Atlantic Shores, the joint venture between EDF Renewables of France and oil giant Shell, is moving forward despite Shell's withdrawal from the partnership, according to Reuters. This project will be New Jersey's first offshore wind project, projected to power 1 million homes once completed.
The $1 billion write-off from the venture is a result of Shell's $2.2 billion loss in the fourth quarter of last year, which included its Atlantic Shores investment. Shell CFO Sinead Gorman stated that the initiative does not align with Shell's ROI goals.
The oil giant appears to consider Atlantic Shores financially unsustainable, though Big Oil in general has a long history of resisting renewable energy efforts and perceiving them as a threat to the future of the fossil fuel industry instead of diversifying and investing in all forms of energy.
Despite the not-so-good news, Atlantic Shores said it remains committed to the project and optimistic about its future. The company acknowledged that business plans and partnerships "evolve over time" but emphasized that it has long-term strategies in place "that contemplate multiple scenarios" and will enable the Atlantic Shores project to reach its full potential.
EDF Renewables, the other company backing the project, has also reaffirmed its support. According to EDF spokesperson Sandi Briner, the company believes that ventures like Atlantic Shores can be part of "an all-of-the-above American energy dominance strategy," per WHYY News.
If you're still wondering what an offshore wind project like Atlantic Shores is, think of giant wind turbines built over the ocean, harnessing the sea breeze to generate electricity. Atlantic Shores will be the first — but definitely not the last — of its kind in New Jersey, aiming to provide 2,800 megawatts of clean energy once completed.
Massive clean energy projects like these not only help lower electricity costs and reduce reliance on fossil fuels but also create thousands of jobs for local communities.
Despite setbacks in the offshore wind sector — like rising material costs and major players changing their minds—projects like this represent a huge step toward independence from fossil fuels. Given the potential energy savings, this initiative is a significant win for residents.
Offshore wind farms are gaining popularity as renewable energy sources, with many other countries adopting the concept as part of their transition to clean energy. A 1.5-gigawatt wind farm in the North Sea is working to power over a million homes in the Netherlands, while Sweden and the UK both have offshore wind projects currently in development.
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Should the government continue to give tax incentives for energy-efficient home upgrades? Click your choice to see results and speak your mind. |
Absolutely 💯 On top of the cost-saving potential of offshore wind projects, federal incentives like the Inflation Reduction Act tax credits make it even easier for residents to transition to clean energy. These incentives help lower upfront costs of renewable energy adoption, whether through home solar panels, energy-efficient upgrades, or electric vehicles.
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