June 22, 2024
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ELECTRICITY

Shell Exits China’s Power Market

Shell has announced its withdrawal from China’s power markets as part of CEO Wael Sawan’s strategic initiative to concentrate on more lucrative operations, the company revealed on Wednesday.

In a statement, Shell confirmed its decision to depart from the power value chain in China, encompassing power generation, trading, and marketing businesses. This move became effective at the conclusion of 2023.

“We are strategically investing in power, prioritizing the delivery of value from our power portfolio, which necessitates making challenging decisions,” Shell stated.

In recent months, Shell has divested from various businesses and projects, including the retail power markets in the UK and Germany, as well as offshore wind projects.

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