Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Oil giant Shell strikes deal to buy power from ‘world’s largest offshore wind farm’

by
November 24, 2021
in Trading News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

The housing market has hit ‘rock bottom’ and the sales slump will last a long time, Redfin CEO says

These 10%-Yielding Dividend Stocks Look Very Attractive Right Now, Analysts Say

mcKensa | iStock | Getty Images

Shell said Wednesday it had signed a deal to purchase power from a development dubbed “the world’s largest offshore wind farm.”

The 15-year power purchase agreement relates to 240 megawatts from Dogger Bank C, the third and final phase of the 3.6 gigawatt Dogger Bank Wind Farm, which will be located in waters off the coast of northeast England.

The agreement builds upon a previous deal to purchase 480 MW from Dogger Bank A and B, meaning that its combined offtake will amount to 720 MW.

On Wednesday, Dogger Bank Wind Farm announced it had also agreed 15-year power purchase agreements for Dogger Bank C with Centrica Energy Marketing & Trading, SSE Energy Supply Limited and Danske Commodities.

“The commercial power agreements provide a route to sell the green energy generated by the third phase of the wind farm into the GB electricity market when it enters commercial operation,” it said.

Dogger Bank A and B represents a joint venture between Equinor, SSE Renewables and Eni, with the companies holding stakes of 40%, 40% and 20% respectively.

This month, it was announced Eni would also acquire a 20% stake in Dogger Bank C, with Equinor and SSE Renewables each holding on to a share of 40%. This deal is slated for completion in the first quarter of 2022.

“Once the three phases are complete, which is expected by March 2026, Dogger Bank will be the largest offshore wind farm in the world,” Dogger Bank Wind Farm says.

Despite making deals related to renewable energy, Shell remains a major player in oil and gas. It has pledged to become a net-zero emissions energy firm by 2050.

In February, the business confirmed its total oil production had peaked in 2019 and said it expected its total carbon emissions to have peaked in 2018, at 1.7 metric gigatons per year.

In a landmark ruling earlier this year, a Dutch court ordered Shell to take much more aggressive action to drive down its carbon emissions and reduce them by 45% by 2030 from 2019 levels.

The verdict was thought to be the first time in history a company has been legally obliged to align its policies with the 2015 Paris Agreement. Shell is appealing the ruling, a move that has been sharply criticized by climate activists.

In October, billionaire activist investor Dan Loeb called on the business to break up into multiple companies to strengthen its performance and market value.

Shell acknowledged Loeb’s letter to clients calling for the company to split, saying it “regularly reviews and evaluates the Company’s strategy with a focus on generating shareholder value. As part of this ongoing process, Shell welcomes open dialogue with all shareholders, including Third Point.”

More recently, in mid-November, Shell said it would move its head offices to the U.K. from the Netherlands, and ditch its dual share structure. Under these plans, the firm’s name would change from Royal Dutch Shell plc to Shell plc.

“The simplification will normalise our share structure under the tax and legal jurisdictions of a single country and make us more competitive,” Andrew Mackenzie, the company’s chair, said at the time.

–CNBC’s Sam Meredith and Chloe Taylor contributed to this article.

ShareTweetPin

Related Posts

The housing market has hit ‘rock bottom’ and the sales slump will last a long time, Redfin CEO says

by
September 28, 2023
0

These 10%-Yielding Dividend Stocks Look Very Attractive Right Now, Analysts Say

by
September 28, 2023
0

Thursday: Q2 GDP, Unemployment Claims, Pending Home Sales, Fed Chair Powell

by
September 28, 2023
0

Costco says its 1-ounce gold bars are real and have been selling out in hours

by
September 28, 2023
0

Exxon Barred From Trucking Oil From California Offshore Platform

by
September 27, 2023
0

Next Post

Weekly Initial Unemployment Claims Decrease to 199,000

Q3 GDP Growth Revised up to 2.1% Annual Rate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Ford partners with GlobalFoundries to increase chip supplies

    0 shares
    Share 0 Tweet 0
  • CEOs across the market, economy agree on one big 2022 prediction: More volatility

    0 shares
    Share 0 Tweet 0
  • Inflation is sticking around – and Biden will likely have to wait it out like the rest of us

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com