EDF takes $940m hit as it abandons wind project off New Jersey
Splash 24/7| Bojan Lepic |Feb 24, 2025
French energy major EDF has written down $940m in the value of its stake in the Atlantic Shores wind energy project off New Jersey after its former partner in the project, Shell, did the same last month. This is another hit for the offshore wind industry in the US which is reeling following president Donald Trump’s freeze of all offshore wind leasing on the country’s outer continental shelf.
French energy major EDF has written down $940m in the value of its stake in the Atlantic Shores wind energy project off New Jersey after its former partner in the project, Shell, did the same last month. This is another hit for the offshore wind industry in the US which is reeling following president Donald Trump’s freeze of all offshore wind leasing on the country’s outer continental shelf.
French energy major EDF has written down $940m in the value of its stake in the Atlantic Shores wind energy project off New Jersey after its former partner in the project, Shell, did the same last month.
This is another hit for the offshore wind industry in the US which is reeling following president Donald Trump’s freeze of all offshore wind leasing on the country’s outer continental shelf.
New Jersey has probably taken the brunt of these new policies and the Atlantic Shores project is a prime example of it.
Shell abandoned its involvement in the 1,510MW project in January and took a nearly $1b write-down on the project. At the time, EDF said it would be pushing forward with the already permitted project.
However, more bad luck for EDF …
... more [truncated due to possible copyright]French energy major EDF has written down $940m in the value of its stake in the Atlantic Shores wind energy project off New Jersey after its former partner in the project, Shell, did the same last month.
This is another hit for the offshore wind industry in the US which is reeling following president Donald Trump’s freeze of all offshore wind leasing on the country’s outer continental shelf.
New Jersey has probably taken the brunt of these new policies and the Atlantic Shores project is a prime example of it.
Shell abandoned its involvement in the 1,510MW project in January and took a nearly $1b write-down on the project. At the time, EDF said it would be pushing forward with the already permitted project.
However, more bad luck for EDF and its project was on its way. Earlier this month, the New Jersey Board of Public Utilities pulled the plug on the state’s fourth offshore wind solicitation. This was due to two of the three initial bidders withdrawing from the solicitation and Atlantic Shores remaining as the sole bidder.
New Jersey approved three offshore wind developments which were supposed to be part of the solicitation round – Atlantic Shores southern project, Attentive Energy Two, and Leading Light Wind. There used to be four projects but Ørsted cancelled its Ocean Wind project in 2023 citing increased costs of development. Atlantic Shores also proposed a second ‘northern’ project but was declined by the NJ Board.
Trump has placed a target on the EDF-led project with his speeches from last year and showed his disdain for the project during speeches at Mar-a-Lago. The project was not safe from the president even on social media.
Another company to announce write-offs in 2024 was Eversource Energy which took a hit of around $1.6bn relating to three of its wind projects – South Fork Wind, Revolution Wind, and Sunrise Wind.