Shell Plans to Cut New Offshore Wind Spend, Split Power Division [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
in a move that marks a significant departure from its previous commitments to renewable energy. The integrated oil and gas company has also revealed plans to restructure its power division, a decision that stems from a comprehensive review of SHEL's operations launched in 2023. This extensive review, led by CEO Wael Sawan, has set the stage for a new era at Shell, one that is refocusing on higher-return ventures while cutting back on expenditures in low-carbon and renewable energy businesses. The decision to pull back from offshore wind development comes at a time when renewable energy projects, particularly in the offshore wind sector, are facing growing economic challenges. Rising costs, supply-chain disruptions and an overall uncertain investment climate have led Shell to reassess its approach. While the offshore wind was once touted as a key pillar of Shell's energy transition strategy, these recent challenges have prompted it to refocus on oil, gas and biofuels, sectors seen
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Sec Filings
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- 12/5/24 - Form 6-K
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