Atlantic Shores remains dedicated to advancing its offshore wind project off the coast of Atlantic City, despite Shell's decision to exit and write off a $1 billion investment. The company reassured stakeholders of its commitment following Shell’s announcement.
Shell's Chief Financial Officer, Sinead Gorman, stated on Thursday that the company's fourth-quarter earnings included $2.2 billion in impairments, with $1 billion attributed to Atlantic Shores. According to Reuters and other business outlets, this move is part of Shell's strategy to align projects with its capabilities and return goals. Gorman mentioned that Shell would look for opportunities to monetize its stake in the venture.
Atlantic Shores responded by affirming its resolve through a statement on their website. The project aims to generate approximately 2,800 megawatts of renewable energy, enough to power about 1.1 million homes in New Jersey.
"Atlantic Shores is committed to New Jersey and delivering the Garden State’s first offshore wind project," said the statement. "Business plans, projects, portfolio projections and scopes evolve over time – and as expected for large, capital-intensive infrastructure projects like ours, our shareholders have always prepared long-term strategies that contemplate multiple scenarios that enable Atlantic Shores to reach its full potential."
The company emphasized it would continue progressing with the project according to obligations under existing leases and permits from local, state, and federal partners.
Recent executive orders by President Donald Trump have introduced uncertainty within the clean energy sector. These include withdrawing federal waters from consideration for offshore wind development and pausing new permits for all onshore and offshore wind projects.
In October 2024, Atlantic Shores received final federal approvals for constructing two offshore wind farms located 8.7 miles off New Jersey's coast near Atlantic City. The planned facilities will feature up to 200 turbines along with necessary infrastructure such as substations and cables buried beneath the seabed.
The Bureau of Ocean Energy Management has granted construction approvals while additional permissions were secured from both the U.S. Environmental Protection Agency under the Clean Air Act and New Jersey regulators.
