Oil major to pull back from renewable generation business but will continue to develop existing pipeline
Shell will not initiate any new offshore wind projects, the company said on Wednesday, as it steps back from renewable energy under chief executive Wael Sawan. The UK-based oil major said it planned to keep its offshore wind farms in the Netherlands and would continue to develop its existing pipeline of wind farms in Europe, the US and the UK, but would not seek to lead any new projects. “We will be focusing on maximising the value of our existing renewable generation platforms,” Shell said.
Industry leader Ørsted has cut its targets for growth by 2030 after walking away from two offshore wind projects in the US last year, while rival Equinor has also pulled back on early stage development in some markets. Projects are particularly affected by rising interest rates as they have high upfront costs and long lead times.
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