BAKU, Azerbaijan, May 17. Shell's adjusted earnings from its renewables and energy solutions segment remained stable in the first quarter of 2024, aligning with the figures from the fourth quarter of 2023, Trend reports.
The company reported earnings of $0.2 billion, driven by lower trading and optimization margins, which were offset by reduced operating expenses. Additionally, Shell's adjusted EBITDA from renewables in the first quarter of 2024 totaled $0.3 billion.
At the same time, Shell's renewable energy generation capacity in operation grew from 6.6 GW in the fourth quarter of 2023 to 6.7 GW in the first quarter of 2024. Among these, 3.2 GW were already in operation, while 3.5 GW were under construction and/or committed for sale in the first quarter of 2024.
The expansion in renewable generation capacity was driven by the commercial operation of two significant projects: CrossWind, an offshore wind project located in the Netherlands, and Madison Fields, a solar project situated in the USA.
CrossWind and Madison Fields contributed to Shell's commitment to diversifying its energy portfolio and transitioning towards cleaner and more sustainable sources of energy.
Meanwhile, Shell’s total adjusted earnings in 1Q2024 amounted to $7.7 billion. This marked an increase of 5 percent, compared to $7.3 billion in 4Q2023.