France's EDF writes down US offshore wind project
EDF said it had written down by €900million in its accounts the value of its stake in the Atlantic Shores joint venture with Shell to build wind farms off the coast of New Jersey.
Trump – who has long ranted against wind turbines as unsightly, dangerous to wildlife and too expensive – signed an executive order upon his return to the White House that blocks new permits and he has threatened to stymie those under construction.
'There have been significant evolutions in US offshore policy and that led us to reexamine our activities... and take a position that preserves the company and its future development,' EDF chief executive Luc Remont said a conference call with journalists.
'In order to take into account the new American orientation... the board decided, at this stage, to write down the offshore activities in Atlantic Shores.'
Two Atlantic Shores projects that would generate enough energy to power one million homes received construction and operations approval from New Jersey late last year.
Shell pulled out of another Atlantic Shores project in January.
EDF also said Friday that it earned a record profit of €11.4billion in 2024 thanks to a recovery in its production of nuclear and hydroelectric production.
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