Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Donald Trump seeks to stymie the industry’s development with executive orders.
In its quarterly earnings on Thursday, Shell disclosed a $996 million impairment related to an offshore wind farm known as Atlantic Shores.
The company has been developing the project in a joint venture with the renewables arm of Electricite de France SA.
EDF expects Atlantic Shores “to continue moving forward and contribute to the all-of-the-above and American energy-dominance strategy,” EDF Renewables said in a statement. The project “will provide urgently needed energy and jobs to the New Jersey economy and beyond.”
A bit over a year ago Orsted cancelled two New Jersey projects and now Shell. Will EDF go it alone in the Atlantic Shores project?
On a side note, EEW American Offshore Structures (a New Jersey-based subsidiary of a German company) was going to build 300-foot monopiles for the Orsted projects. EEW began began disassembling the monopiles for scrap last year. Not clear what will happen now.
In a statement, Board of Public Utilities President Christine Guhl-Sadovy said two of the three firms to enter bids in the fourth round had withdrawn, leaving Atlantic Shores — which had a major investor withdraw last week — as the only bidder…
Rate Counsel Brian Lipman, who is tasked with advocating on behalf of ratepayers on utility matters, said he believed the BPU made the correct decision.
The announcement comes the same day ROI-NJ reported that the state Economic Development Authority is exploring alternative uses for the New Jersey Wind Port, an offshore wind marshaling and manufacturing hub slated for Salem County.
New Jersey Gov. Phil Murphy’s administration gives up on new offshore wind https://www.politico.com/news/2025/02/03/murphy-new-jersey-ends-offshore-wind-00202077 New Jersey will not provide financial backing to new offshore wind projects, Gov. Phil Murphy’s administration announced Monday. The decision blows a hole in his environmental agenda and legacy and effectively dooms Atlantic Shores…