Shell slows investments in offshore wind projects, splits its power division [Globe and Mail, The (Toronto, Canada)]
BP p.l.c. (BP)
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Source: Globe and Mail, The
Listen to this article Log in or create a free account to listen to this article. Shell SHEL-N decrease is stepping back from new offshore wind investments and is splitting its power division following an extensive review of the business that was once seen as a key driver of the company's energy transition strategy. The changes are part of a company-wide review launched in 2023 aimed at reducing costs as CEO Wael Sawan focuses on activities with the highest returns. In many cases that has meant reducing spending on low-carbon and renewable businesses and increasing the focus on oil, gas and biofuels. “While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions, if there is a compelling investment case,” a company spokesperson said in a statement. Shell and other major energy companies have in the past touted offshore wind as a key market they can invest in as part
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