Exclusive-Shell slows investments in offshore wind, splits power business

By Ron Bousso

LONDON (Reuters) – Shell (LON:) is stepping back from new investments in offshore wind projects and is splitting its power division following an extensive review of the business under CEO Wael Sawan’s drive to boost the company’s returns, the company told Reuters.

Shell Energy, which include renewables, power generation and supply to customers, will be split into two separate power generation and trading units, a company spokesperson told Reuters.

“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,” the spokesperson said in a statement.