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Energy in the News

From: "Shell Game: Oil Giant Pulls out of U.K. Wind Farm"

May 2, 2008 — James Herron of the Wall Street Journal reports:

Shell has pulled out of a controversial wind venture near London
The project had involved Shell, German E.On and Danish Dong Energy.
E.On said they would continue, but admitted doubts.
E.On’s CEO said, “The current economics are marginal at best and:
1. Rising steel prices,
2. Rising turbine prices,
3. International competition are all moving against us.”
The original project cost was$2.98 billion, current estimates are between $4 billion and $6 billion.
The current cost of offshore wind is 3-4 times as much as building a gas fired power plant.