Shell steps back from new offshore wind investments, Reuters says

Shell (SHEL) is curtailing new offshore wind investments and is splitting its power unit following an extensive review of the business, Reuters’ Ron Bousso reports. The updates are part of a company-wide review that began in 2023 that sought to cuct costs as CEO Wael Sawan focuses on operations with the highest returns, the author notes. “While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions, if there is a compelling investment case,” a company spokesperson said in a statement.