EDF Faces Financial Setback with Atlantic Shores Wind Project

French energy giant EDF is writing down 900 million euros on its Atlantic Shores offshore wind project after Shell withdrew from the venture. This decision aligns with the shifting political environment in the U.S., affecting the project's viability and financial outlook.

French state-owned energy company EDF is facing a significant financial impact, announcing a 900 million euro impairment charge related to its Atlantic Shores offshore wind farm in the United States. This comes after Shell, a key partner in the venture, decided to withdraw from the project.

EDF's CEO Remont stated that the decision to write down the value of the project reflects changes in the American political landscape. Despite Shell's exit, EDF remains committed to pursuing the interests of the joint venture to its completion.

As the energy industry grapples with policy shifts in the U.S., EDF's management is recalibrating its strategies to adapt. The conversion rate at the time of reporting stands at $1 to 0.9530 euros.

(With inputs from agencies.)