US EditionShell Abandons Two Major UK Offshore Wind Projects
Shell exited two offshore wind projects in Scotland and the US, citing regulatory changes and high costs; ScottishPower Renewables will develop MarramWind with 3 GW capacity.
- Offshore Scotland, Shell exited two offshore wind projects: MarramWind, a 50/50 joint venture with ScottishPower Renewables, and returned the CampionWind lease to Crown Estate Scotland.
- Rising interest rates and regulatory changes squeezed offshore wind project economics, as the energy crisis shifted focus to security and affordability, Shell said.
- Two weeks ago, Shell withdrew from the Atlantic Shores 50-50 joint venture with EDF power solutions, established to develop offshore wind projects off New Jersey and New York.
- ScottishPower Renewables bought Shell's 50% stake in MarramWind and will develop a floating windfarm delivering up to 3 gigawatts , powering more than 3.5 million homes.
- The decision fits Shell's power strategy to focus on trading and retail strengths, Shell said, aligning with its goal to high-grade the portfolio and shift from capital-intensive generation as BP, European supermajor, also refocuses on core oil and gas.
17 Articles
17 Articles
Shell Drops Two North Sea Wind Projects In Fossil Fuel Shift
British oil and gas giant Shell said Monday that it was ending its participation in two offshore wind projects in the North Sea, part of its shift away from alternative energy to focus on its fossil fuels business.
Shell has scrapped plans for two wind farms off the coast of Scotland. This is another setback for sustainable energy production.
Shell Abandons Two Major UK Offshore Wind Projects
Shell has exited two offshore wind power projects in Scotland as the world’s top oil and gas firms continue to scale back their investment and involvement in renewable energy. Shell has ditched plans to build two wind farms offshore Scotland, days after announcing it is withdrawing from the Atlantic Shores Offshore Wind project in the United States. Offshore Scotland, Shell sought to develop the MarramWind project in a 50/50 joint venture wi…
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