EDF has adjusted the value of its investment in the Atlantic Shores joint venture with Shell, marking a €900 million write-down. This decision follows significant changes in US offshore wind policy, particularly amid Trump's stance against wind energy. Despite these setbacks, EDF recorded a substantial profit of €11.4 billion for 2024, driven by nuclear and hydroelectric recovery, although overall revenues saw a decline of 15.7% to €118.7 billion due to lower electricity prices. The future of the Atlantic Shores projects remains uncertain as shareholder positions evolve.
"There have been significant evolutions in US offshore policy and that led us to reexamine our activities... and take a position that preserves the company and its future development," EDF chief executive Luc Remont said a conference call with journalists.
"In order to take into account the new American orientation... the board decided, at this stage, to write down the offshore activities in Atlantic Shores."
"Two Atlantic Shores projects that would generate enough energy to power one million homes received construction and operations approval from New Jersey late last year."
"EDF also said Friday that it earned a record profit of €11.4billion in 2024 thanks to a recovery in its production of nuclear and hydroelectric production."
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