Shell reduces offshore wind investments, restructures power division
Shell is scaling back its offshore wind investments and restructuring its power division following a comprehensive review. This shift aligns with CEO Wael Sawan’s strategy to focus on high-return activities, particularly in oil, gas, and biofuels, while reducing costs in low-carbon and renewable sectors. A Shell spokesperson confirmed that the company will not lead new offshore wind developments but remains interested in offtakes with acceptable commercial terms and may consider equity positions in compelling investment…