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Shell Walks Away From Major New Jersey Offshore Wind Farm

3 months 2 weeks ago
An anonymous reader quotes a report from the Associated Press: In the first serious fallout from President Donald Trump's early actions against offshore wind power, oil and gas giant Shell is walking away from a major project off the coast of New Jersey. Shell told The Associated Press it is writing off the project, citing increased competition, delays and a changing market. "Naturally we also take regulatory context into consideration," spokesperson Natalie Gunnell said in an email. Shell co-owns the large Atlantic Shores project, which has most of its permits and would generate enough power for 1 million homes if both of two phases were completed. That's enough for one-third of New Jersey households. It's unclear whether Shell's decision kills the project -- partner EDF-RE Offshore Development says it remains committed to Atlantic Shores. On his first day in office, Trump signed an executive order singling out offshore wind for contempt with a temporary halt on all lease sales in federal waters and a pause on approvals, permits and loans. Perhaps most of interest to Shell, the order directs administration officials to review existing offshore wind energy leases and identify any legal reasons to terminate them. [...] The Biden administration approved plans to build the Atlantic Shores project in two phases in October, but construction has not begun. Oliver Metcalfe, head of wind research at BloombergNEF, said the partners are facing significant uncertainty about their lease, and other developers are watching what happens with Atlantic Shores closely. "We're in uncertain territory here," he added. [...] Robin Shaffer, president of Protect Our Coast NJ, said that without Shell's financial backing, it appears the project is "dead in the water." Shell is writing off a nearly $1 billion investment. It announced its decision on Thursday, as it reported a 16% decline in full-year earnings of $23.7 billion from $28.3 billion. Most of its business is oil and gas.

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FDA Approves Drug To Treat Pain Without Opioid Effects

3 months 2 weeks ago
Bruce66423 shares a report from the Associated Press: Federal officials on Thursday approved a new type of pain pill designed to eliminate the risks of addiction and overdose associated with opioid medications such as Vicodin and OxyContin. "It's the first new pharmaceutical approach to treating pain in more than 20 years, offering an alternative to opioids and over-the-counter medications such as ibuprofen and acetaminophen. But the medication's modest effectiveness and lengthy development process underscore the challenges of finding new ways to manage pain. Studies in more than 870 patients with acute pain due to foot and abdominal surgeries showed Vertex's drug provided more relief than a dummy pill but didn't outperform a common opioid-acetaminophen combination pill. "It's not a slam dunk on effectiveness," said Michael Schuh of the Mayo Clinic, a pharmacist and pain medicine expert who was not involved in the research. "But it is a slam dunk in that it's a very different pathway and mechanism of action. So, I think that shows a lot promise." The new drug will carry a list price of $15.50 per pill, making it many times more expensive than comparable opioids, which are often available as generics for $1 or less. [...] Opioids reduce pain by binding to receptors in the brain that receive nerve signals from different parts of the body. Those chemical interactions also give rise to opioids' addictive effects. Vertex's drug works differently, blocking proteins that trigger pain signals that are later sent to the brain. "In trying to develop medicines that don't have the addictive risks of opioid medicines, a key factor is working to block pain signaling before it gets to the brain," Vertex's Dr. David Altshuler, told The Associated Press last year. Commonly reported side effects with the drug were nausea, constipation, itching, rash and headache.

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