Shell loses nearly $1 billion as Trump pushes for offshore wind project halt
- Shell reported a loss of $996 million from the Atlantic Shores Offshore Wind project due to withdrawal.
- The company cited changing financial returns and regulatory challenges as key factors for its exit.
- This withdrawal coincides with Donald Trump's actions against the offshore wind industry, raising concerns for future investments.
In the United States, Shell, one of the world's leading oil and gas companies, announced a significant financial loss due to its withdrawal from the Atlantic Shores Offshore Wind project located off the southern coast of New Jersey. This decision, reported in a quarterly earnings statement, amounted to a $996 million write-off. Shell cited shifting financial expectations and increased competition as key reasons for their exit from the project, which had the potential to power around one million homes. The shift occurred against a backdrop of changing administrations, with Donald Trump’s early days in office marked by actions targeting the offshore wind industry. President Trump had openly criticized the Atlantic Shores project, expressing a desire for offshore wind farms to be