Shell Bails on Billion-Dollar Offshore Wind Bet as Trump Cracks Down

By William Mathis and Mitchell Ferman (Bloomberg) —

Shell Plc said it has written off almost $1 billion and withdrawn from a US offshore wind farm as President Donald Trump seeks to stymie the industry’s development with executive orders.

It’s the latest illustration of the reversal experienced by the nascent American offshore wind sector, which was championed by former President Joe Biden but suffered from soaring costs in recent years. With Trump in office, developers face the added obstacle of a president who’s set out to halt the industry.

In its quarterly earnings on Thursday, Shell disclosed a $996 million impairment related to an offshore wi…