THE boss of Shell has said blackouts are unlikely this winter — so long as the weather does not turn too cold.
In signs that the energy crisis is finally easing, CEO Wael Sawan said gas storage levels were high and there had been less demand from China than expected.
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He said: “It depends how cold the winter is on whether we have challenges or not.”
Profits at the oil giant have halved to £3.9billion in the past three months as wholesale energy prices have fallen sharply.
Despite the slump, the profits were still healthy enough for Shell to go ahead with another £2.3billion share buyback and a 15 per cent increase in its dividend.
Last year the company handed £20 billion to investors, prompting criticism that it was profiteering from the war in Ukraine.
Bosses at Shell have said they are prioritising investor returns because British oil companies are undervalued compared to their US peers, such as Exxon and Chevron.
Georgia Whitaker, climate campaigner for Greenpeace UK, said: “It’s galling for households to see Centrica’s profits increasing tenfold, and Shell raking in £4bn – while the cost of living crisis continues, and heatwaves and wildfires are raging on.”
