Shell plc is withdrawing from the Atlantic Shores wind project of New Jersey, writing off nearly $1 billion as the energy major retreats from its earlier pivot toward renewables.
In its quarterly earnings report on Jan. 30, Shell disclosed a $996 million impairment associated with Atlantic Shores, planned as a 2,800-megawatt array of 197 turbines off Long Beach Island and Brigantine, N.J.
“We just don’t see that it fits both our capabilities nor the returns that we would like,” Sinead Gorman, Shell’s chief financial officer, said in a call with reporters Bloomberg reported. “So we took the decision to effectively write that off and pause our involvement.”
“to concentrate on the better returns from Shell’s legacy oil and gas business.”
It only cost them a billion dollars to get to the obvious, they should thank Trump profusely because they probably would have thrown away another billion before coming to this realization…
“We just don’t see that it fits both our capabilities nor the returns that we would like,..”
Translated: looks like taxpayer subsidies are ending.
Bingo!
Think of the subsidies, the subsidies!
We believe rent seeking will become as hard as real work under PDJT, so we are going to get back to the real work we understand. The Chairman, and the CEO should be told by the board to GTFO.
Maybe their famous contingency planning anticipated this scenario and they are making an early exit – as they accept that there is a retreat from government forced “green” investment.