It's also quite bad for US "allies". My country, Denmark, is (in my own opinion, this hasn't been discussed by the media yet) going to have to bail out Orsted.
The truly free market response to all of this would be to remove the need for approvals, or just rubber stamp all projects with no real review. I don't think that's a great idea. But this is the complete opposite of that. The market wants to build more renewables, and the administration is blocking it.
It's amazing how much leeway many people give this administration for policies that they have a long history of opposing: government ownership of companies (10% of Intel, US Steel's "golden share"), blocking private development of energy production, sending the National Guard to hostilely takeover cities, etc. It's the sort of stuff that they've accused their opponents of wanting to do in deranged, nightmarish worst-case scenarios.
This isn’t about subsidies. Orsted, for example, is being blocked on national security grounds using environmental regulation [1].
Power producers are in on a fix.
[1] https://www.reuters.com/legal/litigation/us-orders-orsted-ha...