By Paul Homewood
Now Shell pull out:
Shell’s finance chief said on Thursday the firm had exited a power purchase agreement (PPA) for the planned SouthCoast windfarm off the coast of Massachusetts, agreeing to pay a penalty rather than face rising costs for building the project.
Energy firms from BP (BP.L) to Orsted (ORSTED.CO) have announced hefty writedowns in recent days for their U.S. windfarm projects in the face of high inflation.
The project, formerly known as Mayflower, was planned to have capacity of 2.4 GW.
A PPA (Power Purchase Agreement) was signed by Shell last year to provide electricity to Massachusetts utilities at $76.73/MWh, about £60/MWh. Just months later, they unsuccessfully attempted to renegotiate the contract.
I suspect that Shell make one more attempt to get a better price, which the Massachusetts public will end up paying for.
via NOT A LOT OF PEOPLE KNOW THAT
November 3, 2023 at 01:24PM
Iowa Climate Science Education 