11:29 AM EST, 12/04/2024 (MT Newswires) -- Shell (SHEL) is reducing its offshore wind investments and restructuring its power division in an effort to boost profits, Reuters reported Wednesday.

Shell Energy, which covers renewables, power generation, and customer supply, will be split into two separate units focused on power generation and trading, a Shell spokesperson told Reuters, adding that the company will not spearhead new offshore wind developments, but it remains open to investment opportunities with favorable terms and is "cautiously open to equity positions" if strong cases emerge.

Shell will continue to develop ongoing projects but has recently pulled back from several offshore wind initiatives, including those in South Korea and the US, the report said.

Shell didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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