An offshore wind energy project that drew the ire of President Donald Trump has now cost one of the world’s largest oil producers nearly $1 billion. In a quarterly earnings report, Shell disclosed a $996 million write-off following its withdrawal from the Atlantic Shores Offshore Wind project, citing financial returns that no longer aligned with company goals.
What role did Trump play in this offshore wind withdrawal by Shell?
The Atlantic Shores project, located off the southern coast of New Jersey, appeared to be the subject of a recent post by former President Donald Trump on Truth Social. In it, he expressed hope that a wind farm in this area would be “dead and gone.”
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Shell’s exit comes as the Biden administration’s push for offshore wind is being replaced by new executive orders under Trump, targeting the industry and halting further developments.
What happens next?
In December, Shell announced it would stop all new investments in offshore wind energy as the company shifts its focus toward increasing spending on oil and gas operations. This move aligns with broader changes in U.S. energy policy following the transition in presidential administrations.
