Posted on 01/30/2025 12:55:13 PM PST by george76
Shell announced its withdrawal from the Atlantic Shores offshore wind farm project in the US, resulting in a write-off of nearly $1 billion. The decision was disclosed in the company's quarterly earnings report on Thursday, marking another setback for the American offshore wind industry.
Shell's decision to exit the project comes as the industry faces challenges from President Donald Trump's executive orders aimed at halting its development. This is a significant shift from the support the industry enjoyed under Joe Biden, despite the recent increase in costs.
Shell's Chief Financial Officer, Sinead Gorman, explained the decision during a call with reporters. She stated that the project no longer aligns with Shell's capabilities or the returns the company expects. As a result, Shell chose to write off the investment and pause its involvement in the project, leading to a $996 million impairment.
Shell CEO’s Decide To Break Wind.....💨💨💨💨 Contracts.
A billion eh? Sounds like a shellacking.
He been President less then 2 week and the winning is non stop
Good, wind as a macro source of energy is stupid, but now how many windmills are out there abandoned and rotting?
Are they going to dismantle and properly dispose of all the bird- and whale-killing “wind turbines?”
Wind and solar fail the economics unless the free market drives them. And even then there are only a few use cases where they make sense (at least solar).
They were effectively forced into this by the Green scam - so yes it costs us all BILLIONS.
Come on, tell the truth.
President Trump stopped the subsidy you were using for the project. He didn't halt development.
If your company thinks it's a winner, have at it. Just don't use my tax dollars to do it.
😂 So is the whinning. Luvin’ it! 😊👍
bttt
Save a whale, drill a well!
The two projects would have placed about 200 turbines.
Shell. I’m sure they knew it was a money-pit from the beginning. So why did they play the game of the greens?
Especially in hurricane prone areas.
Landman
If they are writing off a billion, how much more did they expect to lose if they did not stop the bleeding now?
“To provide energy to New Jersey, the approved COP includes up to 197 total positions for wind turbine generators, offshore substations, and a meteorological tower, with subsea transmission cables making landfall in Atlantic City and Sea Girt, New Jersey.”
https://www.boem.gov/renewable-energy/state-activities/atlantic-shores-south
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.