Energy covers Europe’s electricity, gas, renewables and nuclear sectors, and the policies and markets that underpin them. Reporting spans security of supply, grids and interconnectors, power market design, prices and affordability, storage and hydrogen, offshore wind and solar, nuclear lifecycle, efficiency, and the role of energy in climate policy, industry, and geopolitics.
Shell is ending all its ventures with Russian companies, with chief executive Ben van Beurden condemning its invasion of Ukraine as a “senseless act of military aggression,” the BBC reports.
It will sell its stakes in joint ventures with Gazprom, Russia’s majority state-owned energy company, including a 27.5% stake in a major liquified natural gas plant.
The decision comes after BP decided to offload its share of a state-owned oil firm, Rosneft.
Shell also plans to end its involvement in the Nord Stream 2 gas pipeline from Russia to Germany, which it helped finance along with a collection of other companies. Germany has already halted the project.
The company said it would take a hit to its balance sheet, with its ventures with Gazprom valued at about $3bn (£2.3bn).
“Our decision to exit is one we take with conviction. We cannot – and we will not – stand by,” van Beurden said.
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