Shell Says It Can Be World's Top Power Producer and Profit
- Oil major aims to be No. 1 electricity company by early 2030s
- Shell seeks 8-12% returns in historically low-margin business
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Royal Dutch Shell Plc plans to become the world’s biggest power company within 15 years, a move that suggests it sees climate change as a bigger threat to its business than electricity’s historically weak returns.
The world’s No. 2 oil explorer by market value is spending as much as $2 billion a year on its new-energies division, mainly to grow in a power sector it sees delivering 8 to 12 percent annual returns, according to Maarten Wetselaar, director of Shell’s integrated gas and new-energies unit.