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

Reuters · last updated

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

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

[1/2]A view shows a logo of Shell petrol station in South East London, Britain, February 2, 2023. REUTERS/May James/File Photo Acquire Licensing Rights

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LONDON, Nov 2 (Reuters) - 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

Our Standards: The Thomson Reuters Trust Principles.

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