London Array - Shell pulls out (April 30th 2008)
Shell has taken a strategic decision to dispose of its shareholding in the London Array wind farm project.
Commenting on this announcement North Thanet's MP Roger Gale says:
"This is clearly not helpful at a time when contracts for the project are due to be awarded. The hope is that the remaining two players, E.ON and DONG Energy will acquire the Shell stake so that any transition will be seamless and painless. I cannot help feeling that having announced profits in excess of 3 billion pounds it is a pity that Shell appears to be more interested in investing in the Far East in petroleum related facilities rather than putting money into UK renewables. "
South Thanet's Conservative Laura Sandys adds:
"The Wind farm projects, with their potential for job-creation and investment in Ramsgate, are very important to us and we will give the remaining companies such support as we can to try to ensure that the project moves forward as planned. This source of renewable energy is a vital component in the UKs efforts to reduce carbon emissions and must be protected as a programme".