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It's not really a surprise and not much of a headline. It was a bigger deal when Orsted pulled out a couple years ago. In Shell's case this just sounds like ta
by joecool1029 2y ago
It's not really a surprise and not much of a headline. It was a bigger deal when Orsted pulled out a couple years ago.
In Shell's case this just sounds like tax fraud at work. What's there to right off? They didn't build shit yet and this isn't their industry.
- Arnt 2y agoWikipedia: "Atlantic Shores is a proposal by EDF Renewables/Shellm which acquired rights for BOEM OCS-A 0499 (NJWEA North), an 183,353 acres (74,200 ha) area". An acquisition, in other words. The $1b is "mainly relating to renewable generation assets in North America", including that acquisition.
- joecool1029 2y agoFor reference, the lease for BOEM OCS-A 0499 lease cost around a million dollars for the winning bid a few years earlier[1]. We're way off on their claim. Even if they had 20x these leases to write down it's still a small percent of the claimed loss. [1] https://www.boem.gov/sites/default/files/documents/oil-gas-energy/leasing/OCS-A%200499%20Lease.pdf https://www.boem.gov/sites/default/files/documents/oil-gas-e...
- nickff 2y agoIn order to 'write off' something, you have to take a financial loss; where's the tax fraud?