November 2, 2023
Massachusetts

Shell exits US SouthCoast wind farm contract, agrees to pay penalty

Reuters | November 2, 2023 | reuters.com

Shell’s finance chief said on Thursday the firm had exited a power purchase agreement (PPA) for the planned SouthCoast windfarm off the coast of Massachusetts, agreeing to pay a penalty rather than face rising costs for building the project.

Energy firms from BP (BP.L) to Orsted (ORSTED.CO) have announced hefty writedowns in recent days for their U.S. windfarm projects in the face of high inflation.

Reporting by Shadia Nasralla and Ron Bousso

URL to article:  https://www.wind-watch.org/news/2023/11/02/shell-exits-us-southcoast-wind-farm-contract-agrees-to-pay-penalty/