Shell (NYSE:SHEL) announced yesterday that it is withdrawing from the two planned offshore wind projects with Simply Blue Group in Ireland, citing the country’s regulatory hurdles.
Shell entered into the deal in November 2021 to take over 51% stake in the Western Star floating wind project from Simply Blue Group.
Simply Blue will find a new partner to complete the two sites off the coasts of Cork and Clare. The sites were expected to deliver 2.65 GW of floating offshore wind power for Ireland.
Last week, Shell terminated the gas purchase agreement for its Driftwood project with the Natural gas provider Tellurian (NYSE:TELL).
Where is Shell PLC listed?
Shell plc shares actively trade on the London Stock Exchange (LSE), Euronext Amsterdam as well as the New York Stock Exchange (NSE) in the form of an ADR.
Based in the UK, Shell is a global group of energy and petrochemical companies with expertise in the exploration, production, refining, and marketing of oil and natural gas, and the manufacturing and marketing of chemicals.
As per TipRanks, analysts are cautiously optimistic about the stock and have a Moderate Buy consensus rating, which is based on two Buys and one Hold. Shell’s average price forecast of $68.33 implies 42.03% upside potential from current levels.
SHEL stock boasts a score of an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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