European oil companies have started to address what they worry may one day be an...
LONDON - European oil companies have started to address what they worry may one day be an existential threat to their business — the end of a century of oil demand growth in a low carbon world.
Relatively small investments in electricity aim to help them ride the energy transition by offering households and businesses cleaner power than coal can provide and giving their petrol stations a green edge with EV charging. BP lost billions in its first foray into renewables 20 years ago when it rebranded itself “Beyond Petroleum”. It closed its solar manufacturing division in 2011 and tried to get rid of its wind farms but says it now has a more successful model.
He said BP plans to expand its alternative energy capacity - the biggest among the majors, according to CDP, a climate-focused research provider that works with major institutional investors. Gazprom’s large hydropower interests put it in second place ahead of Total and then Shell, CDP calculations show.French giant Total ‘s purchase of Direct Energie last year gave it a portfolio of gas fired and renewable energy power plants and a platform to challenge state-controlled utility EDF .
Last week it renamed that utility Shell Energy and switched all 710,000 customers to 100 percent renewable electricity, offering them discounts on petrol and electric car charging in its petrol stations. Eneco is valued at around 3 billion euros and has 2.2 million customers and Shell’s Gainsborough said it could provide a template for a power business model.
So far the oil majors have committed a small fraction of their annual investment to low-carbon technologies as they balance shareholder demands for returns and innovation.
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