Shell Takes $1B Charge as it “Pauses Involvement” in U.S. Offshore Wind

Oil major Shell is continuing to reduce its involvement in renewable energy and offshore wind including effectively ending its involvement with the U.S. offshore wind energy sector. Buried within today’s year-end 2024 financial report is a note that results include impairment charges of more than $1 billion “mainly relating to renewable generation assets in North America.”

The company has been moving away from its previous push into renewables as part of a strategy that CEO Wael Sawan described as “simplification” which is helping to deliver over $3 billion in cost cuts since 2022. Commented on renewable energy the company said it was “high grading its portfolio.”

The bulk of the $1.085 billion impairment charge is being taken in the fourth quarter ($996 million) and relates to the company’s decision to “pause” its involvement in a joint ve…