Overview

• Shell has withdrawn from the Atlantic Shores offshore wind project in New Jersey, citing misalignment with its capabilities and return goals, resulting in a $996 million write-off.
• Atlantic Shores, a joint venture between Shell and EDF Renewables, remains committed to delivering the project, which aims to generate up to 2,800 megawatts of electricity to power nearly 1 million homes.
• The offshore wind industry faces mounting challenges, including rising material costs, high interest rates, supply chain delays, and political opposition from President Donald Trump, who issued a temporary ban on new offshore wind leases.
• New Jersey Governor Phil Murphy reaffirmed the state’s commitment to renewable energy, emphasizing the importance of offshore wind for creating jobs, lowering energy costs, and combating climate change.
• The uncertainty surrounding the future of offshore wind projects has raised concerns about significant economic and environmental impacts, particularly for local communities and workers reliant on the industry.