Shell: 'we won't lead any new offshore wind projects'
Oil and gas giant to focus on 'maximising the value of our existing renewable generation platforms'
Shell confirmed it won’t lead the way on any new offshore wind projects in the future, in the oil & gas major’s clearest signal yet that it is cooling to the sector.
“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.”
Shell still has a broad range of offshore wind development interests, including multi-gigawatt plans in Scotland with Iberdrola and a project off the US east coast with EDF.
However, the statement issued today is a clear signal that the door is largely shut on new developments and project entries. It also emerged earlier today that a Shell-led consortium won’t enter Norway’s upcoming floating wind tender.
Shell said of its wider renewables business: “We believe that selective investments in renewable power generation and storage systems, combined with our deep power trading and B2B sales expertise, will enable us to create more value with less emissions.
“In selected markets, we see increasing value in using batteries and flexible gas-fired power plants to manage intermittency and help us to meet our customers’ needs as renewables play increasing roles in power markets.”
Shell currently has 3.4GW of renewables in operation globally and is a significant green power trader, with customers including the likes of Google and Microsoft.
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