Wind Power Projects Collapse, Shell Pays Penalty and Ørsted Removes Equipment
TL;DR Summary
Shell has exited a power purchase agreement for the SouthCoast wind farm in Massachusetts and will pay a penalty instead of facing increasing construction costs. This comes as other energy companies, including BP and Orsted, have announced significant writedowns for their U.S. wind farm projects due to high inflation.
- Shell exits US SouthCoast wind farm contract, agrees to pay penalty Reuters
- N.J. will ‘fight like hell’ to keep $300M from offshore wind developer that walked away NJ.com
- Ørsted plans to stop work, remove equipment for project at Island Beach State Park News 12 New Jersey
- Offshore wind honesty: When ‘billion-dollar bailout’ actually is potential $300 million windfall for state ROI-NJ.com
- Collapse of projects shows again that wind power is not affordable New York Post
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