov. Kathy Hochul would now permit new gas pipeline capacity. 

This agreement could breathe new life into the Constitution natural gas pipeline project, which aimed to transport gas from Pennsylvania to New York but was cancelled in 2020 due to numerous challenges stemming from legal and regulatory hurdles. 

Burgum stated that increased access to natural gas would bring "significant economic benefits and lower utility costs" to New Yorkers and New Englanders. Hochul affirmed that New York would collaborate with the administration and private entities on projects adhering to state law. 

The potential revival of the Constitution Pipeline, while facing challenges, is seen by some analysts as a "win-win" for end users. With President Donald Trump back in office and supporting the pipeline, the latest developments could give the stalled pipeline project a new opportunity to thrive. 

Meanwhile, executives at Williams, the company behind the project, have indicated that they are revisiting their plans.