New Energy
Shell Takes $1 Billion Hit on Wind Farm Trump Wants ‘Dead’
- Company has withdrawn from US offshore-wind joint venture
- President has targeted the industry with executive orders
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Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Donald Trump seeks to stymie the industry’s development with executive orders.
It’s the latest illustration of the reversal experienced by the nascent American offshore wind sector, which was championed by former President Joe Biden but suffered from soaring costs in recent years. With Trump in office, developers face the added obstacle of a president who’s set out to halt the industry.