Big energy companies like Shell and BP are returning to focus more on oil and gas due to energy security concerns, which could ease the competition and cost pressures in the renewable energy sector.
Tsvetana Paraskova
But Big Oil's renewed focus on profitable projects in oil and gas and the new, selective approach to wind, solar, and other clean energy solutions with the best economics could ease competition and cost pressures in the renewables industry, where the biggest developers have been complaining of soaring costs, supply chain issues, and record-high prices for green projects at government auctions.
"As the events of last year demonstrated, the sudden loss of even a small part of the world's oil and gas can have severe economic and social costs. Reducing supply without also reducing demand inevitably leads to price spikes," Looney said in February.
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