Shell won’t sacrifice “value for volume” while it proves its credentials as a leading player in the global power sector, said the oil and gas giant’s chief financial officer.

Jessica Uhl said Shell “won’t be pursuing scale for scale’s sake” as she responded to questions from financial analysts prompted by the group’s recent declaration that it wants to be “the world’s biggest power company” by the early 2030s.

Its recent determination to be a player in wind and solar is a big shift from a 2016 statement by CEO Ben van Beurden that 'no one makes money from renewables'.

Asked to elaborate on its new ambitions, Uhl said Shell believes it can “lead and thrive” in a global shift to electricity, but added: “We’re going to prove we can make competitive and attractive returns before scaling up”.

The oil group this year has engaged in a spree of activity in the clean energy space.

That has included stakes in two innovative offshore wind technologies – one with Google-owner Alphabet – and the acquisition of battery pioneer Sonnen.

Shell has also indicated it plans to enter the UK offshore wind sector, adding to a range of existing interests in the sector.

It relaunched its UK utility business as a 100%-renewable electricity supplier and rebadged it with its own name.

Shell currently plans to put $1-2bn a year into New Energies up to 2020, but has previously said that could double as the oil and gas group ramps up its power sector presence.

Transition

Shell: 'We'll prove we can make money in renewables'