Atlantic Shores reaffirms commitment to New Jersey offshore wind despite Shell's write-off
Shell's fourth-quarter earnings included $2.2 billion in impairments, part of which was a $1 billion write-off for Atlantic Shores, with Chief Financial Officer Sinead Gorman stating that the project did not align with the company's capabilities or return goals. Shell is now looking to monetize its stake. Atlantic Shores had submitted a proposal in July last year to supply offshore wind energy to New Jersey as part of the state's Fourth Offshore Wind Solicitation.
