Oil giant Royal Dutch Shell has provided an update of its activities in alternative energy, including Biofuels, Wind, Solar and Hydrogen, in which it has now invested more than $1 billion.
“In Shell, we aim to develop at least one alternative energy such as wind, hydrogen or advanced solar technology, into a substantial business,” commented Shell chief executive Jeroen van der Veer.
Shell’s share of wind energy capacity is currently greater than 350 MW, and is expected to reach approximately 500 MW in 2007, said the company. Included in this growth is the first Dutch offshore wind project, the 108 MW Offshore Windpark Egmond aan Zee of which Shell owns 50%. Construction is due to begin in March. Progress has also been made on the London Array offshore project in the UK of which Shell owns a third. This project has a potential capacity of 1,000 MW, making it one of the world’s largest planned wind farms.
In the United States, Shell is already one of the largest wind energy developers, and is actively progressing projects in Texas, Wyoming, Idaho, West Virginia, California, and Hawaii. Shell recently acquired 50% of the development rights to Mount Storm, a 300 MW wind park in West Virginia.
Shell also announced a Memorandum of Understanding outlining plans to explore the potential for wind energy developments in China in partnership with Guohua Energy Investment Corporation of the China Shenhua Group, a leading national energy supplier.
The company also recorded progress in its bio-energy and solar generation sectors. The news came as it delivered its 2005 full year results showing record profits of $22.94 billion – up nearly a third on last year.