Shell Exits Massachusetts Offshore Wind Deal, Citing Rising Costs
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Shell exited a power purchase agreement for the planned SouthCoast windfarm off Massachusetts.
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Shell agreed to pay a penalty rather than face rising costs for building the project.
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Energy firms like BP and Orsted have announced writedowns for U.S. windfarm projects due to high inflation.
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Shell's finance chief said the firm exited the agreement on Thursday.
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The SouthCoast windfarm project was off the coast of Massachusetts.
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