Shell's renewables and energy solutions segment reported a $200 million decrease in earnings for the second quarter of 2024, reaching an adjusted loss of $187 million. This figure compares with a loss of $163 million in the first quarter of 2024 and a loss of $239 million in the third quarter of 2023.
The company attributed the decline to reduced seasonal demand and increased volatility, which led to lower trading and optimization revenues in Europe. Additionally, there was a decrease in generation and energy marketing margins.
Shell's renewable energy capacity in operation grew to 3.3 gigawatts in the second quarter of 2024, up from 2.5 gigawatts in the same period of 2023. However, the capacity under construction or committed for sale decreased to 3.8 gigawatts from 4 gigawatts a year earlier.
During the quarter, Shell made a significant move by approving the final investment decision on the 100-megawatt Refhyne 2 renewable hydrogen electrolyser at the Shell Energy and Chemicals Park Rheinland in Germany. This project aligns with Shell's investment plan of $10-$15 billion in low carbon energy solutions from 2023 to 2025.
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