Shell Exits Massachusetts Offshore Wind Deal, Citing Rising Costs

Shell exited a power purchase agreement for the planned SouthCoast windfarm off Massachusetts.

Shell agreed to pay a penalty rather than face rising costs for building the project.

Energy firms like BP and Orsted have announced writedowns for U.S. windfarm projects due to high inflation.

Shell's finance chief said the firm exited the agreement on Thursday.

The SouthCoast windfarm project was off the coast of Massachusetts.