Shell joint venture Atlantic Shores wins acreage in New York Bight, expanding offshore wind market share

HOUSTON, Feb. 26: Atlantic Shores Offshore Wind Bight, LLC, the bidding entity representing Atlantic Shores Offshore Wind (Atlantic Shores), a 50-50 joint venture between Shell New Energies US LLC (Shell) and EDF-RE Offshore Development, LLC (EDF), is the provisional winner of block OCS-0541 in the New York Bight offshore wind auction. This area, subject to a future investment decision, could support approximately 1.5 gigawatts (GW) of commercial wind generation, enough to power nearly 700,000 New York and New Jersey homes. "This win considerably expands Shell's offshore wind renewable power generation capacity in the United States," said Wael Sawan, Integrated Gas and Renewables & Energy Solutions Director. "By growing our portfolio and deepening our power synergies in the New York and New Jersey markets, we will help scale our own low-carbon ambitions while providing cleaner energy options the world needs." With today's announcement, along with a 2018 agreement to develop additional acreage in the New Jersey Wind Energy Area, Atlantic Shores could now potentially deliver more than 4.5 GW of clean energy in the northeastern United States, providing power to over 3.1 million homes across New York and New Jersey. Shell's target is to be a net-zero emissions energy business by 2050, in step with society. As part of the effort to meet its targets, Shell is progressing its wind business by building on decades of legacy offshore experience and leveraging operational excellence, including safety and cost-efficiency, with positive community and regulatory relationships. Atlantic Shores LLC and Mayflower Wind Energy LLC, are Shell's two separate offshore wind 50-50 joint ventures in partnership with EDF and OW North America LLC respectively. Provisional winners will be known at the end of the auction. The Bureau of Ocean Energy Management (BOEM) Wind Energy Commercial Leasing Process calls for several site assessment activities including lessee site characterization studies and a site assessment plan, followed by the agency's review and approval. Once approved, the lessee assesses the site before progressing to the construction and operation phase. Shell aims to sell more than 560 terawatt-hours globally per year by 2030 as part of its Integrated Power business, twice as much electricity as the company sells today. On February 11, 2021, Shell set forth its Powering Progress strategy, including details of how it will achieve its target to be a net-zero emissions energy business by 2050, in step with society's progress as it works towards the Paris Agreement goal of limiting the increase in the average global temperature to 1.5°C. In October 2021, Shell set a target to reduce absolute emissions by 50% by 2030, compared to 2016 levels, which includes all Scope 1 and 2 emissions. For more details on Shell's Powering Progress strategy, please visit www.shell.com/poweringprogress. For more details on Shell's climate target, please visit www.shell.com/climatetarget.

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