Shell has revealed its financial performance and key achievements in its renewable energy business during the second-quarter of 2024.
Shell says its capital expenditure (Capex) in renewable energy business was $425 million. This compares with its Capex of $1.151 billion in Integrated Gas, $1.829 billion in Upstream, $644 million in Marketing, $638 million in Chemicals & Products.
Earnings from Shell’s renewable energy business were –$0.4 billion.
External power sales from Shell’s renewable energy business have reached 74 TWh in Q2 2024 vs 77 TWh in Q1 2024.
Sales of pipeline gas to end-use customers from Shell’s renewable energy business have reached 148 TWh vs 190.
Shell’s renewable power generation capacity has reached 7.1 GW vs 6.7 GW.
Shell’s renewable power in operation has reached 3.3 GW vs 3.2 GW.
Shell’s renewable power under construction and/or committed for sale has reached 3.8 GW vs 3.5 GW.
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.
It 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.
“Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022,” Shell plc Chief Executive Officer, Wael Sawan said.
Shell has reported second-quarter profit of $6.3 billion, a drop of 19 percent from the previous three months, as refining margins and oil and gas trading weakened.
Shell has achieved cost reductions of $700 million in the first half of 2024, taking to $1.7 billion the total of such cuts since 2022, as part of a savings target of $2 billion to $3 billion by 2025.
Baburajan Kizhakedath