Shell has announced in a business update that it may write down up to $1.2 billion in its renewable energy division, which includes its offshore wind farms.
The update outlines an impairment for Shell’s Renewables & Energy Solutions division, estimated between $800 million and $1.2 billion. The final figures will be released on 30 January, but the update serves as an early notification. According to a spokesperson the write-down is primarily related to reduced forecasts, particularly for an offshore wind project in the USA. Shell estimates that its renewable energy division recorded a loss of between $100 million and $600 million in the fourth quarter of 2024. The only profitable period for the division was the first quarter of 2024, when it posted earnings of $163 million.
