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Shell takes $1 billion hit on wind farm Trump wants 'dead'

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By illuminem briefings

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:

🗞️ Driving the news: Shell Plc has written off nearly $1 billion and withdrawn from the Atlantic Shores offshore wind project in the U.S.
The move comes as President Donald Trump issues executive orders aimed at halting offshore wind development
Rising costs and shifting company strategy also played a role in Shell’s decision

🔭 The context: The Atlantic Shores project, a joint venture with EDF Renewables, was part of a broader push for offshore wind under the Biden administration
However, industry costs have surged due to supply-chain challenges and higher interest rates
Trump has publicly opposed offshore wind, specifically calling for the New Jersey wind project to be "dead and gone"

🌍 Why it matters for the planet: Offshore wind is a critical component of the U.S. transition to clean energy
Shell’s exit and Trump’s opposition could slow progress toward renewable energy goals
This highlights the ongoing tension between political shifts and corporate energy strategies

⏭️ What's next: EDF Renewables still plans to move forward with Atlantic Shores despite Shell’s withdrawal
The offshore wind industry faces continued financial and political challenges under Trump’s administration
Future investments in U.S. wind projects may depend on government policies and economic conditions

💬 One quote: “We just don’t see that it fits both our capabilities nor the returns that we would like.” – Sinead Gorman, Shell CFO

📈 One stat: Shell’s joint venture paid $780 million to lease an offshore wind site in 2022 before rising costs and political opposition changed the outlook

Click for more news covering the latest on renewable energy

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