Atlantic Shores reaffirms commitment to New Jersey offshore wind despite Shell’s write-off

REUTERS – Atlantic Shores, a joint venture between Shell Plc (SHEL.L), opens new tab and France’s EDF, reiterated its commitment to delivering New Jersey’s first offshore wind project on Thursday, despite Shell’s recent $1 billion write-off related to the venture.

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 …