Shell’s renewables & energy solutions business has a reported a decrease of $200m in segment earnings, compared with the first quarter 2024.
Adjusted earnings for the unit was a loss of $187m in second quarter 2024, compared with $163m in first quarter 2024 and $239m in third quarter 2023.
Shell stated that the business’ results were lower due to lower seasonal demand and volatility driving lower trading and optimisation in Europe, as well as lower generation and energy marketing margins.
In second quarter 2024 Shell had 3.3GW of renewable energy capacity in operation, compared with 2.5GW in the same period of 2023 and 3.8GW of renewables capacity under construction/committed for sale in second quarter 2024, compared with 4.GW in second quarter 2023.
Highlights for the quarter included a final investment decision on the 100MW Refhyne 2 renewable hydrogen electrolyser at the Shell Energy and Chemicals Park Rheinland in Germany.
This is in line with Shell’s plan to invest $10-$15bn in low carbon energy solutions between 2023-2025.