Shell, which is aiming to invest $10-15 billion directly into low-carbon energy solutions, has revealed its achievements in the renewable energy business in Q3 2024.
Capex for the renewable energy business in Q3 2024 was $409 million. This compares with Capex of $1.974 billion in Upstream, $1.236 billion in Integrated Gas, $761 million in Chemicals and Products, and $525 million in Marketing. Shell’s total Capex was $4.95 billion in Q3 2024 vs $4.71 billion in Q2 2024.
Shell said external power sales from renewable energy sources have reached 79 TWh in Q3 2024 against 74 TWh in Q2 2024.
Sales of pipeline gas to end-use customers have reached 148 TWh in Q3 2024 as compared with 148 TWh in Q2 2024.
Renewables power generation capacity has reached 7.3 GW in Q3 2024 against 7.1 GW in Q2 2024.
Renewables power generation capacity in operation has reached 3.4 GW in Q3 2024 as compared with 3.3 GW in Q2 2024.
Renewables power generation capacity under construction and/or committed for sale has reached 3.9 GW in Q3 2024 as compared with 3.8 GW in Q2 2024.
Shell has reported Adjusted Earnings of $6.0 billion in Q3 2024, despite the lower crude prices and weaker refining margins, reflecting strong operational performance in Integrated Gas, Upstream and Marketing.
Shell Chief Executive Officer Wael Sawan said: “Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet.”
Shell said cash capex for 2024 is expected to be below the lower end of the $22 – $25 billion range.
Shell’s Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions.
Shell’s Renewables and Energy Solutions also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Baburajan Kizhakedath