Shell exits China’s electricity markets

Shell has exited the Chinese electricity markets, as part of CEO Wael Sawan’s effort to focus on more profitable activities, including its natural gas and oil units.

According to Reuters, Shell said in a statement that it has decided to exit the chain of value-added activities for the electricity sector in China, which includes generating, trading and marketing electricity. She said that the decision was effective from the end of 2023.

A Shell spokesman said that the changes do not apply to electric vehicle charging activities, which are an important growth market for the company.

As part of its efforts to save up to three billion dollars in annual costs, Shell has withdrawn in recent months from the retail electricity business in Europe and a number of offshore wind energy projects and low-carbon energy projects.