Free Republic

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...

In November, Orsted nixed two major wind farm projects planned off the coast of New Jersey, citing the same problems that the company cited for the Skipjack Wind project.. Danish wind developer Orsted has canceled another contract on a planned offshore wind farm in the Atlantic Ocean. The company said the 966-megawatt Skipjack Wind project, planned to be constructed off the coasts of Delaware and Maryland, would no longer be commercially viable at the contract prices due to inflation, high interest rates and supply chain issues. “Today’s announcement affirms our commitment to developing value creating projects and represents an opportunity...

New Jersey Gov. Phil Murphy was expected to sign a bill Thursday giving a tax break to Danish offshore wind developer Orsted for the first of two energy projects it plans to place in the waters off the Jersey Shore. Before the ink is dry on that bill, he will face pressure from another offshore wind company looking for similar assistance. The governor’s office said he would sign the bill, allowing Orsted to keep federal tax credits that it otherwise would have been required to pass along to New Jersey utility ratepayers. Lawmakers who narrowly approved the bill last week...