By contrast, Total, BP, and Eni have all laid down specific amounts of capacity they intend to achieve by certain dates, thus locking them into plans to build or acquire lots of physical wind and solar plants. Shell has said only that it intends to double its sales of electricity to 560 terawatt hours a year by 2030 - a target it could achieve not through generating its own power generation but by buying it from others on wholesale electricity markets. The power it intends to sell at these retail sites and to homeowners and businesses might not come from its own generation. In last month’s announcement Shell said that it expects to serve electricity to more than 15 million retail and business customers worldwide. It also wants to strengthen its sales of low-carbon electricity directly to households, businesses and commercial enterprises. Shell’s plan does not focus solely on retail sites. “Charging will look very different from how we think about it today.” “This is a forecourt of the future, with electric vehicle charging, hydrogen will be there, liquefied natural gas, and then you’ve got a restaurant and a shopping area,” said Sanford Bernstein’s Clint. Together, the increased number of electric vehicle chargers plus expanded network of retail sites gives Shell a way to continue to bundle its products together, much as it currently sells its own gasoline at Shell-owned retail sites while also earning revenue from other businesses on the forecourt. Shell would also likely aim to sell biofuels and hydrogen at these retail sites: it plans to increase the amount of biofuels and hydrogen in the transport fuels it sells to 10%, from 3% currently. (“Retail sites” refer to gas stations, a spokesperson said when reached by phone, although the company didn’t respond to further questions.) In tandem, it wants to grow its electric vehicle charging network from 60,000 charge points currently to around 500,000 by 2025. Shell already owns 46,000 retail sites and wants to increase that to 55,000. Shell’s plan to focus on the retail side of the renewables business would build on its existing strength as a retail provider of gasoline and diesel. “We aim to be a leading provider of clean Power-as-a-Service,” the company said. Part of that plan relies heavily on carbon offsets, including spending an expected $100 million per year on “ nature-based solutions” such as planting trees.īut the real substance of the plan involves bulking up its retail operations and overhauling them to focus on sales of renewable electricity directly to households and electric vehicle owners. It wants to reduce the carbon intensity of its energy products by 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050, against a 2016 baseline. To achieve net-zero emissions by 2050, including emissions from its own products, Shell has linked the salaries of 16,500 staff to a series of carbon reduction targets. To learn more about Zero Liability, visit /zeroliability.“The company has to generate the cash it needs to reinvent itself and shift its mix towards renewables in preparation for a long-term net zero future,” said Russ Mould, Investment Director at financial services firm AJ Bell.įrom retail gasoline to retail power, biofuels and hydrogen **Certain terms, conditions and exclusions apply. It may not be possible to combine multiple discounts and/or rewards in a single transaction. Purchases made at locations that sell non-Shell branded fuel are not qualifying purchases and rebates are not earned on those purchases. Terms and Conditions of the Shell | Fuel Rewards ® Credit Card rewards program apply. For fuel purchases where you redeem cents per gallon Fuel Rewards ® program rewards in addition to your Shell | Fuel Rewards ® Credit Card and Gold Status cents per gallon rewards, fuel savings are limited to 20 gallons of fuel. After the promotional period ends, 10 ¢ per gallon offer applies. With this limited time offer, you get 5 ¢/gal with Fuel Rewards ® Gold Status and 25 ¢/gal with the Shell | Fuel Rewards ® Credit Card for a total of 30 ¢/gal (up to 35 gallons).
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