Doesn’t it seem like just yesterday that green activists were assuring us that offshore wind was going to replace fossil fuels as the energy source of the future? Never mind.

Shell just announced it’s pulling the plug on a $1 billion wind farm offshore in New Jersey.

According to Carboncredits.com: “over the past two years, the average cost of offshore wind projects has risen by 30% to 40%, reaching $230 per megawatt hour.”

Inflation, supply chain disruptions, and high interest rates have further exacerbated the financial strain.

Equinor, a leading player in renewable energy, recently withdrew from offshore wind projects in Vietnam, Spain, and Portugal, citing unsustainable costs…

Similarly, Shell, another energy giant, is scaling back its offshore wind ambitions. Shell sold its stakes in projects across Massachusetts, South Korea, Ireland, and France.