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

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🗞️ Driving the news: Shell Plc has written off nearly $1 billion and withdrawn from the Atlantic Shores offshore wind project in the U.S.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

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