Shell takes $1 billion hit on wind farm Trump wants ‘dead'
'We just don't see that it fits both our capabilities nor the returns that we would like,' Chief Financial Officer Sinead Gorman said on a call with reporters. 'So we took the decision to effectively write that off and pause our involvement.'
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The company has been developing the project in a joint venture with the renewables arm of Electricite de France SA.
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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.'
Last week, Trump appeared to target the Atlantic Shores development with a post on Truth Social, saying he hoped a wind farm off southern New Jersey would be 'dead and gone.' The president worked with New Jersey Congressman Jeff Van Drew, a frequent critic of the project, to draft the executive orders that targeted the offshore wind industry on his first day in office.
Aside from changes in American politics, Shell has been steadily moving away from offshore wind under Chief Executive Officer Wael Sawan. While the company participated in a rush by European oil majors into the sector under his predecessor, Sawan has aimed to cut spending on projects that offer returns well below what Shell can make from oil and gas.
The Atlantic Shores joint venture agreed to pay some $780 million to lease an area in a record-setting federal auction in 2022 for offshore wind sites. Since then, rising interest rates and supply-chain issues have driven up costs for the industry, making it harder to invest.
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