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Report: Shell looks to become world's largest electricity company by 2035

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Report: Shell looks to become world's largest electricity company by 2035

Oil major Royal Dutch Shell PLC plans to become the largest electricity company in the world by 2035, according to a March 13 article from the Financial Times.

Shell's director of gas and new energies Maarten Wetselaar said the company could develop a clean power business that would supply customers, trade electricity and provide equipment on the same scale as its oil or gas operations.

Wetselaar said the power unit is targeting a return-on-capital of 8% to 12% but that the company's cheap gas supply and world presence will enable it to achieve its goal.

Shell's business is currently focused 65% oil production and refining, 25% gas and 10% chemicals and other operations, but the company wants its portfolio to change to 30% each for oil, gas and electricity while retaining a 10% share in chemicals.

Starting in 2020, Shell plans to invest $1 billion to $2 billion per year in new energy technologies, including electricity.

Since late 2017, Shell has acquired U.K. power supplier First Utility Ltd., European electric vehicle charging enterprise The New Motion B.V. and a stake in German battery firm sonnen GmbH.