Category: Renewable Energy

MIL-OSI Europe: Briefing – Renewable and low-carbon hydrogen: State of play and outlook – 03-02-2025

Source: European Parliament

Hydrogen is a feedstock used in the petrochemical industry and can also serve as an energy carrier. Currently, 96 % of hydrogen in the EU is produced from natural gas, a process that emits considerable amounts of CO2. When the CO2 is captured and stored, it is known as low-carbon hydrogen. Another technology for producing hydrogen is water electrolysis, which breaks water down into hydrogen and oxygen. If electrolysis is powered by renewable electricity, there are no CO2 emissions, and the hydrogen produced is referred to as renewable hydrogen. Both low-carbon and renewable hydrogen can play a crucial role in the energy transition of the EU by replacing fossil fuels in carbon-intensive sectors. They can be used in iron and steel production, the chemical industry, and transport, as well as for generating industrial and residential heat and electricity. In 2023, EU-27 hydrogen consumption stood at 7.3 million tonnes (megatonnes or Mt), equivalent to around 2 % of total EU energy consumption. Refineries, as well as the ammonia and chemical industries, account for the largest share of hydrogen demand. Renewable hydrogen is more expensive than fossil-based hydrogen, hindering its development. However, its cost is expected to go down, especially in regions with abundant renewable electricity. Hydrogen infrastructure is currently in the project development stage. Rising interest rates have increased the cost of new projects in the hydrogen value chain, although there are EU schemes – in particular the European Hydrogen Bank – to assist with financing and establishing a lead market. To complete the policy framework for this emerging market, the EU has adopted a hydrogen and decarbonised gas market package, updating EU gas market rules to prepare for renewable and low-carbon gases and laying the groundwork for dedicated hydrogen infrastructure and market. The latest revision of the Renewable Energy Directive sets targets for the uptake of renewable hydrogen in industry and transport. A European Court of Auditors’ report recently confirmed that the EU regulatory framework is mostly complete but that its impact on the market has yet to be seen.

MIL OSI Europe News –

February 4, 2025

MIL-OSI: Correction: 2024 financial statements: significant reduction in net loss

Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE

2024 financial statements: significant reduction in net loss

Evry, 03 February 2025 – 5:45pm: Global Bioenergies’ Board of Directors today approved the 2024 annual financial statements, which have been audited by the Statutory Auditor and show a significantly reduced loss of €-5.9M.

Samuel Dubruque, Chief Financial Officer of Global Bioenergies, comments: “In two years, we have managed to halve our net loss (€-12.0M in 2022, €-8.7M in 2023 and €-5.9M in 2024). The Company has reorganized itself to match its new partnership development model, which enables us to reduce expenses by optimizing allocated resources. We anticipate that 2025 will result in a further reduced net loss.

We are also holding discussions with our banking partners to negotiate the payment schedule of our debts, aiming at postponing any repayments beyond 2025, which would extend our financial visibility with our current cash position until September 2025. If we were unable to reach an agreement with our banking partners in the coming months, new financing would be required to meet our debt repayments”.

Marc Delcourt, co-founder and CEO of Global Bioenergies, adds: “Our new technical approach, which will combine our technology with the one of a major international industrialist, will enable us to drastically reduce the CAPEX¹and OPEX²of isobutene production and its conversion into SAF. We can now set our sights very high in this field: to take over from HEFA, the only commercially exploited technology to date, but which will soon plateau because it relies on limited resources (used cooking oil and tallow oil). We are more convinced than ever of the need to provide decarbonizing solutions in a world that sometimes seems resigned to global warming and its many consequences”.

Group Profit & Loss Account

€ thousands	from 01/01/24 to 30/12/2024 12 months	from 01/01/23 to 31/12/2023 12 months	from 01/01/22 to 31/12/2022 12 months

Operating income	4,692	8,910	1,715
Operating expenses	-11,436	-18,621	-14,907
Operating profit (loss)	-6,744	-9,711	-13,192

EBITDA	-4,428	-6,878	-11,383

Financial profit	59	107	-95
Non-recurring items	-428	-239	-147
Income tax (CIR)	-1,251	-1,187	-1,447

Net income (loss)	-5,861	-8,656	-11,986

Details of operating income

Details of operating income (€ thousands)	2024	2023	2022
Sales	361	3,249	698
Operating subsidies	4,188	2,698	895
Change in inventories	-312	1,530	-118
Other	455	1,432	240
TOTAL	4,692	8,910	1,715

Operating income consists mainly of operating subsidies recognized under the Isoprod and Prénidem projects from ADEME.

Details of operating expenses

Details of operating expenses (€ thousands)	2024	2023	2022
Staff	4,174	4,553	4,287
Laboratory	390	346	343
Industrialization/Commercialization	1,506	8,778	6,713
Rentals and maintenance	1,060	1,034	850
Intellectual property	320	390	323
Amortization	2,386	1,590	703
Other	1,600	1,931	1,688
TOTAL	11,436	18,621	14,907

Operating expenses have decreased mainly on industrialization and production items, as the work carried out during the first half of the year on the demo plant at Pomacle Bazancourt was brought to completion. No such expenditure was necessary in the second half of the year.

Group Balance Sheet

Assets (€ thousands)	*31/12/24*	*31/12/23*	*31/12/22*	Liabilities (€ thousands)	*31/12/24*	*31/12/23*	*31/12/22*

Intangible assets	69	327	539	Capital	908	906	749
Tangible assets	486	2,471	3,612	Share premium	–	10,538	16,029
Assets under construction	–	77	401	Balance carried forward	-918	-2,769	-2,708
Financial assets	349	341	1,546	Profit (loss)	-5,861	-8,656	-11,986
				Equipment subsidies	129	2,758	463

NON-CURRENT ASSETS	904	3,217	6,097	EQUITY	-5,742	2,778	2,547

Inventories	402	219	2,592	PROVISIONS	198	53	110
Receivables	3,144	2,247	3,647	Conditional advances and loans	13,088	12,451	11,486
Cash	4,692	11,673	8,768	Trade payables	1,475	2,411	5,580
Marketable securities	171	171	173	Tax and social security liabilities	625	559	502
Prepaid expenses	338	378	300	Other debts and deferred income	7	3	1,352

CURRENT ASSETS	8,746	15,038	15,480	PAYABLES and DEFERRED INCOME	15,195	15,423	18,921

TOTAL ASSETS	9,651	18,254	21,577	TOTAL LIABILITIES	9,651	18,254	21,577

The Group’s balance sheet shows a gross cash position of €4.7M at 31 December 2024. The Company is currently holding discussions with its banking partners to negotiate the payment schedule of debts. Excluding bank repayments, monthly cash consumption is around €0.6M.

2024 highlights and recent events

2024 was marked by the efforts made and then the decision to stop the search for financing the project to build a 2,500-ton plant dedicated to cosmetics, in a general context that was highly unfavorable to financing first industrial projects. The Company then decided to redirect its efforts in SAF by forging partnerships with major manufacturers to strengthen the competitiveness of its process by 2030. In the meantime, the Company is maintaining its ambitions in the cosmetics sector, which serves as a steppingstone for the SAF market (same molecules, same process).

As a reminder, the Company’s process is one of only a dozen solutions to be ASTM certified. The Company has developed a process for producing SAF from plant-based resources, and has also demonstrated through a proof-of-concept that its process could be used to produce e-SAF, i.e. from a resource derived from the combination of CO₂ and hydrogen produced from renewable electricity, in this case e-acetic acid, which could be produced by industrial players in the future. Europe favors the use of e-SAFs going forward, as they have the advantage over bio-SAFs of not requiring plant products or agricultural or forestry land.

As part of its strategic repositioning, the Company announced today³ that it has signed a Term Sheet with a major international industrialist to co-develop a SAF production process combining its technology with the partner’s proprietary technology. This combination will significantly reduce capital expenditure and production costs, making it the most promising technology to take over after the HEFA⁴ process.

About GLOBAL BIOENERGIES

As a committed player in the fight against global warming, Global Bioenergies has developed a unique process to produce SAF and e-SAF from renewable resources, thereby meeting the challenges of decarbonising air transport. Its technology is one of the very few solutions already certified by ASTM. Its products also meet the high standards of the cosmetics industry, and L’Oréal is its largest shareholder with a 13.5% stake. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 – ALGBE).

Contacts

1 CAPEX: Capital Expenditures
2 OPEX: Operational Expenses
3 Press Release: Signature of a term sheet to combine two technologies and bring SAF production to the next level, 03 February 2025
4 HEFA: Hydroprocessed Esters and Fatty Acids

Attachment

Global Bioenergies_2024 financial statements-significant reduction in net loss_030225_VEN

The MIL Network –

February 4, 2025

MIL-OSI: 2024 financial statements: significant reduction in net loss

Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE

2024 financial statements: significant reduction in net loss

Group Profit & Loss Account

€ thousands	from 01/01/24 to 30/12/2024 12 months	from 01/01/23 to 31/12/2023 12 months	from 01/01/22 to 31/12/2022 12 months

Operating income	4,692	8,910	1,715
Operating expenses	-11,436	-18,621	-14,907
Operating profit (loss)	-6,744	-9,711	-13,192

EBITDA	-4,428	-6,878	-11,383

Financial profit	59	107	-95
Non-recurring items	-428	-239	-147
Income tax (CIR)	-1,251	-1,187	-1,447

Net income (loss)	-5,861	-8,656	-11,986

Details of operating income

Details of operating income (€ thousands)	2024	2023	2022
Sales	361	3,249	698
Operating subsidies	4,188	2,698	895
Change in inventories	-312	1,530	-118
Other	455	1,432	240
TOTAL	4,692	8,910	1,715

Operating income consists mainly of operating subsidies recognized under the Isoprod and Prénidem projects from ADEME.

Details of operating expenses

Details of operating expenses (€ thousands)	2024	2023	2022
Staff	4,174	4,553	4,287
Laboratory	390	346	343
Industrialization/Commercialization	1,506	8,778	6,713
Rentals and maintenance	1,060	1,034	850
Intellectual property	320	390	323
Amortization	2,386	1,590	703
Other	1,600	1,931	1,688
TOTAL	11,436	18,621	14,907

Group Balance Sheet

Assets (€ thousands)	*31/12/24*	*31/12/23*	*31/12/22*	Liabilities (€ thousands)	*31/12/24*	*31/12/23*	*31/12/22*

Intangible assets	69	327	539	Capital	908	906	749
Tangible assets	486	2,471	3,612	Share premium	–	10,538	16,029
Assets under construction	–	77	401	Balance carried forward	-918	-2,769	-2,708
Financial assets	349	341	1,546	Profit (loss)	-5,861	-8,656	-11,986
				Equipment subsidies	129	2,758	463

NON-CURRENT ASSETS	904	3,217	6,097	EQUITY	-5,742	2,778	2,547

Inventories	402	219	2,592	PROVISIONS	198	53	110
Receivables	3,144	2,247	3,647	Conditional advances and loans	13,088	12,451	11,486
Cash	4,692	11,673	8,768	Trade payables	1,475	2,411	5,580
Marketable securities	171	171	173	Tax and social security liabilities	625	559	502
Prepaid expenses	338	378	300	Other debts and deferred income	7	3	1,352

CURRENT ASSETS	8,746	15,038	15,480	PAYABLES and DEFERRED INCOME	15,195	15,423	18,921

TOTAL ASSETS	9,651	18,254	21,577	TOTAL LIABILITIES	9,651	18,254	21,577

2024 highlights and recent events

About GLOBAL BIOENERGIES

Contacts

Attachment

Global Bioenergies_2024 financial statements-significant reduction in net loss_030225_VEN

The MIL Network –

February 4, 2025

MIL-OSI United Kingdom: New partnerships with financial sector to unlock growth in UK and overseas
Source: United Kingdom – Government Statements

UK Minister for Development announces funding and partnerships to deliver Sustainable Development Goals and domestic growth, in speech at London Stock Exchange.
Government to partner with UK financial sector to deliver on the Plan for Change by tackling climate change and driving growth at home.

Minister for Development Anneliese Dodds pays tribute to the UK financial services sector, which “powers jobs and growth across the UK”.

New funding and partnerships will unlock investment opportunities, as part of a new development approach supporting sustainable economic growth overseas.

Efforts to address the climate crisis and boost growth in the Global South and at home will be enhanced under a partnership approach between the government and the UK financial sector, the UK’s Minister for Development Anneliese Dodds announced today (Monday 3 February).

Speaking at the London Stock Exchange, Minister Dodds praised the “expertise, experience and dynamism” of the UK’s financial services sector, and pledged to put this expertise “at the heart of how we meet the opportunities and challenges of our time”, including accelerating delivery of the UN’s Sustainable Development Goals (SDGs). These seek to address global challenges, including poverty, inequality, and climate change, to achieve a better and more sustainable future for all, by 2030.

Minister Dodds set out how investment in the Global South is an opportunity for UK financial services “to marry investment in the economies and technologies of the future, with the experience and expertise of the City of London”, adding that the government will hold up its end of the bargain by working internationally to reform the global financial system to provide greater opportunity and stability.

Minister for Development Anneliese Dodds said:

With businesses and the government working hand in hand to drive investment in the Global South, we can unlock growth, jobs, trade, investment, and pride in our economy overseas and here at home.

This government is enabling the financial services sector to flourish and use its expertise and depth of capital to invest in the markets and technologies of the future.

Through partnerships like this, we will deliver on the Plan for Change, drive domestic growth, and create a world free from poverty on a liveable planet.

The Minister announced up to £100 million for the UK’s flagship public markets programme MOBILIST. This programme will provide businesses focused on delivering the SDGs with the anchor funding and expert advice they need to list on stock exchanges around the world, including in London, allowing them to attract significant sums of additional private investment.

This is expected to generate between £400 million and £600 million of new investments in businesses across emerging markets in Asia, Africa, and Latin America. These investments will support economic growth, sustainable development, and climate action in local markets.

She also celebrated the issuance of the first Climate Investment Fund (CIF) Capital Markets Mechanism (CCMM) bond last month, which raised $500 million (approximately £400 million) for energy and clean technology projects in low- and middle-income countries. The CCMM, launched by the Prime Minister at COP29, is a new financial mechanism to leverage future loan repayments by issuing bonds on capital markets.

As today’s announcements demonstrate, this government’s modern approach to development focuses on harnessing the power of the private sector in mobilising the finance emerging markets need to grow. This will create future export markets for the UK and new overseas investment opportunities, supporting domestic growth and delivering on the government’s Plan for Change. It will also make the UK safer and more stable by tackling the drivers of conflict, climate crises and economic decline in partner countries.

UK Climate Minister Kerry McCarthy said:

This is a historic moment for tackling the climate crisis, with the first bond raising $500 million to accelerate the global clean energy transition and support the flow of climate finance to developing countries.

Public finance alone cannot tackle the scale of this challenge, and this mechanism will help leverage the private finance needed to support those on the frontline of a changing climate.

Its listing in the UK positions London as a green finance capital. By working with partners such as the World Bank the UK can drive the action needed to grow the economy and reap the rewards of net zero.

Minister Dodds made the announcements during a speech to the UK financial sector, including pension funds, insurers, banks, and development finance organisations, after joining a market opening ceremony at the London Stock Exchange.

Julia Hoggett, CEO of the London Stock Exchange, added:

Flows of investment are vital to generating sustainable growth both in the UK and around the world. London’s capital markets have long played a leading role in driving flows of capital to where they need to go, and we welcome the focus on fuelling growth and supporting the just transition to net zero.

As part of these efforts, we are proud to celebrate the listing of the Climate Investment Funds’ Capital Markets Mechanism on the London Stock Exchange. This pioneering bond issuance programme not only brings a new financing tool to our market but is facilitating critical investment in sustainable and clean assets.

As part of the speech, the Minister also welcomed a first-of-its-kind report from UK institutional investors, co-led by Mercer, Aviva Investors and the Private Infrastructure Development Group (PIDG) and supported by the Institutional Investors Group on Climate Change (IIGCC), on scaling private capital for climate action in emerging markets, and announced a new taskforce to take its recommendations forward.

The speech comes a week after British International Investment (BII), which is funded by the FCDO, launched a call for institutional investors to work with them to develop solutions that will boost the flow of private capital into emerging markets, which are often considered too risky by global investors, but can offer attractive investment opportunities for growth, diversification and impact for the climate transition.

Tariye Gbadegesin, Chief Executive Officer, Climate Investment Funds, said:

The UK has long recognized that to transform our energy systems at the scale and speed required, we must deploy public money smartly. That means putting climate finance to work where it’s most needed: investing in promising new technologies and enabling new clean energy markets, to spur private sector interest at scale.

As a founding member of the Climate Investment Funds and a proud partner in the launch of our next-generation CIF Capital Markets Mechanism today, the UK is demonstrating its commitment to bold new models of public-private partnership for both people and planet.

Benoit Hudon, Mercer’s UK President and CEO said:

UK institutional investors, as part of the wider financial and professional services ecosystem are uniquely placed to help finance development projects in emerging markets and developing economies, which will also support UK growth. The report published today, co-led by Mercer, sets out a range of measures the UK Government and finance industry can take to secure the UK’s position as the world’s leading destination for transition finance.

Background

The Minister’s full speech will be made available on gov.uk following the event: Search – GOV.UK

Photos to be available on FCDO Flickr later today.

About MOBILIST

A flagship UK government programme, MOBILIST (Mobilising Institutional Capital Through Listed Product Structures) identifies and invests in scalable, replicable transactions on public markets that help deliver the climate transition and the Sustainable Development Goals. MOBILIST invests capital on commercial terms, delivers technical assistance, conducts research, and builds partnerships to catalyse investment in newly listed products. Since its inception, MOBILIST has invested £87 million in equity and equity commitments, directly mobilising £247.5 million in private capital.

Examples of initiatives supported by MOBILIST include:

Citicore Renewable Energy Company: in June 2024, MOBILIST supported the Philippines in its transition to renewable energy through a £9.9 million local currency investment in the initial public offering (IPO) of Citicore Renewable Energy Corporation (CREC) on the Philippines Stock Exchange, Inc. (PSE), helping to decarbonise the Philippines power generation fleet by rapidly rolling out wind and solar, adding 2.3GW by the end of 2025 and 5GW by 2028. MOBILIST’s investment supported £63.7 million of private investment, a mobilisation ratio of 6.25.

Bayfront Infrastructure Capital IV: MOBILIST’s £4 million equity investment in September 2023 into a $410 million securitisation vehicle that listed on the Singapore Stock Exchange and enabled the greening of bank balance sheets in Southeast Asia and attracted international investors into developing countries’ infrastructure. MOBILIST’s investment supported £90.5 million in private investment, a mobilisation ratio of 22.9.

About the CIF & CCMM

The Climate Investment Funds (CIF) were launched in 2008 to invest in Emerging Markets and Developing Economies (EMDEs) climate projects. To date, the CIF has leveraged over $64bn from $12.3bn of donor contributions, supporting over 400 projects in over 80 countries. The UK (led by DESNZ) is a leading donor and chairs its Joint Trust Fund Committee.

The CIF Capital Markets Mechanism (CCMM) was launched by the Prime Minister at COP29, and the bonds were issued on the London Stock Exchange in January 2025. It is a new financial mechanism to leverage future loan repayments (reflows) from previous investments made under the CIF’s Clean Technology Fund (CTF), by issuing bonds on capital markets.

Examples of investments made by the CTF include:

In South Africa, CTF invested $430.9 million (with co-financing of $2.28 billion). Key achievements include supporting Sub-Saharan Africa’s first large-scale battery storage project and increasing clean energy share in the power grid. This has led to a reduction of 1 million tons of CO2 annually. Notable projects include the KaXu, Xina, and Khi solar plants and the 2023 launch of Africa’s largest battery energy storage system.

In Thailand, CTF invested $85.7 million (with co-financing of $1.1 billion). This funding supported over 480MW of solar and wind capacity, reducing 160,000 tons of CO2 annually. Over eight years, wind capacity increased seven-fold, and solar capacity more than doubled. CTF also helped finance the Theppana Wind Power Project and kickstarted the Solar Power Company Group to develop solar farms across northeastern Thailand.

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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Updates to this page

Published 3 February 2025
MIL OSI United Kingdom –
February 4, 2025
MIL-OSI: Baker Hughes and Hanwha Announce Partnership to Develop Small-Size Ammonia Turbines
Source: GlobeNewswire (MIL-OSI)
- Agreement to focus on creation of 100% ammonia combustion dual fuel with natural gas small-size turbines
- Ammonia is a low-carbon fuel that can play a critical role in decarbonizing hard-to-abate sector, including marine transportation
- Collaboration to deliver efficiency comparable to reciprocating engines while minimizing carbon emissions
FLORENCE, Italy, Feb. 03, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, Hanwha Power Systems and Hanwha Ocean announced Monday a Joint Development and Collaboration Agreement (JDCA) for a new small-size turbine for ammonia applications that will leverage Baker Hughes’ small-size gas turbine technology and Hanwha’s ammonia combustion system. The agreement was signed during the Baker Hughes 2025 Annual Meeting in Florence. The new ammonia turbine will be suitable for marine applications but also for onshore and offshore applications, and for electric generation and mechanical drive.

Ammonia is a critical fuel in enabling the decarbonization of hard-to-abate sectors, including marine, oil and gas, and power. Hanwha Ocean, one of South Korea’s leading shipbuilders, will be the main beneficiary of the JDCA and will adopt the new solution as a propulsion system for their future vessels, thus enabling maritime decarbonization.

Hanwha already tested successfully a proof-of-concept of the combustor, with 100% ammonia as the fuel gas, and Baker Hughes completed its initial turbine feasibility studies in 2024. The two companies target to complete the full engine test with ammonia by the end of 2027, after which the turbine (~16MW power range) will be commercially available for orders.

“Decarbonizing hard-to-abate industries and transportation is one of the most pressing but high-potential opportunities of our time,” said Alessandro Bresciani, senior vice president of Climate Technology Solutions at Baker Hughes. “We believe fuel switching to ammonia will play a key role in achieving significant emissions reductions across these sectors, and to realize this ambition, the industry needs more partnerships such as this. Together, we will continue to lead by example and take energy forward.”

“We are very excited to be collaborating with Baker Hughes to deliver an innovative and efficient solution to enhance the adoption of ammonia as a fuel for the propulsion system for future vessels. This collaboration marks a significant turning point in accelerating the transition to low-carbon fuel propulsion in the global maritime industries,” said James Shon, senior executive vice president and head of Product Strategy and Technology at Hanwha Ocean.

“The transition to low carbon fuels is a mission for everyone in the marine sector. We aim to play a key role in the decarbonization of the sector, together with Baker Hughes, by supporting ammonia combustion and packaging systems,” said Nuno Kim, executive vice president and head of Hanwha Power Systems Ship Solution Division.

Baker Hughes is currently exploring how its small-size gas turbines can accelerate the transition from diesel motors to turbines powered by ammonia and hydrogen. In January 2024, the company announced the completion of the successful testing of the world’s first 100% hydrogen turbine, which is now commercially available and with orders under execution.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About Hanwha
Founded in 1952, Hanwha has grown quickly by anticipating and responding to changing business environments with a balanced business portfolio that includes energy & materials, aerospace, finance and retail & services. Our expertise and synergy in key areas have catapulted us into the seventh-largest business in South Korea and a Fortune Global 500 company. Hanwha continues to grow rapidly as we strive to pursue global leadership in all of our businesses. We are building a robust foundation for sustainable development and a brighter future for everyone. For more information, visit: www.hanwha.com

For more information, please contact:

Baker Hughes Media Relations
Chiara Toniato
+39 3463823419
chiara.toniato@bakerhughes.com

Hanwha Power Systems Media Relations
Sung Jae Park
+70 7147 4895
sungjae.park@hanwha.com

Baker Hughes Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

The MIL Network –
February 3, 2025

MIL-OSI Asia-Pac: Energy Security in India

Source: Government of India

Posted On: 01 FEB 2025 2:30PM by PIB Delhi

Advancing Renewable Energy and Sustainability through Key Government Initiatives

India’s energy security is a cornerstone of its economic and environmental strategy, with a strong push toward renewable energy and self-reliance. As of January 2025, the country’s non-fossil fuel energy capacity has reached 217.62 GW. The CCDC Wind Initiative has significantly enhanced wind energy development, leading to 48.16 GW of installed capacity. The National Green Hydrogen Mission, launched in 2023, is positioning India as a global leader in hydrogen energy with investments exceeding ₹8 lakh crore. The National Solar Mission has propelled solar energy growth, with installed capacity rising from 9.01 GW in 2016 to 97.86 GW in 2025. Additionally, PM-KUSUM and PM Surya Ghar Muft Bijli Yojana are accelerating solar adoption among farmers and households. These efforts, supported by substantial government funding and policy measures, highlight India’s commitment to achieving energy security while reducing carbon emissions. By leveraging technological advancements and strategic investments, India is on a path toward a cleaner, more resilient energy future.

Introduction

India’s energy security is a critical component of its economic growth and sustainability goals. The government has launched various schemes aimed at promoting renewable energy, enhancing grid stability, and reducing carbon emissions. Key initiatives such as the National Bio Energy Mission, National Green Hydrogen Mission, PM-KUSUM, and PM Surya Ghar Muft Bijli Yojana, reflect the nation’s commitment to a cleaner and self-reliant energy future. As of January 2025, India’s total non-fossil fuel-based energy capacity has reached 217.62 GW.

INSTALLED RENEWABLE ENERGY CAPACITY (MW)

Sector	Cumulative Achievements (till 31.03.2014)	2014-15	2023-24	2024-25 (01.04.2024 – 31.12.2024)	Cumulative Achievements (till 31.12.2024)
Wind Power	21,042.58	2,311.77	3,253.38	2,276.65	48,163.16
Solar Power	2,821.91	1,171.62	15,033.24	16,051.10	97,864.72
Small Hydro Power	3,803.68	251.68	58.95	97.30	5,100.55
Biomass (Bagasse) Cogeneration	7,419.23	295.67	0.00	372.86	9,806.42
Biomass (Non-bagasse) Cogeneration	531.82	60.05	107.34	0.00	921.79
Waste to Power	90.58	0.00	1.60	0.00	249.74
Waste to Energy (Off-grid)	139.79	9.71	30.17	34.13	370.20
Total	35,849.59	4,100.50	18,484.68	18,832.04	162,476.58

CCDC Wind Initiative

About the Scheme:

Launched in June 2020, the Centralized Data Collection and Coordination (CCDC) Wind Initiative aims to advance India’s wind energy development by improving wind resource assessment through accurate data collection and research. The initiative provides valuable insights for project developers, helping them identify the most promising locations for wind energy projects. It supports the efficient implementation of large-scale wind energy projects and encourages investments in the wind sector. The Government, through National Institute of Wind Energy (NIWE), has installed over 800 wind-monitoring stations all over country and issued wind potential maps at 50m, 80m and 100m above ground level. As on 30 January 2024, India’s cumulative wind power capacity stands at 48.16 GW.

Objective:

Facilitate wind energy development through centralized data collection and research.
Provide accurate wind resource assessment for better site identification.
Promote private sector investments and public-private partnerships in wind energy projects.

Key Achievements:

Enhanced wind resource mapping has contributed to the successful identification of over 50 potential wind energy sites nationwide.
Contributed to the development of over 10 GW of new wind energy capacity from 2020-2024, increasing India’s wind energy capacity by 30%.
Significant growth in wind energy capacity, from 1.86 GW in March 2004 and 21.04 GW in December 2014 to 48.16 GW in January 2025, reflecting the initiative’s impact.
In 2024, the Union Cabinet approved a Rs. 7,453 crore Viability Gap Funding (VGF) scheme to set up India’s first offshore wind energy projects. The scheme includes Rs. 6,853 crores for 1 GW of offshore wind capacity (500 MW each off the coasts of Gujarat and Tamil Nadu) and Rs. 600 crores for port upgrades to support logistics for these projects.

National Green Hydrogen Mission

About the Scheme:

Launched in January 2023, the National Green Hydrogen Mission is an ambitious initiative aimed at transitioning India towards a hydrogen-based economy. The scheme focuses on the development of indigenous technology for green hydrogen production, infrastructure for storage, transportation, and utilization. By promoting hydrogen as a clean energy source, the mission aims to position India as a global leader in green hydrogen production and export, thereby driving sustainability and reducing dependence on fossil fuels. With over Rs. 8 lakh crores in total investments, green hydrogen capacity is expected to reach 5 million metric tons by 2030. This is expected to create 6 lakh jobs by 2030.

Objective:

Making India a leading producer and supplier of Green Hydrogen in the world.
Creation of export opportunities for Green Hydrogen and its derivatives.
Reduction in dependence on imported fossil fuels and feedstock.
Development of indigenous manufacturing capabilities.
Attracting investment and business opportunities for the industry.
Creating opportunities for employment and economic development.
Supporting R&D projects.

Key Achievements:

₹19,744 crore allocated for the mission’s implementation, with a focus on infrastructure development and technology innovation. The Mission has an outlay of ₹600 crore for FY 2024-25.
Establishment of 3 hydrogen production hubs in key locations across the country.
Tenders awarded to companies for 4.12 lakh tonnes per annum green hydrogen production.
Development of key policies and financial incentives, with 50% subsidy on electrolyser manufacturing and hydrogen production. Selection of manufacturers for 1,500 MW electrolyser capacity was also conducted in 2024.
The International Conference on Green Hydrogen (ICGH – 2023) took place in New Delhi from 5th to 7th July, 2023, featuring global participation from industry, academia, and government.
From 18th to 22nd March, 2024, India hosted the 41^st International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE) Meeting in New Delhi, fostering collaboration on clean hydrogen technologies.
From September 11-13, 2024, the 2nd International Conference on Green Hydrogen (ICGH) in New Delhi emphasized advancements in green hydrogen technology and India’s leadership in the sector.
The year 2024 also witnessed India’s innovative renewable energy solutions being showcased on international platforms such as the World Hydrogen Summit 2024 in Rotterdam, Netherlands.

National Solar Mission (NSM)

About the Scheme:

Launched in January 2010, NSM is a major initiative to promote ecological sustainable growth while addressing India’s energy security challenges. It is also a major contribution by India to the global effort to meet the challenges of climate change. In order to achieve the above target, Government of India have launched various schemes to encourage generation of solar power in the country like Solar Park Scheme, VGF Schemes, CPSU Scheme, Defence Scheme, Canal bank & Canal top Scheme, Bundling Scheme, Grid Connected Solar Rooftop Scheme etc.

Objectives:

Establish India as a global leader in solar energy by creating the policy conditions for solar technology diffusion across the country as quickly as possible.
Achieve the Nationally Determined Contributions (NDCs) target to achieve about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources and to reduce the emission intensity of its GDP by 45 percent from 2005 level by 2030.

Off-Grid Solar PV Programme:

Off-grid Solar PV Applications Programme is one of the oldest programmes of the Ministry aimed at providing solar PV-based applications in areas where grid power is either not available or is unreliable. Applications such as solar home lighting systems, solar street lighting systems, solar power plants, solar pumps, solar lanterns and solar study lamps are covered under the programme.

Solar Grid Connected Programme:

Government of India have launched various schemes to encourage generation of solar power in the country like Solar Park Scheme, VGF Schemes, CPSU Scheme, Defence Scheme, Canal bank & Canal top Scheme, Bundling Scheme, Grid Connected Solar Rooftop Scheme etc. Various policy measures are also undertaken to promote the grid connected solar power plants. By 2023, India achieved 5th rank in the world in solar power deployment.

Key Achievements:

Parameter	2016 (By March 2016)	2024 (By March 2024)
Total Installed Solar Capacity	9.01 GW	*96.86 GW
Number of Solar Parks	34	58
Total Capacity of Solar Parks	20 GW	40 GW
Rooftop Solar Capacity	90.8 MV	11,503 MV
Number of Solar Home Lights	13.96 lakh	17.23 lakh
Number of Solar Street Lights	4.42 lakh	9.44 lakh
Installed Capacity of Power Plants	172.45 GW	216.86 GW

In March 2016, the total installed solar capacity was 9.01 GW and by March 2024, the total installed solar capacity stood at 81.81 GW. *As of 28 January 2025, the total installed solar capacity is 97.86 GW.
As of March 2024, the total estimated solar potential of the country stood at 748.98 GW.
As of March 2024, there are a total of 58 solar parks in India with a sanctioned capacity of 40 GW, in contrast to March 2016, when there were only 34 solar parks with 20 GW sanctioned capacity.
In March 2016, there was only 90.8 MV installed solar capacity under the Rooftop PV and Small Solar Power Generation Programme (RPSSGP). In March 2024, the total installed capacity has reached 11,503 MV.
In 2024, for off-grid projects, India has 17.23 lakh solar home lights, 84.59 solar lamps, 9.44 lakh solar street lights and an installed capacity of 216.86 GW from solar power plants. This has increased from 2016, when 13.96 lakh solar home lights, 4.42 lakh solar street lights and 172.45 GW of installed solar capacity from power plants.

PM-KUSUM Scheme: (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan)

About the Scheme:

Launched in March 2019, the PM-KUSUM Scheme supports farmers by offering financial assistance for installing solar-powered irrigation systems, including solar pumps and grid-connected solar power plants. By shifting to solar energy, the scheme also helps to reduce carbon emissions and improve energy access in rural agricultural areas. Under the Scheme, central government subsidy upto 30% or 50% of the total cost is given for the installation of standalone solar pumps and for the solarization of existing grid-connected agricultural pumps.

Objective:

Promote solar energy adoption among farmers by subsidizing solar-powered irrigation.
Reduce dependency on diesel pumps, leading to lower fuel costs and improve energy access in rural agricultural areas.
Enhance income generation through surplus solar energy sales.

Key Achievements:

Over 6.1 lakh solar pumps installed nationwide by December 2024, as compared to 3.3 lakh solar pumps installed by December 2021.
35 lakh grid-connected agriculture pumps solarized.
As of June 2024, more than 4 lakh farmers nationwide have benefited from the PM-KUSUM scheme.

Under Components B and C of PM-KUSUM: 30% CFA provided (or 50% for North Eastern/Hilly regions/Islands) for installing standalone agriculture pumps and solarizing grid-connected pumps.
About 11.34 GW of solar energy capacity has been installed during January to November 2024.

PM Surya Ghar Muft Bijli Yojana

About the Scheme:

Launched in February 2024, the PM Surya Ghar Muft Bijli Yojana, the world’s largest domestic rooftop solar initiative, is designed to promote rooftop solar energy adoption in residential areas. By providing financial incentives and subsidies for solar panel installation, the scheme enables households to generate their electricity, reducing their dependence on the national grid and lowering electricity bills. The initiative has a bold vision to supply solar power to one crore households by March 2027.

Objective:

Encourage rooftop solar adoption in residential sectors.
Provide financial incentives and subsidies for solar panel installation.
Enable households to generate their own electricity, reducing dependency on the grid.
Reduce electricity bills by allowing households to generate and sell surplus solar energy to the grid.

Key Achievements:

Increased participation in the distributed solar energy ecosystem, with over 1 lakh homes installing rooftop panels in the first year.

Households benefiting from 20-30% reduction in electricity bills due to self-generated solar power.
Within just 10 months of PMSGMBY, 7 lakh installations have been achieved—an average of 70,000 per month. This marks a ten-fold increase in monthly installations compared to the average of 7,000 per month prior to the launch of the scheme in February 2024.
States such as Gujarat, Maharashtra, Kerala, and Uttar Pradesh have demonstrated exceptional progress, reflecting robust infrastructure and stakeholder collaboration.
Issuance of Operational Guidelines for the ‘Model Solar Village’ scheme, with a total outlay of ₹800 crore, granting ₹1 crore grant for the winning village in each district. It aims to promote solar energy adoption and make villages self-reliant in energy. Villages with populations over 5,000 (or 2,000 in special states) can compete based on their renewable energy capacity.

References

MNRE Annual Reports (2016-2024)

https://npp.gov.in/dashBoard/cp-map-dashboard

https://mnre.gov.in/en/year-wise-achievement/#

https://www.india.gov.in/spotlight/national-green-hydrogen-mission

https://mnre.gov.in/en/national-green-hydrogen-mission/

https://pib.gov.in/PressNoteDetails.aspx?NoteId=151902

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2089056

https://ccdcwind.gov.in/potential_of_wind_energy_in_india.html

https://cdnbbsr.s3waas.gov.in/s3716e1b8c6cd17b771da77391355749f3/uploads/2024/05/20240524405410771.pdf

https://cdnbbsr.s3waas.gov.in/s3716e1b8c6cd17b771da77391355749f3/uploads/2023/08/2023080324.pdf

https://cdnbbsr.s3waas.gov.in/s3716e1b8c6cd17b771da77391355749f3/uploads/2024/10/20241029512325464.pdf

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2094992

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1943905

https://mnre.gov.in/en/bio-gas/

https://pmkusum.mnre.gov.in/

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2081250

https://www.pmsuryaghar.gov.in/

https://cag.gov.in/uploads/download_audit_report/2015/Union_Civil_Performance_Renewable_Energy_Report_34_2015_chap_8.pdf

https://powermin.gov.in/sites/default/files/uploads/ar03_04.pdf

Click here to download PDF

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Santosh Kumar | Sarla Meena | Rishita Aggarwal

(Release ID: 2098441) Visitor Counter : 33

MIL OSI Asia Pacific News –

February 3, 2025

MIL-OSI Asia-Pac: “The reforms in the mining sector, especially with respect to critical minerals will mark a major step toward realizing the vision of Viksit Bharat 2047, building an Atmanirbhar, future-ready Bharat”: G Kishan Reddy, Union Minister of Coal and Mines

Source: Government of India

“The reforms in the mining sector, especially with respect to critical minerals will mark a major step toward realizing the vision of Viksit Bharat 2047, building an Atmanirbhar, future-ready Bharat”: G Kishan Reddy, Union Minister of Coal and Mines

Today’s Budgetary announcements continue our government’s steadfast commitment towards the growth and modernization of the mining sector

In line with the spirit of competitive federalism, the introduction of the State Mining Index is a transformative step that will enhance professionalization of State mining departments

The announcement of a Tailings Policy further bolsters the objectives of the National Critical Mineral Mission

The elimination of import duties on non-ferrous metal scraps and critical mineral scraps, including cobalt powder and lithium-ion battery (LIB) scraps, is a game-changer

The allocation of 300 crores for Coal and lignite gasification will provide pathways to lower emissions, carbon capture and Hydrogen production

From being a corruption laden and litigation ridden sector prior to 2014, today India’s mining sector is aspiring to be a global player in sustainable mining and critical mineral value chain

Posted On: 01 FEB 2025 5:45PM by PIB Delhi

“I extend my heartfelt gratitude to the Hon’ble Finance Minister for the progressive and visionary announcements in the Union Budget 2025-26. Hon’ble Finance Minister Smt Nirmala Sitaraman emphasised that this Budget aims to initiate transformative reforms across six domains in which mining plays a significant role. This also signals India’s major push towards energy transition and sustainable development, strengthening our global competitiveness over the next five years. The reforms in the mining sector, especially with respect to critical minerals will mark a major step toward realizing the vision of Viksit Bharat 2047, building an Atmanirbhar, future-ready Bharat.

The series of reforms in the coal and mining sector will drive production and innovation at home and at the same time position India as a key player in the global minerals market. The reforms also come at an opportune time of the launch of National Critical Mineral Mission, giving it a massive thrust and will accelerate its implementation.

As India continues to majorly rely on coal for meeting the energy demands of a growing and aspirational nation, the focus is to strike a balance between energy security and energy transition goals. The allocation of 300 crores for Coal and lignite gasification will provide pathways to lower emissions, carbon capture and Hydrogen production. This will give a huge impetus to India’s energy transition goals and boost our capabilities to produce clean coal while ensuring energy security for the country.

In line with the spirit of competitive federalism, the introduction of the State Mining Index is a transformative step that will enhance professionalization of State mining departments, encouraging them to innovate and adopt best practices in mineral exploration, auctioning, and sustainable mining. This will drive efficiency, attract investments, and unlock the immense potential of our mineral resources.

The announcement of a Tailings Policy further bolsters the objectives of the National Critical Mineral Mission. By enabling the recovery of valuable critical minerals from mining tailings, this policy will enhance domestic availability thereby strengthening our strategic industries, including clean energy, semiconductors, defense, and space. Investing in research and development for efficient recovery processes will strengthen India’s self-reliance in critical mineral supply chains.

Building on the series of tax relief measures for the mining sector of last year’s Budget, particularly concerning critical minerals, this year’s budget also introduces a range of progressive tax proposals. These measures will significantly enhance the competitiveness of the entire mining sector, especially as India begins to solidify its position in the critical mineral industry. The elimination of import duties on non-ferrous metal scraps and critical mineral scraps, including cobalt powder and lithium-ion battery (LIB) scraps, is a game-changer. These measures will enhance the competitiveness of our secondary metal and critical mineral recycling industries, reduce production costs, and stimulate new investments in advanced recycling technologies. This will lead to a major boost in supply chain resilience and promote India as a global leader in critical minerals processing.

Over the last 10 years, under the leadership of Hon’ble Prime Minister, Shri Narendra Modi, India’s mining sector has witnessed unprecedented reforms. From being a corruption laden and litigation ridden sector prior to 2014, today India’s mining sector is aspiring to be a global player in sustainable mining and critical mineral value chain. Today’s budgetary announcements continue our government’s steadfast commitment towards the growth and modernization of the mining sector.

India’s coal and mining sector stands as one of the largest sources of employment in the country, these reforms will further enhance the ambit of the mining sector and create new employment opportunities and enable skill development in next-gen technology.

As we strive to achieve the goal of Net Zero emissions by 2070 and lead the global energy transition race, the mining sector will play a critical role in securing the critical minerals required for this transformation. India is working on war footing to develop a sound domestic infrastructure for addressing climate change and advancing clean energy solutions. With this approach and continued reforms in the sector, India is set to emerge as a global player in sustainable mining, shaping the future of both our economy and the world.” Union Minister Shri G Kishan Reddy on mining proposals in the Budget 2025-26.

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Shuhaib T

(Release ID: 2098653) Visitor Counter : 30

MIL OSI Asia Pacific News –

February 3, 2025
MIL-OSI USA: Governor Shapiro Unveils

Source: US State of Pennsylvania

January 30, 2025 – Pittsburgh, PA

Governor Shapiro Unveils “Lightning Plan” to Strengthen Commonwealth’s Energy Leadership, Create Jobs, and Lower Costs for Consumers

Governor Josh Shapiro visited Pittsburgh International Airport to announce the “Lightning Plan” – a comprehensive, all-of-the-above energy plan to secure Pennsylvania’s energy future. Supported by labor and industry leaders, environmental advocates, and consumer groups, Governor Shapiro‘s commonsense energy plan will create jobs, lower costs for consumers, protect Pennsylvania from global instability by building next generation power, and position the Commonwealth to continue to be a national energy leader for decades to come.

The Governor made this announcement at Pittsburgh International Airport, the site of a groundbreaking $1.5 billion proposed partnership between KeyState Energy and CNX Resources. This type of project, aimed at accelerating hydrogen and sustainable aviation fuel (SAF) production, could position the region as a hub for next-generation energy solutions while supporting 3,000 construction jobs. This project is a prime example of the type of innovation the Lightning Plan will drive all across the Commonwealth.

“Pennsylvania has long been a national energy leader, from Ben Franklin to today, but right now, we’re letting other states outcompete us and we’re losing out on jobs, new investment, and innovation – that has to change,” said Governor Shapiro. “My energy plan will power Pennsylvania forward by incentivizing the building of next generation energy projects in the Commonwealth. We have to meet this moment – and this plan builds on the work my Administration did last year to bring together leaders from the energy industry, organized labor and environmental groups, and consumer advocates to develop a plan for the future. I look forward to working with the General Assembly to get this commonsense plan to my desk so that we can lower costs for consumers, create more jobs, and position the Commonwealth to continue to be a national energy leader for decades to come.”

Speaker list:
Christina Cassotis, CEO, Allegheny County Airport Authority
Governor Josh Shapiro
Congressman Chris Deluzio
Gregory Bernarding, Business Manager, Pittsburgh Regional Building and Construction Trades Council
Lt. Governor Austin Davis
Stefani Pashman, CEO, Allegheny Conference on Community Development
David Dardis, Executive Vice President, Constellation Energy
Representative Rob Matzie
Jackson Morris, Director of State Power Sector Policy, Climate & Energy, Natural Resources Defense Council

MIL OSI USA News –

February 3, 2025
MIL-OSI USA: DOE Announces $7.1 Million in Support of Local Energy Project Planning, Siting and Permitting

Source: US Office of Energy Efficiency and Renewable Energy

WASHINGTON, D.C. — The U.S. Department of Energy (DOE) today announced the selection of four projects totaling $7.1 million to expand a program that improves planning, siting, and permitting processes for large-scale renewable energy and energy storage facilities across the United States. The collaborative teams formed through these projects, as well as 12 previously selected under the Renewable Energy Siting through Technical Engagement and Planning (R-STEP™) program, will develop and expand statewide initiatives that provide expertise, trainings, and technical resources to local governments, Tribal governments, and communities as they plan for and evaluate large-scale renewable energy and energy storage projects.
A significant portion of large-scale renewable energy and energy storage projects built in the coming years are likely to be built on private lands, where state and local authorities make permitting decisions. The state-based R-STEP collaboratives will evaluate the needs of stakeholders in their regions and develop tailored educational materials and technical assistance programs to improve planning and streamline project reviews and permit decisions. This will result in renewable energy and energy storage projects that contribute to strong local economies, resilient energy systems, and lower energy costs for households and businesses, especially in rural or underserved communities.
The R-STEP collaboratives bring together stakeholders from all sides of the energy planning process, including state and regional agencies, universities, developers, technical experts, public service commissions, farmers unions, tribes, community organizations, and other trusted entities.

The four newly selected collaboratives are:

Illinois: Led by University of Illinois Extension, the collaborative will build and maintain a cohort of trusted technical assistance providers in each county to help communities make informed decisions about renewable energy projects. The work will focus on developing education and outreach materials to support proactive decision-making by communities and local government officials. (Award amount: $1.9 million)
Louisiana: Led by the Louisiana Department of Natural Resources, the collaborative will engage a diverse array of community partners in Louisiana to inform state agencies’ planning and decision-making for offshore wind facilities in state waters. (Award amount: $1.9 million)
Minnesota: Led by University of Minnesota Extension, the collaborative will engage diverse stakeholders to assess needs, expand technical assistance services, and maintain training and educational resources to expand local officials’ capacity to engage constructively in planning, siting, and permitting for large-scale renewable energy projects. (Award amount: $1.2 million)
Virginia: Led by the Virginia Department of Energy, the collaborative will create a centralized, stakeholder-informed hub to provide resources and access to trusted experts to increase knowledge about energy fundamentals, economic development, environmental regulations and best practices, and planning for large-scale renewable energy development. (Award amount: $1.9 million)

DOE is currently seeking experts to provide technical assistance to the R-STEP collaboratives. Organizations with expertise on key renewable energy and energy storage planning, siting, and permitting topics are encouraged to learn more and apply by Jan. 9, 2025, at 3 p.m. ET.
Learn more about the selected state-based collaboratives.
Learn more about large-scale renewable energy siting.
R-STEP is funded by DOE’s Solar Energy Technologies Office and Wind Energy Technologies Office.
The R-STEP program is administered by ENERGYWERX. This funding mechanism is made possible through the innovative Partnership Intermediary Agreement set up by DOE’s Office of Technology Transitions.
Selection for award negotiations is not a commitment by DOE to issue an award or provide funding. Before funding is issued, DOE and the applicant will undergo a negotiation process, and DOE may cancel negotiations and rescind the selection for any reason during that time. DOE award amounts are subject to change pending negotiations.

The R-STEP program has announced state-based collaborations supporting: Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Louisiana, Michigan, Minnesota, Mississippi, North Carolina and South Carolina, Oklahoma, Pennsylvania, Virginia, Washington, and Wisconsin.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: DOE Invests $32 Million for Grid-Edge Technology and Smart Charge Management

Source: US Office of Energy Efficiency and Renewable Energy

WASHINGTON, D.C.—Today, the U.S. Department of Energy (DOE) announced $32 million for six selected pilot projects that will support new load growth through grid-edge innovations and the ability of energy providers to right-size grid investments for future load growth. These Connected Communities projects in eight states will also provide new strategies and tools for utilities, grid planners and operators, automakers, electric vehicle (EV) smart charge management service providers, and the communities they serve to improve resilience and reduce costs.
“Providing low-cost, resilient, and reliable energy to all Americans is a top priority for the DOE,” said Jeff Marootian, principal deputy assistant secretary for DOE’s Office of Energy Efficiency and Renewable Energy. “As our nation’s energy system faces unprecedented demand growth, it’s more important than ever to deploy solutions that maximize all our energy resources and deliver the most efficient, reliable, and affordable electricity possible. These pilot projects will leverage the latest grid-edge solutions—like energy efficiency, demand-responsive building systems, energy storage, EV smart charging, and advanced grid-planning strategies—to equip communities and utilities with the tools and data they need to confidently manage our evolving electric grid.”
DOE continues to evaluate applications for this funding opportunity and intends to award additional projects up to a total of $65 million, as originally announced, with additional selections as reviews are completed.
Connected Communities 2.0 builds on the successes and lessons learned from the first cohort of Connected Communities, launched in 2020, and DOE’s original smart neighborhoods in Georgia and Alabama. The first Connected Communities projects focused on integration of distributed energy resources (DERs) to support a more variable grid. The 2.0 version aims to address growing challenges to the grid head-on, ensuring that necessary upgrades are sized correctly to accommodate increasing loads at vehicle charging locations, data centers, buildings, and industrial sites in a way that leverages the flexibility of these new loads. In the process, DOE is selecting a cohort and collecting data needed to build confidence that the grid is highly flexible and resilient.
Connected Communities 2.0 centers on two major areas:

Connected Communities (topic 1), focused on integrated grid-edge technical measures in buildings, industry, and transportation to prepare the electric grid for new loads and improve customer benefits and grid resilience.
Smart Charge Management (subtopic 1A), focused on various unique urban, suburban, and rural-use cases to build confidence in smart charge management as an effective approach for EVs to provide flexibility and value to the electric grid.

Three projects have been selected in each area.
The Connected Communities selectees are:

The Accelerating Community-wide Connected Electric Loads & Energy Reliability Achieved Through Integration with Nationwide Grid (ACCELERATING) Connectivity initiative (Minnesota), led by the Beneficial Electrification League, will advance a nationally scalable approach for building load management. The project will prioritize partnerships with electric cooperatives in Minnesota that advance communications to optimize residential thermal loads as grid assets. (Award amount: $5.3 million)
Purdue University (Indiana) will demonstrate pathways for rural electric membership cooperatives to improve energy efficiency and resilience in the face of new load growth in collaboration with the National Rural Electric Cooperative Association. Pathways include engaging with rural communities, piloting financial programs, coordinating DERs through systems, and scaling up lessons learned. (Award amount: $5.9 million)
The Responsive Energy Communities Harnessing Advanced Grid Efficiency (RECHARGE) initiative (California), led by Pacific Gas & Electric, will target residential units, businesses and industry in the city of San Jose and in the Fresno County. RECHARGE will address the growing electric demand and distribution capacity challenges in these communities. (Award amount: $6 million)

The Smart Charge Management selectees are:

One Energy Enterprises (Ohio) will pioneer a community charging depot for medium- and heavy-duty truck fleets, which will integrate advanced microgrid technology and DERs to minimize charging investments, while optimizing the grid. The site will be located in Findlay, Ohio, with plans for expansion to support a larger number of class 6–8 electric trucks. (Award amount: $3.2 million)
Baltimore Gas & Electric Company (Maryland) will use a multi-faceted distributed energy resource management system to unlock grid-aware managed charging functionality. The project will feature technology that reduces residential EV charging peak loads, decreases infrastructure upgrade costs, and adjusts charging schedules to alleviate grid congestion. (Award amount: $5.9 million)
EV.Energy (California, Florida, Alaska, Rhode Island, and Hawaii) will demonstrate and validate smart charge management solutions in five diverse utility territories across five different states. Smart charge management approaches will include optimization for renewable energy matching, reduced grid congestion, timer peak smoothing, expanded charging access for multifamily housing, and both vehicle-to-home and vehicle-to-grid technologies. (Award amount: $6 million)

The six projects selected today will demonstrate the capabilities of grid-edge technologies and integrated power systems that are efficient, resilient, flexible, and affordable, along with distribution and grid-planning strategies that can be replicated across the United States.
Integration is essential to Connected Communities, and DOE’s Office of Energy Efficiency and Renewable Energy (EERE) and Office of Electricity are collaborating to support integrated energy system planning with a network of technology offices and industry partners. The Connected Communities 2.0 funding announcement is led by EERE’s Building Technologies Office and Vehicle Technologies Office in collaboration with the Solar Energy Technologies Office, Industrial Efficiency and Decarbonization Office, and Geothermal Technologies Office.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: DOE Announces Collaboration With Tribal Leaders To Reduce Greenhouse Gas Emissions and Strengthen National Security
Source: US Department of Energy

WASHINGTON, D.C. — The U.S. Department of Energy (DOE) today announced the formation of the Tribal Fossil Energy and Carbon Management Working Group, administered by DOE’s Office of Fossil Energy and Carbon Management (FECM). Tribes play a critical role in helping the United States meet its energy security and climate obligations while working to develop their vast energy, critical minerals and materials, and carbon management potential. As part of this collaboration, the Working Group will provide ongoing advice and expertise to DOE on the best ways to assist Tribal decarbonization efforts and utilization of their natural resources. DOE’s technical assistance will help Tribes spur local economic development; provide workforce training for local, high-wage, middle class jobs; and support Tribal technical capacity for fostering energy, economic, and community development opportunities.

“The U.S. Department of Energy recognizes that energy is foundational to Tribal self-determination, and we are proud to have Tribal leadership in, and partnership with DOE’s efforts to expand clean energy development,” said U.S. Secretary of Energy Jennifer M. Granholm. “Under the Biden-Harris administration, DOE has invested more money in Tribal clean energy projects than any administration and we are excited to build on this work with a new Working Group aimed at supporting Tribal capacity-building and investments in carbon management, methane mitigation and critical minerals that benefit Tribal communities.”

This Fossil Energy and Carbon Management Tribal Working Group marks the fourth working group the DOE has established to collaborate with Tribes. This latest working group will initially include representation from eight federally recognized Tribes with significant fossil energy reserves and reliance on revenue from those resources, including: Jicarilla Apache; Crow Nation; Navajo Nation; Caddo Nation; Hopi Nation; Southern Ute; Arctic North Slope Iñupiat; and Mandan, Hidatsa and Arikara (MHA) Nation. DOE anticipates the number of Tribes formally participating in the working group will grow over time.

“The Mandan, Hidatsa, and Arikara Nation is deeply honored to have hosted DOE and the forum participants for a site visit to our MHA Native Green Grow and Bakken operations,” said Chairman Mark N. Fox. “We extend our heartfelt thanks to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management and the U.S. Energy Association for bringing together such an important gathering. It was a privilege to showcase our innovative initiatives and share our vision for sustainable resource development on tribal lands. The MHA Nation looks forward to continued collaboration through the Tribal Working Group and exploring new opportunities with DOE to ensure that our energy resources are managed responsibly for the benefit of future generations.”

“The Caddo Nation is honored to join the FECM Tribal Working Group and participate in this vital initiative,” said Chairman Bobby Gonzalez. “As stewards of our land and resources, we recognize the importance of addressing methane emissions and are exploring new opportunities for mitigation. Our Nation is particularly excited to work with FECM and other partners such as the Oklahoma University along with engineers and chemist and industry leaders on innovative solutions like converting methane to hydrogen, which aligns with our long-term energy goals and our commitment to sustainable development and lower emissions. These discussions within [the] FECM Tribal Working Group will not only benefit our Nation but also help Indian Country and the broader Oklahoma community as we look toward a cleaner, more resilient future.”

“The Iñupiat Community of the Arctic Slope is eager to participate in the Tribal Working Group in collaboration with the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management,” said Director of Natural Resources Doreen Leavitt. “As stewards of the vast oil and gas resources on the Alaskan North Slope, we are committed to managing these resources in a way that honors our land and our people, while ensuring the well-being of future generations. We look forward to working together with FECM to explore sustainable practices that balance economic development with environmental protection, so that our communities can thrive for years to come.”

“We are committed to advancing practices that will bring long-term benefits to the Navajo Nation as well as other participating Tribes,” said Interim Tribal Co-Chair William D. McCabe. “Our participation in the [Tribal Carbon Management Strategies] forum strengthened our resolve to foster sustainable, responsible management of our natural resources. The Navajo Nation looks forward to actively collaborating within the Tribal Working Group and working alongside FECM to explore and leverage the full suite of technologies under the FECM umbrella. Together, we can harness these innovations to ensure that our resources are utilized in a way that brings economic growth, preserves our lands, and supports the prosperity and well-being of the Navajo people, now and for generations to come.”

“The Southern Ute Indian Tribe is proud to participate in the Fossil Energy and Carbon Management Tribal Working Group,” said Demi Morishige, Designated Representative. “This partnership enables us to advocate for our community’s priorities and promote sustainable energy initiatives that reflect our unwavering commitment to Tribal sovereignty. We are eager to collaborate with our fellow tribal nations and the U.S. Department of Energy to develop solutions for a safe, affordable, and reliable carbon-neutral future. Our efforts will prioritize promoting economic development across all tribal communities.”

“The Crow Nation extends its heartfelt gratitude to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management and the U.S. Energy Association for the opportunity to participate in the Tribal Carbon Management Strategies Forum held in Medora, North Dakota. We are deeply honored to engage in these meaningful discussions about the future of energy, resource management, and economic development for our people. Our Nation is blessed with significant carbon resources, and we look forward to actively participating in the Tribal Working Group, where we can explore new avenues of cooperation with FECM. Together, we can ensure that the Crow Nation continues to utilize these resources in a manner that fosters prosperity for our people and protects the well-being of future generations.”

The Bipartisan Infrastructure Law provides more than $13 billion in funding to directly support Tribal communities and makes Tribes eligible to apply for or request billions in additional funding. The Inflation Reduction Act directs $720 million in climate resilience and energy funding to Tribes, as well as provides hundreds of billions in tax credits for which clean energy and industrial projects on Tribal lands and in Tribal communities are eligible. For this reason, the initial priorities proposed for the working group are to explore technical assistance and capacity-building to leverage these funding opportunities related to FECM’s portfolio and other DOE offices:
- Development of carbon capture, transport and storage facilities and infrastructure;
- Methane mitigation;
- Critical minerals production and processing; and
- Repurposing existing energy assets slated for retirement—such as coal, oil, and/or natural gas facilities and accompanying equipment and infrastructure.
As a next step, FECM plans to convene representatives of the participating Tribes for a series of virtual information briefings across these identified priorities to prepare for the first formal meeting of the working group in 2025.

FECM minimizes environmental and climate impacts of fossil fuels and industrial processes while working to achieve net-zero emissions across the U.S economy. Priority areas of technology work include carbon capture, carbon conversion, carbon dioxide removal, carbon dioxide transport and storage, hydrogen production with carbon management, methane emissions reduction, and critical minerals production. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website.

MIL OSI USA News –
February 1, 2025
MIL-OSI USA: DOE Invests Over $32 Million to Increase Efficiency of U.S. Critical Minerals Production Through the Co-Manufacture of Value-Added Products
Source: US Department of Energy

WASHINGTON, D.C. – The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced $32.75 million for 12 projects that will advance cost effective and environmentally responsible processes to produce and refine critical minerals and materials here in the United States. The funding, provided by the Bipartisan Infrastructure Law, focuses on projects that will develop value-added products, such as graphite or building materials, from feedstocks such as mining waste streams that also contain viable levels of critical minerals and materials. The manufacture of these co-products can improve the economic feasibility of domestically producing critical minerals and materials from these same feedstocks to reduce our dependence on offshore supplies. These projects will help safeguard our national security and build a clean energy and industrial economy, while creating good-paying jobs and supporting communities across the country that historically have depended on mining and energy production.

“Building reliable and affordable critical mineral and material supply chains is essential to deploying the technologies needed for national defense and to support low-carbon U.S. energy production, manufacturing, and transport,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management. “Through DOE’s strategic investments in projects that help improve the economics of domestic materials production through the manufacture of valuable co-products, we are creating good-paying jobs, increasing U.S. competitiveness, reducing our import reliance, and strengthening our national security and energy independence.”

According to the U.S. Geological Survey, more than 95% of the U.S. demand for rare earth elements is met by foreign sources. More than 50% of most critical minerals come from foreign sources, and at least 12 critical minerals come exclusively from foreign sources.

Critical Material Innovation, Efficiency, and Alternatives

The “Critical Material Innovation, Efficiency, and Alternatives” funding opportunity will provide up to $150 million over several rounds of project selections to help to build a secure, sustainable domestic supply of critical minerals from sources across the United States, including recycled materials, mine waste, industrial waste, and ore deposits. Specifically, the funding opportunity will support bench- and pilot-scale research, development, and demonstration projects to increase the robustness of domestic supply chains and reduce our reliance on foreign supply chains. The following 12 projects selected for negotiation fall under the “Value Added Products” area of interest, and are focused on developing products created from other materials that are also part of the waste streams from which critical minerals and materials are extracted:
- Ohio University (Athens, Ohio) plans to develop and demonstrate the viability of a novel continuous engineered foaming process to produce value-added carbon building materials from coal and coal waste containing critical minerals and materials.
- Loukus Technologies, Inc. (Calumet, Michigan) aims to establish a semi-continuous process for conversion of cerium oxide with low-value scrap aluminum machining chips to produce advanced aluminum-cerium alloys.
- Trustees of the Colorado School of Mines (Golden, Colorado) plans to develop bench-scale continuous processes to produce building materials, specifically geopolymer bricks, lightweight aggregates, and ceramic tiles, from critical minerals and materials found in mine tailings.
- Still Bright, Inc. (Newark, New Jersey) seeks develop a novel electrochemical technology to extract metal co-products from copper concentrate.
- Lawrence Berkeley National Laboratory (Berkeley, California) will develop a domestic supply of lithium while co-producing up to 10 other critical and valuable metals, graphite, and Portland cement.
- University of Utah (Salt Lake City, Utah) will establish a process to demonstrate co-production of lithium salt, potassium salt, and magnesium salt from Great Salt Lakes brine.
- National Energy Technology Laboratory (Albany, Oregon) will define optimum parameters for chromite concentration and the extraction of platinum group elements needed to enable green hydrogen production.
- Oak Ridge National Laboratory (Oak Ridge, Tennessee) will repurpose end-of-life graphite recycled from spent lithium-ion batteries into value-added graphitic materials using innovative purification and treatment methods.
- National Energy Technology Laboratory (Albany, Oregon) will design the process of melting electrodes by electric resistance heating of slag—a by-product of the smelting process in metal extraction and refining—which contains rare earth elements in the form of oxides and/or fluorides.
- Airtronics, LLC (Tucson, Arizona) will develop efficient recycling technologies to recover critical materials, precious metals, and base metals within electronic waste.
- Mexichem Fluor Inc. (St. Gabriel, Louisiana) will demonstrate the feasibility of an efficient and sustainable process for graphite anode active material production from both graphite waste from battery recycling and mined graphite flake.
- Melt Technologies LP (Briggs, Texas) will implement a pilot facility to produce tungsten carbide products—essential for many U.S. industries—from feedstock with greater efficiency and lower cost.
A detailed list of the selected projects and funding amounts can be found here. DOE plans to make additional selections under the FOA’s remaining areas of interest at a later date.

DOE’s selections are subject to environmental review in accordance with the National Environmental Policy Act review process. DOE reserves the right to terminate award negotiations at any time for any reason.

DOE’s Broader Advancements in Critical Minerals and Materials

With the selections announced today, FECM has committed an estimated $254 million since January 2021 for projects that support critical minerals and materials exploration, resource identification, production, and processing in traditional mining and fossil fuel-producing communities across the country.

FECM reduces emissions from fossil energy production and use and key industrial processes, while strengthening U.S. energy and critical minerals security. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website.

MIL OSI USA News –
February 1, 2025
MIL-OSI USA: DOE Invests Nearly $14 Million to Advance Technologies that Transform Carbon Emissions into Valuable Products
Source: US Department of Energy

WASHINGTON, D.C. — The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced $13.7 million in federal funding for four projects that will advance large-scale conversion of carbon dioxide (CO₂) emissions into environmentally responsible and economically valuable products. With funding provided by the Bipartisan Infrastructure Law, projects will help develop conversion technologies that feasibly produce crucial fuels, building materials, and other carbon-based products from captured carbon emissions.

“Chemicals production and petroleum refining industries are vital for the U.S. economy and our nation’s energy security, but are also responsible for significant carbon emissions,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management. “DOE’s investments in carbon conversion technology will support new economic opportunities and job creation, while providing lower-emissions carbon product alternatives for these industries at the same time.”

The selected projects will support two areas of focus: (1) engineering-scale testing of electrochemical systems for converting carbon dioxide emissions into value-added products, such as engineering polymer/resin precursors, specialty chemicals, and commodity chemicals; and (2) feasibility studies that examine retrofitting refineries and petrochemical facilities for carbon conversion:
- Dioxide Materials Inc. (Boca Raton, Florida) plans to scale technology for the production of low-greenhouse gas ethanol and mevalonic acid via a combination of electrolysis and bioprocessing.
- Terraforma Carbon LLC (State College, Pennsylvania) aims to evaluate the technical and economic feasibility of carbon capture and conversion to methanol by modeling a retrofit of Shell’s Norco refinery in St. Charles Parish, Louisiana using molten salt-based capture technology.
- Thiozen Inc. (Pasadena, California) plans to explore the use of a hydrogen sulfide reforming technology to produce low-cost and low-emissions methanol.
- Twelve Benefit Corp. (Berkeley, California) seeks to accelerate the production of low-carbon chemicals and syngas through rapid research, development, and deployment of its CO₂ electrolyzers.
DOE’s National Energy Technology Laboratory (NETL), under the purview of FECM, will manage the selected projects. A detailed list of the selected projects can be found here.

These projects support the goals of DOE’s Clean Fuels and Products Energy Earthshot, which aims to meet projected 2050 net-zero emissions demands for 100% of aviation fuel; 50% of maritime, rail and off-road fuel; and 50% of carbon-based chemicals by using sustainable carbon resources.

FECM reduces emissions from fossil energy production and use and key industrial processes, while strengthening U.S. energy and critical minerals security. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website.

MIL OSI USA News –
February 1, 2025
MIL-OSI: Fusion Fuel to Transfer Equity Listing to The Nasdaq Capital Market; Receives Extension to Comply with Bid Price Rule

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Jan. 31, 2025 (GLOBE NEWSWIRE) — via IBN — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of comprehensive energy engineering, advisory, and supply solutions, today announced that it was notified by the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Staff has approved the Company’s application to transfer its Class A Ordinary Shares and publicly-traded warrants to The Nasdaq Capital Market from The Nasdaq Global Market. This transfer will take effect at the opening of business on February 3, 2025.

In connection with the transfer, the Staff determined that the Company will be eligible for an additional 180 calendar day period, or until July 28, 2025, to regain compliance with the Nasdaq minimum $1.00 bid price per share requirement (the “Minimum Bid Price Requirement”). The Company intends to take all necessary steps to regain compliance, including effecting a reverse share split, if necessary, to regain compliance. If at any time during this additional time period the closing bid price of the Class A Ordinary Shares is at least $1.00 per share for a minimum of ten consecutive business days, the Staff will provide written confirmation of compliance for continued listing on The Nasdaq Capital Market.

As previously reported in a Report on Form 6-K furnished to the Securities and Exchange Commission on January 13, 2025, on January 10, 2025, the Company received a letter from the Staff notifying it that since the Company has not yet held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year ended December 31, 2023, it no longer complies with Nasdaq Listing Rule 5620(a) (the “Annual Meeting Requirement”). There can be no assurance that Fusion Fuel will be able to regain compliance with the Minimum Bid Price Requirement, whether by implementing a reverse share split or otherwise, that the Company will be able to regain compliance with the Annual Meeting Requirement, or that the Company will be able to meet the Nasdaq listing requirements in general.

Fusion Fuel does not anticipate a material impact on its equity trading as a result of the transfer of listing. The Nasdaq Capital Market operates in the same manner as The Nasdaq Global Market and is a continuous trading market that lists companies that must meet certain financial and corporate governance requirements. Fusion Fuel’s securities will continue to trade under the symbols “HTOO” and “HTOOW.”

“We are pleased to receive Nasdaq’s approval to transfer our listing to The Nasdaq Capital Market, along with the additional time to regain compliance with the Minimum Bid Price Requirement,” said JP Backwell, CEO of Fusion Fuel. “This determination provides us with both the flexibility and the confidence to continue executing on our strategic initiatives with a renewed focus on building our business. We remain committed to delivering value to our shareholders and further establishing Fusion Fuel as a leading provider of full-service energy engineering and advisory solutions.”

About Fusion Fuel Green plc

Fusion Fuel Green PLC (NASDAQ: HTOO) is an emerging leader in the energy services sector, offering a comprehensive suite of energy engineering and advisory solutions through its Al Shola Gas and BrightHy subsidiaries. Al Shola Gas provides full-service industrial gas solutions, including the design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as the transport and distribution of LPG to a broad range of customers across commercial, industrial, and residential sectors. BrightHy, the Company’s newly launched hydrogen solutions platform, focuses on delivering innovative engineering and advisory services that enable decarbonization across hard-to-abate industries.

Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu and following us on LinkedIn.

Forward-Looking Statements

This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.

Investor Relations Contact

ir@fusion-fuel.eu

Wire Service Contact:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com

The MIL Network –

February 1, 2025
MIL-OSI Africa: Mission 300: Significant new donor pledges in support of the Sustainable Energy Fund for Africa announced on margins of the Africa Energy Summit

Source: Africa Press Organisation – English (2) – Report:

DAR ES SALAAM, Tanzania, January 31, 2025/APO Group/ —

Denmark, the United Kingdom, Spain and France have unveiled new or additional contributions to the Sustainable Energy Fund for Africa, demonstrating strong support for the African Development Bank (www.AfDB.org)-managed fund as it expands energy access across Africa, including through the Mission 300 partnership. Another new donor – Japan –joined in December 2024 with a $5 million contribution under AGIA (https://apo-opa.co/3Eju6LT).

SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. It aims to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa in line with the New Deal on Energy for Africa and Mission 300.

Mission 300 (https://apo-opa.co/4hDAJqx), an ambitious new partnership of the African Development Bank Group, the World Bank Group and other development partners, aims to provide access to electricity to an additional 300 million Africans by 2030.

France, a new donor to SEFA, will provide €10 million. Denmark, the UK and Spain will increase existing contributions by DKK 100 million (€13.4 million), £8.5 million (€10.13) and €3 million, respectively.

France’s contribution will bolster the Africa Green Infrastructure Alliance (AGIA) (https://apo-opa.co/4aHQE4M), a platform of the African Development Bank, Africa 50 and other partners that will develop transformative sustainable infrastructure projects for investment.

These contributions come as SEFA enjoyed its best year on record in 2024, with $108 million approved for 14 projects. SEFA now boasts a portfolio of over $300 million in highly impactful investments and technical assistance programmes, which is expected to unlock up to $15 billion in investments and deliver approximately 12 million new electricity connections.

Denmark’s Acting State Secretary for Development Policy, Ole Thonke, said: “Africa is endowed with enormous untapped potential for renewable energy, which can fuel green industrialisation. The latest Danish financial contribution to SEFA will focus on the newly established Africa-led Accelerated Partnership for Renewables in Africa (APRA), further supporting the continent’s ambitious development and climate goals.”

“We are halfway through this decisive decade to achieve the sustainable development goals and get on track to tackle climate change,” said Rachel Kyte, UK Special Representative for Climate, Foreign, Commonwealth and Development Office. “Achieving our collective goals of reliable, affordable and clean power is a golden thread that links economic growth, greater investment, strengthened resilience and climate ambition. By accelerating the roll-out of clean power, the UK and Mission 300 are putting green and inclusive growth at the heart of our partnerships with Africa. Our announcement of an additional £8.5 million in UK funding for the AfDB’s SEFA will mobilise the much-needed private sector investment so that more Africans can access clean power right across the continent.”

Inés Carpio San Román, Alternate Governor of Spain for the African Development Bank, said, “We are pleased that Spain has decided to renew its support for the SEFA fund with a contribution of €3 million. This reaffirms our commitment to the crucial sector of renewable energy, which plays a key role in fostering sustainable development across Africa.”

“As a strong supporter of Africa’s green infrastructure investments with financial tools that mobilise private finance, France is proud to contribute €10 million to the AGIA through SEFA,” stated Bertrand Dumont, Director General of the French Treasury and Governor for France at the African Development Bank. “This very first contribution is our first step towards reinforcing Africa’s sustainable development and accelerating the continent’s path to a low-carbon economy. By investing in green infrastructure in Africa, we are investing for the future.”

Dr Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, said, “We welcome the new commitments from donors whose support underscores the impactful work of SEFA. These contributions are essential in enabling SEFA to fulfil its role as a key delivery vehicle for Mission 300 at this pivotal moment.”

MIL OSI Africa –

February 1, 2025
MIL-OSI: Topicus.com Inc. acquires 9.99% Stake in Asseco Poland S.A. in Poland

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TOI.V) today announced that Topicus’ subsidiary Yukon Niebieski Kapital B.V. has purchased 8,300,029 shares in Asseco Poland S.A. (“Company”) from Cyfrowy Polsat S.A., representing approximately 9.99% of the issued shares in the Company. The shares were acquired at a price of 85 PLN per share.

About Asseco Poland S.A.

Asseco Group is a federation of companies engaged in information technology and operates in 62 countries worldwide. Asseco Group companies are listed on the Warsaw Stock Exchange, Tel-Aviv Stock Exchange as well as on the American NASDAQ Global Markets. Asseco Group offers comprehensive, proprietary IT solutions for all sectors of the economy.

About Topicus.com

Topicus.com Inc. is a leading pan-European provider of vertical market software and vertical market platforms to clients in public and private sector markets. Operating and investing in countries and markets across Europe with long-term growth potential, Topicus.com Inc. acquires, builds and manages leading software companies providing specialized, mission-critical and high-impact software solutions that address the particular needs of customers.

About Cyfrowy Polsat S.A.

Cyfrowy Polsat S.A. is a leading media and telecom group in Poland, offering digital pay-TV, mobile and fixed-line telephony, mobile and fixed-line broadband internet, and TV broadcasting. It also operates in renewable energy and green hydrogen development. Key brands include Polsat, PolsatBox, Plus, Netia, and Interia.pl. Founded in 1996, the company is headquartered in Warsaw.

For further information, contact:

Topicus.com Inc.
Jamal Baksh, Chief Financial Officer
416-861-9677
Email: jbaksh@csisoftware.com

The MIL Network –

February 1, 2025
MIL-OSI: Adachi Electric Industries Co., Ltd. Engages Deal Box for Strategic Investment Packaging and Capital Markets Advisory
Source: GlobeNewswire (MIL-OSI)

Tokyo, Japan, Jan. 30, 2025 (GLOBE NEWSWIRE) — In a significant leap forward for clean energy innovation, Deal Box, the venture capital platform tailored to modern investors, is delighted to support Adachi Electric Industries Co., Ltd. as they scale the global reach of their groundbreaking Oq Solar Cell. This collaboration marks a pivotal moment in renewable energy, combining Adachi Electric Industries’ leading-edge solar technology with Deal Box’s expertise in investment packaging, capital markets advisory, and comprehensive business guidance.

Transforming the Solar Energy Landscape

Historically, solar power has been touted for its sustainability yet criticized for limitations in efficiency and durability. Adachi Electric Industries Co., Ltd. is changing that narrative with its Oq Solar Cell—a multi-junction chemical compound panel boasting 32.49% energy efficiency, extended 50-year lifespan and the ability to capture a wide light spectrum (350nm – 2000 nm). Designed to operate in extreme temperatures from -45°C to 85°C, the Oq Solar Cell ensures robust performance across diverse applications, including drones, satellites, electric vehicles, and urban infrastructure.

Legitimacy through Strategic Collaboration

Central to the Oq Solar Cell’s global rollout is Adachi Electric Industries’ partnership with Deal Box, which will provide a comprehensive suite of advisory services. Deal Box’s proven track record in merging blockchain-enabled capital markets solutions with institutional-grade due diligence uniquely positions Adachi Electric Industries Co., Ltd. to navigate the complexities of international market expansion.

Features of the Oq Solar Cell
1. Superior Efficiency: Achieves 32.49% energy efficiency, surpassing standard silicon-based panels.
2. Extended Lifespan: Offers a 50-year operational life, significantly reducing replacement costs.
3. Wide Light Spectrum: Captures wavelengths from 350nm–2000nm, maximizing power generation.
4. Temperature Resilience: Maintains peak performance from -45°C to 85°C, ensuring reliability in extreme conditions.
5. Versatile Applications: Powers everything from drones and satellites to EVs, IoT devices, and city infrastructure.
Deal Box’s Strategic Role

Deal Box is instrumental in aligning Adachi Electric Industries Co., Ltd.’s vision with investors seeking cutting-edge renewable solutions. Through its modular investment platform, Deal Box empowers accredited investors to participate in the clean energy revolution with confidence.
- Investment Packaging: Creating compelling, compliant offerings that resonate with global investors.
- Capital Markets Advisory: Guiding Adachi Electric Industries Co., Ltd. through fundraising and expansion within both traditional and emerging markets.
- Holistic Support: Providing strategic business guidance to streamline operations, market entry, and technology adoption.
Implications for Investors

By marrying disruptive solar technology with Deal Box’s robust investment infrastructure, this partnership sets a new benchmark for clean energy investments:
- Accessibility: Investors can back a proven solar technology that addresses modern efficiency and reliability challenges.
- Efficiency: A streamlined, digitized investment process allows for faster transactions and clearer ownership records.
- Transparency: Regular updates and thorough due diligence ensure clarity throughout the investment lifecycle.
Executive Insights

“By merging industry-leading efficiency with unprecedented durability, the Oq Solar Cell is poised to reshape global energy markets,” said Ken Kaneko, CEO of Adachi Electric Industries Co., Ltd. “Collaborating with Deal Box amplifies our ability to reach a worldwide audience and provide them with reliable, long-term solutions in renewable power.”

Thomas Carter, CEO of Deal Box, commented, “Our role is to empower innovative technologies with the right financial and advisory framework. Adachi Electric Industries Co., Ltd. aligns perfectly with our mission to make transformative, sustainable investments readily accessible to accredited investors everywhere.”

About Deal Box

Deal Box is venture capital that fits your life. By merging institutional-grade diligence with flexible investment options, Deal Box empowers accredited investors to craft portfolios that align with their financial ambitions. For more information, visit dealbox.vc

About Adachi Electric Industries Co., Ltd.

Adachi Electric Industries Co., Ltd. is a pioneer in multi-junction chemical compound solar technology. Their flagship product, the Oq Solar Cell, is engineered to deliver unmatched efficiency, durability, and adaptability across a variety of applications—from consumer electronics to aerospace. Guided by a mission to foster a sustainable future, Adachi Electric Industries continues to push the boundaries of renewable energy innovation.

Contact Information

Thomas Carter
CEO, Deal Box, Inc.
Email: thomas@dealbox.io

Christopher Craney
Marketing, Adachi Electric Industries Co., Ltd.
Email: craney@adachi-electric-industries.com

The MIL Network –
January 31, 2025

MIL-OSI: Baker Hughes Announces Fourth-Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth-quarter highlights

Orders of $7.5 billion, including $3.8 billion of IET orders.
RPO of $33.1 billion, including IET RPO of $30.1 billion.
Revenue of $7.4 billion, up 8% year-over-year.
GAAP diluted EPS of $1.18 and adjusted diluted EPS* of $0.70.
Adjusted EBITDA* of $1,310 million, up 20% year-over-year.
Cash flows from operating activities of $1,189 million and free cash flow* of $894 million.

Full-year highlights

Orders of $28.2 billion, including $13.0 billion of IET orders.
Revenue of $27.8 billion, up 9% year-over-year.
Attributable net income of $2,979 million.
GAAP diluted EPS of $2.98 and adjusted diluted EPS* of $2.35.
Adjusted EBITDA* of $4,591 million, up 22% year-over-year.
Cash flows from operating activities of $3,332 million and free cash flow* of $2,257 million.
Returns to shareholders of $1,320 million, including $484 million of share repurchases.

HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the fourth-quarter and full-year 2024.

“2024 proved to be a momentous year for Baker Hughes. We closed out the year with exceptional fourth-quarter results, setting new quarterly and annual records for revenue, free cash flow and our adjusted measures of EPS, EBITDA, and EBITDA margin. Our strategy to drive profitable growth and continuous margin improvement is working. Looking forward, we will continue our journey to transform the Company, and we expect 2025 to demonstrate another strong year of EBITDA growth, led by our IET segment,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“IET booked $3.8 billion of orders in the fourth quarter, supported by strong LNG orders and another gas infrastructure award. Including this strong end to the year, 2024 orders totaled $13 billion, the second highest order year ever. This order performance highlights the end-market diversity and versatility of our portfolio.”

“Overall, our margin increase across both segments continues to demonstrate strong progress on the journey toward 20% segment EBITDA margins. Transformation actions will continue to be a major driver of our margin improvements as we progress through 2025 and beyond. We remain confident in achieving our 20% EBITDA margin targets for OFSE this year and IET in 2026.”

“As reflected in our strong 2024 results and our exceptional margin improvement, Baker Hughes has evolved into a more profitable energy and industrial technology company. Company results are benefiting from strong execution, sharpened commercial focus and improved productivity gains. Our confidence in the durability and growth of our earnings and free cash flow positions us to continue growing our dividend, highlighted by the announcement to increase our quarterly dividend by 10% to $0.23.”

“I would like to thank the Baker Hughes team for yet again delivering outstanding results. As we continue our journey to move Baker Hughes forward, we remain committed to our customers, shareholders, and employees,” concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

	Three Months Ended						Variance
(in millions except per share amounts)	December 31, 2024		September 30, 2024		December 31, 2023		Sequential		Year-over-year
Orders	$	7,496	$	6,676	$	6,904	12	%	9	%
Revenue		7,364		6,908		6,835	7	%	8	%
Net income attributable to Baker Hughes		1,179		766		439	54	%	168	%
Adjusted net income attributable to Baker Hughes*		694		666		511	4	%	36	%
Operating income		665		930		651	(29	)%	2	%
Adjusted operating income*		1,019		930		816	10	%	25	%
Adjusted EBITDA*		1,310		1,208		1,091	8	%	20	%
Diluted earnings per share (EPS)		1.18		0.77		0.43	54	%	171	%
Adjusted diluted EPS*		0.70		0.67		0.51	4	%	37	%
Cash flow from operating activities		1,189		1,010		932	18	%	28	%
Free cash flow*		894		754		633	19	%	41	%

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

Quarter Highlights

Industrial & Energy Technology (“IET”) recorded another strong quarter of gas infrastructure orders, booking an equipment award from Tecnicas Reunidas for the third expansion phase of the Jafurah unconventional gas field in the Kingdom of Saudi Arabia. Gas Technology Equipment (“GTE”) will supply a total of 12 electric motor-driven compression trains and auxiliary treatment equipment for gas processing. This contract builds upon Baker Hughes’ long-standing relationship with Aramco and follows previous contract awards in 2022, bringing the total to 24 electric motor-driven compressors and an additional 14 compressors supplied by Baker Hughes for multiple Jafurah gas processing plants.

In demonstration of its well-established leadership position in liquefied natural gas (“LNG”) technology solutions, Baker Hughes received multiple project awards in the fourth quarter. As part of a master equipment supply agreement, IET received a major contract to provide a modularized LNG system and power island to Venture Global. IET also received, from Bechtel Energy, a GTE award to supply eight LM6000 PF+ driven main refrigeration compressors and eight expander compressors across two LNG trains for a nameplate capacity of approximately 11 million ton per annum for Phase 1 of Woodside Energy’s Louisiana project.

Gas Technology Services (“GTS”) continues to demonstrate leadership in turbomachinery aftermarket service, booking several notable service and upgrade awards to backlog. GTS signed a long-term services agreement to support Phases 1 and 2 of Venture Global’s Plaquemines LNG project, and also signed a 25-year services agreement with a NextDecade affiliate to support its Rio Grande LNG facility. Additionally, GTS received an award from an energy operator to provide planned maintenance activities to assure reliability, availability, and efficiency of turbomachinery at their LNG facility in Asia Pacific. The capabilities of IET’s iCenter™ will also be utilized to drive improved outcomes for the customer. Finally, GTS booked multiple upgrade awards for gas infrastructure projects in the Middle East and Europe.

Climate Technology Solutions (“CTS”) secured multiple awards targeting flare reduction. As announced at COP29 in Baku, Azerbaijan, CTS will provide SOCAR, the state-owned oil company of Azerbaijan, with an integrated gas recovery and hydrogen sulfide removal system to significantly reduce downstream flaring at the Heydar Aliyev Oil Refinery. Separately in the Middle East, CTS will supply electric-driven centrifugal compressors for one of the largest gas processing and flare gas recovery projects globally.

Oilfield Services & Equipment (“OFSE”), through its Mature Assets Solutions (“MAS”) offering, received a multi-year contract from Eni to help unlock bypassed reserves in one of Europe’s largest developments. Baker Hughes will utilize its AutoTrak eXact™ rotary steerable drilling system to reduce risks and execution costs for Eni. OFSE also booked another MAS award in the Middle East to provide artificial lift services in a super-giant oilfield, including advanced permanent magnet motors for improved electric submersible pump efficiency.

Baker Hughes experienced a strong order quarter for flexible pipe systems in Brazil. Following a third-quarter 2024 award, OFSE received another flexible pipe systems award from Petrobras after an open tender, reinforcing this important relationship and Baker Hughes’ leading position in the product line. The capability of Baker Hughes’ flexible pipe systems to address the critical issue of stress-induced corrosion cracking from CO₂ resulted in this significant award for approximately 48 miles of flexible pipe systems to be installed across four different fields. Additionally, OFSE received an order from Brava Energia to supply 9 miles of flexible pipe systems to be deployed in the Campos Basin.

OFSE also advanced its digitalization and artificial intelligence capabilities, signing an agreement with AIQ, ADNOC and CORVA to launch the AI Rate of Penetration (ROP) Optimization initiative. The project aims to enhance drilling efficiency in real-time by providing insights and recommendations for optimizing weight on bit, rotations per minute and other critical parameters.

Consolidated Revenue and Operating Income by Reporting Segment

(in millions)	Three Months Ended									Variance
	December 31, 2024			September 30, 2024			December 31, 2023			Sequential		Year-over-year
Oilfield Services & Equipment	$	3,871		$	3,963		$	3,956		(2	)%	(2	)%
Industrial & Energy Technology		3,492			2,945			2,879		19	%	21	%
Segment revenue		7,364			6,908			6,835		7	%	8	%

Oilfield Services & Equipment		526			547			492		(4	)%	7	%
Industrial & Energy Technology		584			474			412		23	%	42	%
Corporate⁽¹⁾		(91	)		(91	)		(88	)	—	%	(3	)%
Inventory impairment⁽²⁾		(73	)		—			(2	)	NM		NM
Restructuring, impairment and other		(281	)		—			(163	)	NM		(73	)%
Operating income		665			930			651		(29	)%	2	%
Adjusted operating income*		1,019			930			816		10	%	25	%
Depreciation & amortization		291			278			274		5	%	6	%
Adjusted EBITDA*	$	1,310		$	1,208		$	1,091		8	%	20	%

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

“NM” is used when the percentage variance is not meaningful.

⁽¹⁾Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).

⁽²⁾Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

Revenue for the fourth quarter of 2024 was $7,364 million, an increase of 7% sequentially and an increase of 8% year-over-year. The increase in revenue year-over-year was driven by IET.

The Company’s total book-to-bill ratio in the fourth quarter of 2024 was 1.0; the IET book-to-bill ratio was 1.1.

Operating income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the fourth quarter of 2024 was $665 million. Operating income decreased $265 million sequentially and increased $13 million year-over-year. Restructuring, impairment, and other charges were $281 million in the fourth quarter of 2024, primarily related to streamlining of the OFSE operating model.

Adjusted operating income (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,019 million, which excludes adjustments totaling $354 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the fourth quarter of 2024 was up 10% sequentially and up 25% year-over-year.

Depreciation and amortization for the fourth quarter of 2024 was $291 million.

Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,310 million, which excludes adjustments totaling $354 million. See Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the fourth quarter was up 8% sequentially and up 20% year-over-year.

The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher volume in IET and structural cost-out initiatives in both segments, primarily offset by lower volume in OFSE. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing and structural cost-out initiatives in both segments, and increased volume in IET primarily from higher proportionate growth in GTE, partially offset by decreased volume in OFSE and cost inflation in both segments.

Other Financial Items

Remaining Performance Obligations (“RPO”) in the fourth quarter of 2024 ended at $33.1 billion, a decrease of $0.3 billion from the third quarter of 2024. OFSE RPO was $3.0 billion, down 6% sequentially, while IET RPO was $30.1 billion, down $100 million sequentially. Within IET RPO, GTE RPO was $11.8 billion and GTS RPO was $15.0 billion.

Income tax benefit in the fourth quarter of 2024 was $398 million reflecting the impact of a valuation allowance release in the U.S. The valuation allowance has been released primarily as a result of the U.S. moving into a cumulative three-year profit position.

Other non-operating income in the fourth quarter of 2024 was $181 million. Included in other non-operating income were net mark-to-market gains in fair value and gains from sale for certain equity investments of $196 million.

GAAP diluted earnings per share was $1.18. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.70. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Cash flow from operating activities was $1,189 million for the fourth quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $894 million. A reconciliation from GAAP has been provided in Table 1d in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Capital expenditures, net of proceeds from disposal of assets, were $295 million for the fourth quarter of 2024, of which $195 million was for OFSE and $87 million was for IET.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)	Three Months Ended									Variance
Segment results	December 31, 2024			September 30, 2024			December 31, 2023			Sequential		Year-over-year
Orders	$	3,740		$	3,807		$	3,874		(2	)%	(3	)%
Revenue	$	3,871		$	3,963		$	3,956		(2	)%	(2	)%
Operating income	$	526		$	547		$	492		(4	)%	7	%
Operating margin		13.6	%		13.8	%		12.4	%	-0.2pts		1.1pts
Depreciation & amortization	$	229		$	218		$	217		5	%	6	%
EBITDA*	$	755		$	765		$	709		(1	)%	7	%
EBITDA margin*		19.5	%		19.3	%		17.9	%	0.2pts		1.6pts

(in millions)	Three Months Ended						Variance
Revenue by Product Line	December 31, 2024		September 30, 2024		December 31, 2023		Sequential		Year-over-year
Well Construction	$	943	$	1,050	$	1,122	(10	)%	(16	)%
Completions, Intervention, and Measurements		1,022		1,009		1,086	1	%	(6	)%
Production Solutions		974		983		990	(1	)%	(2	)%
Subsea & Surface Pressure Systems		932		921		758	1	%	23	%
Total Revenue	$	3,871	$	3,963	$	3,956	(2	)%	(2	)%

(in millions)	Three Months Ended						Variance
Revenue by Geographic Region	December 31, 2024		September 30, 2024		December 31, 2023		Sequential		Year-over-year
North America	$	971	$	971	$	1,018	—	%	(5	)%
Latin America		661		648		708	2	%	(7	)%
Europe/CIS/Sub-Saharan Africa		740		933		707	(21	)%	5	%
Middle East/Asia		1,499		1,411		1,522	6	%	(2	)%
Total Revenue	$	3,871	$	3,963	$	3,956	(2	)%	(2	)%

North America	$	971	$	971	$	1,018	—	%	(5	)%
International		2,900		2,992		2,938	(3	)%	(1	)%

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders of $3,740 million for the fourth quarter of 2024 decreased by $67 million sequentially. Subsea and Surface Pressure Systems orders were $802 million, up 3% sequentially, and up 23% year-over-year.

OFSE revenue of $3,871 million for the fourth quarter of 2024 was down 2% sequentially, and down 2% year-over-year.

North America revenue was $971 million, flat sequentially. International revenue was $2,900 million, down 3% sequentially, driven by declines in Europe/CIS/Sub-Saharan Africa region partially offset by growth in Middle East/Asia and Latin America.

Segment operating income for the fourth quarter was $526 million, a decrease of $22 million, or 4%, sequentially. Segment EBITDA for the fourth quarter of 2024 was $755 million, a decrease of $10 million, or 1% sequentially. The sequential decrease in segment operating income and EBITDA was driven by lower volume, partially mitigated by positive price and productivity from structural cost-out initiatives.

Industrial & Energy Technology

(in millions)	Three Months Ended									Variance
Segment results	December 31, 2024			September 30, 2024			December 31, 2023			Sequential		Year-over-year
Orders	$	3,756		$	2,868		$	3,030		31	%	24	%
Revenue	$	3,492		$	2,945		$	2,879		19	%	21	%
Operating income	$	584		$	474		$	412		23	%	42	%
Operating margin		16.7	%		16.1	%		14.3	%	0.6pts		2.4pts
Depreciation & amortization	$	56		$	54		$	51		4	%	8	%
EBITDA*	$	639		$	528		$	463		21	%	38	%
EBITDA margin*		18.3	%		17.9	%		16.1	%	0.4pts		2.2pts

(in millions)	Three Months Ended						Variance
Orders by Product Line	December 31, 2024		September 30, 2024		December 31, 2023		Sequential		Year-over-year
Gas Technology Equipment	$	1,865	$	1,088	$	1,297	71	%	44	%
Gas Technology Services		902		778		808	16	%	12	%
Total Gas Technology		2,767		1,866		2,105	48	%	31	%
Industrial Products		515		494		514	4	%	—	%
Industrial Solutions		320		293		288	9	%	11	%
Total Industrial Technology		835		787		802	6	%	4	%
Climate Technology Solutions		154		215		123	(28	)%	25	%
Total Orders	$	3,756	$	2,868	$	3,030	31	%	24	%

(in millions)	Three Months Ended						Variance
Revenue by Product Line	December 31, 2024		September 30, 2024		December 31, 2023		Sequential		Year-over-year
Gas Technology Equipment	$	1,663	$	1,281	$	1,206	30	%	38	%
Gas Technology Services		796		697		714	14	%	11	%
Total Gas Technology		2,459		1,978		1,920	24	%	28	%
Industrial Products		548		520		513	5	%	7	%
Industrial Solutions		282		257		276	10	%	2	%
Total Industrial Technology		830		777		789	7	%	5	%
Climate Technology Solutions		204		191		170	7	%	20	%
Total Revenue	$	3,492	$	2,945	$	2,879	19	%	21	%

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

IET orders of $3,756 million for the fourth quarter of 2024 increased by $726 million, or 24% year-over-year. The increase was driven primarily by GTE orders which were up $568 million, or 44% year-over-year.

IET revenue of $3,492 million for the fourth quarter of 2024 increased $613 million, or 21% year-over-year. The increase was driven primarily by Gas Technology, up 28% year-over-year.

Segment operating income for the quarter was $584 million, an increase of $172 million, or 42% year-over-year. Segment EBITDA for the quarter was $639 million, an increase of $176 million, or 38% year-over-year. The year-over-year increase in segment operating income and segment EBITDA was driven by increased volume primarily from higher proportionate growth in GTE, positive pricing, and productivity, partially offset by cost inflation.

2024 Total Year Results

(in millions)	Twelve Months Ended						Variance
	December 31, 2024			December 31, 2023			Year-over-year
Oilfield Services & Equipment	$	15,240		$	16,344		(7)%
Industrial & Energy Technology		13,000			14,178		(8)%
Orders	$	28,240		$	30,522		(7)%

Oilfield Services & Equipment	$	15,628		$	15,361		2%
Industrial & Energy Technology		12,201			10,145		20%
Segment Revenue	$	27,829		$	25,506		9%

Oilfield Services & Equipment	$	1,988		$	1,746		14%
Industrial & Energy Technology		1,830			1,310		40%
Corporate⁽¹⁾		(363	)		(380	)	5%
Inventory impairment⁽²⁾		(73	)		(35	)	(110)%
Restructuring, impairment & other		(301	)		(323	)	7%
Operating income		3,081			2,317		33%
Adjusted operating income *		3,455			2,676		29%
Depreciation & amortization		1,136			1,087		4%
Adjusted EBITDA *	$	4,591		$	3,763		22%

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

⁽¹⁾Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).

⁽²⁾Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted operating income; EBITDA; EBITDA margin; adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of GAAP and Adjusted Operating Income

	Three Months Ended						Twelve Months Ended
	December 31,		September 30,		December 31,		December 31,
(in millions)		2024		2024		2023		2024		2023
Operating income (GAAP)	$	665	$	930	$	651	$	3,081	$	2,317
Restructuring, impairment & other		281		—		163		301		323
Inventory impairment⁽¹⁾		73		—		2		73		35
Total operating income adjustments		354		—		165		375		358
Adjusted operating income (non-GAAP)	$	1,019	$	930	$	816	$	3,455	$	2,676

⁽¹⁾Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to EBITDA and Adjusted EBITDA

	Three Months Ended								Twelve Months Ended
	December 31,			September 30,			December 31,		December 31,
(in millions)		2024			2024			2023		2024			2023
Net income attributable to Baker Hughes (GAAP)	$	1,179		$	766		$	439	$	2,979		$	1,943
Net income attributable to noncontrolling interests		11			8			11		29			27
Provision (benefit) for income taxes		(398	)		235			72		257			685
Interest expense, net		54			55			45		198			216
Other non-operating (income) loss, net		(181	)		(134	)		84		(382	)		(554	)
Operating income (GAAP)		665			930			651		3,081			2,317
Depreciation & amortization		291			278			274		1,136			1,087
EBITDA (non-GAAP)		956			1,208			926		4,216			3,405
Total operating income adjustments⁽¹⁾		354			—			165		375			358
Adjusted EBITDA (non-GAAP)	$	1,310		$	1,208		$	1,091	$	4,591		$	3,763

⁽¹⁾See Table 1a for the identified adjustments to operating income.

Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to EBITDA. Adjusted EBITDA excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,
(in millions, except per share amounts)		2024			2024			2023			2024			2023
Net income attributable to Baker Hughes (GAAP)	$	1,179		$	766		$	439		$	2,979		$	1,943
Total operating income adjustments⁽¹⁾		354			—			165			375			358
Other adjustments (non-operating)⁽²⁾		(189	)		(99	)		89			(335	)		(554	)
Tax adjustments⁽³⁾		(650	)		(1	)		(181	)		(663	)		(124	)
Total adjustments, net of income tax		(485	)		(100	)		72			(623	)		(320	)
Less: adjustments attributable to noncontrolling interests		—			—			—			—			—
Adjustments attributable to Baker Hughes		(485	)		(100	)		72			(623	)		(320	)
Adjusted net income attributable to Baker Hughes (non-GAAP)	$	694		$	666		$	511		$	2,356		$	1,622


Denominator:
Weighted-average shares of Class A common stock outstanding diluted		999			999			1,010			1,001			1,015
Adjusted earnings per share – diluted (non-GAAP)	$	0.70		$	0.67		$	0.51		$	2.35		$	1.60

⁽¹⁾See Table 1a for the identified adjustments to operating income.

⁽²⁾All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.

⁽³⁾All periods reflect the tax associated with the other operating and non-operating adjustments. 4Q’24 and fiscal year 2024 include $664 million and 4Q’23 and fiscal year 2023 include $81 million, respectively, related to the release of valuation allowances for certain deferred tax assets.

Table 1c reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow

	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,
(in millions)		2024			2024			2023			2024			2023
Net cash flows from operating activities (GAAP)	$	1,189		$	1,010		$	932		$	3,332		$	3,062
Add: cash used for capital expenditures, net of proceeds from disposal of assets		(295	)		(256	)		(298	)		(1,075	)		(1,016	)
Free cash flow (non-GAAP)	$	894		$	754		$	633		$	2,257		$	2,045

Table 1d reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(In millions, except per share amounts)	December 31, 2024			September 30, 2024			December 31, 2023
Revenue	$	7,364		$	6,908		$	6,835
Costs and expenses:
Cost of revenue		5,833			5,366			5,386
Selling, general and administrative		585			612			634
Restructuring, impairment and other		281			—			163
Total costs and expenses		6,699			5,978			6,183
Operating income		665			930			651
Other non-operating income (loss), net		181			134			(84	)
Interest expense, net		(54	)		(55	)		(45	)
Income before income taxes		792			1,009			522
Benefit (provision) for income taxes		398			(235	)		(72	)
Net income		1,190			774			450
Less: Net income attributable to noncontrolling interests		11			8			11
Net income attributable to Baker Hughes Company	$	1,179		$	766		$	439

Per share amounts:
Basic income per Class A common share	$	1.19		$	0.77		$	0.44
Diluted income per Class A common share	$	1.18		$	0.77		$	0.43

Weighted average shares:
Class A basic		990			993			1,001
Class A diluted		999			999			1,010

Cash dividend per Class A common share	$	0.21		$	0.21		$	0.20

Condensed Consolidated Statements of Income (Loss) (Unaudited)

	Year Ended December 31,
(In millions, except per share amounts)		2024			2023			2022
Revenue	$	27,829		$	25,506		$	21,156
Costs and expenses:
Cost of revenue		21,989			20,255			16,756
Selling, general and administrative		2,458			2,611			2,510
Restructuring, impairment and other		301			323			705
Total costs and expenses		24,748			23,189			19,971
Operating income		3,081			2,317			1,185
Other non-operating income (loss), net		382			554			(911	)
Interest expense, net		(198	)		(216	)		(252	)
Income before income taxes		3,265			2,655			22
Provision for income taxes		(257	)		(685	)		(600	)
Net income (loss)		3,008			1,970			(578	)
Less: Net income attributable to noncontrolling interests		29			27			23
Net income (loss) attributable to Baker Hughes Company	$	2,979		$	1,943		$	(601	)

Per share amounts:
Basic income (loss) per Class A common share	$	3.00		$	1.93		$	(0.61	)
Diluted income (loss) per Class A common share	$	2.98		$	1.91		$	(0.61	)

Weighted average shares:
Class A basic		994			1,008			987
Class A diluted		1,001			1,015			987

Cash dividend per Class A common share	$	0.84		$	0.78		$	0.73

Condensed Consolidated Statements of Financial Position (Unaudited)

	December 31,
(In millions)		2024		2023
ASSETS
Current Assets:
Cash and cash equivalents	$	3,364	$	2,646
Current receivables, net		7,122		7,075
Inventories, net		4,954		5,094
All other current assets		1,771		1,486
Total current assets		17,211		16,301
Property, plant and equipment, less accumulated depreciation		5,127		4,893
Goodwill		6,078		6,137
Other intangible assets, net		3,951		4,093
Contract and other deferred assets		1,730		1,756
All other assets		4,266		3,765
Total assets	$	38,363	$	36,945
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	4,542	$	4,471
Short-term and current portion of long-term debt		53		148
Progress collections and deferred income		5,672		5,542
All other current liabilities		2,724		2,830
Total current liabilities		12,991		12,991
Long-term debt		5,970		5,872
Liabilities for pensions and other postretirement benefits		988		978
All other liabilities		1,359		1,585
Equity		17,055		15,519
Total liabilities and equity	$	38,363	$	36,945

Outstanding Baker Hughes Company shares:
Class A common stock		990		998

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended December 31,			Twelve Months Ended December 31,
(In millions)		2024			2024			2023
Cash flows from operating activities:
Net income	$	1,190		$	3,008		$	1,970
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		291			1,136			1,087
Benefit for deferred income taxes		(706	)		(671	)		(59	)
Gain on equity securities		(196	)		(367	)		(555	)
Stock-based compensation cost		49			202			197
Property, plant and equipment impairment, net		77			77			(1	)
Gain on business dispositions		—			—			(40	)
Working capital		63			7			42
Other operating items, net		421			(60	)		421
Net cash flows provided by operating activities		1,189			3,332			3,062
Cash flows from investing activities:
Expenditures for capital assets		(353	)		(1,278	)		(1,224	)
Proceeds from disposal of assets		58			203			208
Proceeds from sale of equity securities		71			92			372
Proceeds from business dispositions		—			—			293
Net cash paid for acquisitions		—			—			(301	)
Other investing items, net		6			(33	)		(165	)
Net cash flows used in investing activities		(218	)		(1,016	)		(817	)
Cash flows from financing activities:
Repayment of long-term debt		(9	)		(143	)		(651	)
Dividends paid		(208	)		(836	)		(786	)
Repurchase of Class A common stock		(9	)		(484	)		(538	)
Other financing items, net		(8	)		(64	)		(53	)
Net cash flows used in financing activities		(234	)		(1,527	)		(2,028	)
Effect of currency exchange rate changes on cash and cash equivalents		(37	)		(71	)		(59	)
Increase in cash and cash equivalents		700			718			158
Cash and cash equivalents, beginning of period		2,664			2,646			2,488
Cash and cash equivalents, end of period	$	3,364		$	3,364		$	2,646
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	307		$	1,040		$	595
Interest paid	$	99		$	298		$	309

Supplemental Financial Information

Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Friday, January 31, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target”, “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31,2024; and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

The MIL Network –

January 31, 2025

MIL-OSI Europe: EU invests €1.2 billion in cross-border energy infrastructure

Source: European Union 2

To help achieve the EU’s goals of integrating energy markets and decarbonising the energy system, the EU is allocating more than €1 billion in grants to 41 cross-border energy infrastructure projects. The projects will help develop hydrogen and offshore electricity grids in the EU.

MIL OSI Europe News –

January 31, 2025
MIL-OSI Security: IAEA Sees Operational Safety Commitment at Novovoronezh Nuclear Power Plant in Russia
Source: International Atomic Energy Agency – IAEA

An International Atomic Energy Agency (IAEA) team of experts said that the operator of the Novovoronezh Nuclear Power Plant (NPP) in the Russian Federation has shown a commitment to enhancing operational safety.

Requested by the Government of the Russian Federation, the Operational Safety Review Team (OSART) mission ran from 13 to 30 January. The Team reviewed operational safety in Units 4 and 6 of the Novovoronezh NPP. An OSART mission was previously completed for Unit 5 in 2015.

OSART missions independently assess safety performance against the IAEA’s safety standards. The aim is to advance operational safety by proposing recommendations and, where appropriate, suggestions for improvement.

The Novovoronezh NPP is located in the Voronezh region, about 600 kilometres south of Moscow. The plant is owned by State Atomic Energy Corporation Rosatom (ROSATOM) and operated by Novovoronezh NPP, a subsidiary of the Rosenergoatom Joint Stock Company. The plant consists of seven units. Units 1, 2 and 3 are permanently shutdown and under decommissioning. Units 4, 5, 6 and 7 are operating. All units are pressurized water reactors (VVERs); Units 4 and 5 are VVER-V179 (417 MWe) and VVER-187 (1000 MWe), respectively. Units 6 and 7 are both VVER-392M (1180 MWe). Russia has 36 nuclear power reactors in operation, providing almost 20 per cent of the country’s total electricity production.

The team reviewed operating practices in Units 4 and 6 in the areas of leadership and management for safety, training and qualification, operations, maintenance, technical support, radiation protection, chemistry and accident management. The team was composed of seven experts from Belarus, Brazil, China, the Islamic Republic of Iran and South Africa, as well as four IAEA staff members and an observer from Russia.

To make its assessment, the team reviewed documents from the Novovoronezh plant on its main technical features, staff organization and responsibilities, and its operational programmes, procedures and performance prior to the mission. During the mission, the team observed the plant in operation, examined indicators of its performance and held in-depth discussions with plant personnel.

The OSART team observed that the staff at the plant are knowledgeable and professional and are committed to improving the operational safety and reliability of the plant.

The team identified one good practice to be shared with the nuclear industry globally:
- The main control room operators at Novovoronezh NPP have access to an electronic display for real-time indication of hydrogen ignition risk inside the containment building in the case of a severe accident.
The mission also provided some suggestions to further improve safety, including that the plant should consider enhancing:
- The consistent use of tools to minimize human error.
- The quality of maintenance activities.
- The arrangements for the monitoring and reporting of equipment condition and material deficiencies to ensure that any degradation is identified and reported.
“We are grateful to the international experts of the IAEA for conducting a comprehensive inspection at two power units of the Novovoronezh NPP – Unit 4 and Unit 6. This is a reputable team with over 282-years combined operational experience in the nuclear power industry. According to the mission results, the plant received suggestions to enhance further the operational safety performance of Units 4 and 6,” said Vladimir Povarov, Director of Novovoronezh NPP. “The mission confirmed that there was good alignment between the plant practices and the requirements in the IAEA standards.”

“Three of the four Novovoronezh NPP power units in operation have already successfully undertaken an IAEA international peer review. And we plan for power Unit 7 to be subjected to this procedure in the future,” Povarov added.

The team provided a draft report of the mission to the plant management. They will have the opportunity to make factual comments on the draft. These comments will be reviewed by the IAEA, and the final report will be submitted to the Government within three months.

Background

General information about OSART missions can be found on the IAEA website. An OSART mission is designed as a review of programmes and activities essential to operational safety. It is not a regulatory inspection, nor is it a design review or a substitute for an exhaustive assessment of the plant’s overall safety status.

Follow-up missions are standard components of the OSART programme and are typically conducted within two years of the initial mission.

The IAEA Safety Standards provide a robust framework of fundamental principles, requirements and guidance to ensure safety. They reflect an international consensus and serve as a global reference for protecting people and the environment from the harmful effects of ionizing radiation.

MIL Security OSI –
January 31, 2025
MIL-OSI United Kingdom: Climate Minister in Brussels to kickstart growth in the North Seas
Source: United Kingdom – Executive Government & Departments 2

Climate Minister forges stronger UK-EU cooperation to drive growth and energy security.
Closer UK-EU cooperation in the North Seas to deliver growth and greater energy security

new independent report shows economic benefits of working with EU on clean energy

collaboration with European partners on the clean energy transition will help to drive government’s Plan for Change, protecting bills and creating thousands of jobs

Cooperation on the North Seas was at the top of the agenda for Climate Minister Kerry McCarthy’s first visit to Brussels yesterday (Tuesday 28 January).

During the visit, Minister McCarthy delivered a keynote speech to European leaders at the European Energy Forum, where she said that by working together the UK and the EU can turn the North Seas into the green power plant of Europe and unlock thousands of well-paid, skilled British jobs.

This comes as independent consultants Grant Thornton publish a report commissioned by the Department for Energy Security and Net Zero, which finds that closer cooperation on the clean energy transition in the North Seas could lower bills, create up to 51,000 jobs, and add up to £36 billion to the UK economy.

Minister McCarthy also made the case to EU counterparts that the energy transition in the North Seas will ensure the oil and gas workforce are the ones who deliver the North Sea’s decarbonised future, through offshore wind, carbon capture and storage and hydrogen.

Climate Minister Kerry McCarthy said:

The EU is a crucial ally in bolstering our energy security and protecting families and businesses across Europe from volatile fossil fuel markets.

There is so much more we can do to speed up the clean energy transition, deliver our Plan for Change and make the North Seas the green power plant of Europe.

Through greater cooperation, we can build on our Mission to make Britain a clean energy superpower by 2030 helping keep bills down and kickstarting economic growth.

Tsvetelina Penkova President of the European Energy Forum and Member of the European Parliament said:

We simply have to build a robust cooperation between the EU and the UK on energy matters. It is crucial for addressing our shared challenges and ensuring energy security.

Key areas such as energy grids, connectivity and nuclear power require close collaboration to strengthen infrastructure, drive innovation, and support the transition to cleaner, more sustainable energy systems. By working together, we can create a more resilient and interconnected energy network that benefits both parties and contributes to a secure and sustainable energy future.

Minister McCarthy has met with a series of international partners including Belgian Energy Minister, Tinne van der Straeten and the European Union’s Principal Adviser on Energy Diplomacy, Tibor Stelaczky.

The visit comes as the UK continues work to reset its relationship with Europe, an ambition grounded in a new spirit of co-operation intended to strengthen ties, tackle barriers to trade and collaborate in the face of shared global challenges from climate change to illegal migration.

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Published 29 January 2025
MIL OSI United Kingdom –
January 31, 2025
MIL-OSI Global: ‘Sustainable’ aviation fuel and other myths about green airport expansion debunked

Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

Taking off: emissions from the aviation sector. WildSnap/Shutterstock

Environmentalists and locals have resisted a third runway at London’s Heathrow, Europe’s busiest airport, for more than two decades. Today, their efforts took a major setback.

The UK government has announced it will give the green light to airport expansion. This is not guaranteed to increase growth in the national economy as Chancellor Rachel Reeves hopes. More flights and more emissions are certain, however, at a time when experts are practically screaming at governments to rein them in.

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

“No airport expansions should proceed” without a UK-wide plan to annually assess and control the sector’s climate impact said the government’s watchdog, the Climate Change Committee, in 2023. Aeroplanes are 8% of UK emissions and 2% of the world’s, but they also release gases that seed heat-trapping clouds in the upper atmosphere, which triples air travel’s greenhouse effect.

While the government’s own advisers have effectively ruled out new runways for the sake of net zero, airport and airline bosses play a different tune. So what does the sector propose to manage its own pollution?

Not enough cooking oil to save us

Aviation is a notoriously difficult sector to decarbonise says Richard Sulley, a senior research fellow in sustainability policy at the University of Sheffield: “If electric or hydrogen-powered planes are possible, it won’t be for many years yet.”

To justify air travel emissions ballooning in the meantime, the aviation sector has promised a mix of “supply-side” measures, like replacing kerosene with so-called “sustainable aviation fuel” (SAF), which Reeves described as “a game changer”, and making planes lighter and more fuel-efficient.

Efficiency, in this context, is a slippery path to decarbonisation. When a high-emitting activity is reformed so that it consumes less energy, the efficiency savings are generally eclipsed by the increasing demand it drives.

Read more:
Expanding Heathrow is incompatible with net zero – here’s the evidence

“Indeed, the sector’s own plans for growth will outstrip efforts to decarbonise through synthetic fuel, delivering a neutral effect at best,” Sulley says.

Fuel consumption is the biggest emissions source in aviation.
Sergey Ginak/Shutterstock

“Demand-side” measures like fewer flights, taxes on frequent flying and domestic flight bans (see France) could cut emissions, he notes, but are seldom mentioned.

The UK has set a target for airline fuel to be 10% SAF by 2030. So far we’re at 1.2% – and Sulley reports that the industry has not said how it will scale up in time.

Even if airlines start taking their commitment to SAF seriously very soon, it’s a dubious solution to aviation’s climate impact according to political economists Gareth Dale (Brunel University) and Josh Moos (Leeds Beckett University).

Read more:
Why the world’s first flight powered entirely by sustainable aviation fuel is a green mirage

Earlier SAF test flights burned coconut oil – 3 million coconuts to power a journey from London to Amsterdam, as Dale and Moos calculate it. At that rate, they argue Heathrow would exhaust the world’s entire crop in a few weeks (there are 18,000 commercial airports worldwide).

Modern SAF is blended with waste products from farms and kitchens. But the pair argue that the market for used cooking oil is “notoriously unregulated”. SAF may in fact be relabelled palm oil from plantations that are erasing orangutan habitat in the tropics. Again, Dale and Moos argue there is not enough used cooking oil to meet existing, let alone future, demand.

Transport for the rich, by the rich

At least the hype around SAF addresses the main problem, albeit misleadingly. Policy experts David Howarth (University of Essex) and Steven Griggs (De Montfort University) marvel at how often “carbon-neutral airports” in aviation sustainability strategies simply mean terminals powered by renewable energy.

“A terminal’s heating or lighting is, of course, largely irrelevant when its core business is as emissions-intensive as flying,” says Sulley.

Read more:
Heathrow 2.0: a ‘sustainable airport’ that pretends no one has to choose between planes and pollution

Unfortunately for Rachel Reeves, a 2023 report by the New Economics Foundation found that any economic benefits of airport expansion will be largely confined to the airports themselves. Meanwhile, a wealthy subset of UK society can be expected to capture the biggest share of any new flight capacity. Each year, around half of British residents do not fly at all, Sulley points out.

At the stratospheric heights of that subset are the private jet passengers who are served by “more or less dedicated airports” that are more obscure to the general public, says Raymond Woessner, a geographer at Sorbonne Université. A study published in November found that emissions from these flights rose by 46% between 2019 and 2023. The lead author described wealthy passengers using jets “like taxis”.

Read more:
L’insolent succès des jets privés, entre empreinte carbone et controverses

“Discretion and anonymity” is what one airport nestled in the Oxfordshire countryside promises for “routine celebrity, head of state and royal visits”. Without state direction or regulation, it is these people who are setting the agenda for air travel.

Woessner notes that the world’s richest man, Elon Musk, successfully lobbied to derail a high-speed rail project in California in 2013. Instead of an option that has shown its ability to cut flight demand, the US will be offered intercontinental rocket travel.

Read more:
With planning, high speed rail could reduce flight demand

Musk’s company SpaceX says that rockets could ferry passengers between New York and Shanghai in under an hour. Rockets would burn “vastly more fuel per trip than conventional aircraft”, says aerospace engineer Angadh Nanjangud of Queen Mary University of London, but this might “drive critical research into carbon-neutral” methane-based rocket fuel.

It would not be the first time an industry seeking to grow has used an as yet fantastical fuel to justify more carbon in Earth’s atmosphere.

Read more:
New York to Paris in 30 mins? How to achieve Elon Musk’s vision of rockets replacing long haul

“There is the potential to create a good life for all within planetary boundaries,” say Dale and Moos.

“But getting there requires clipping the wings of the aviation industry.”

– ref. ‘Sustainable’ aviation fuel and other myths about green airport expansion debunked – https://theconversation.com/sustainable-aviation-fuel-and-other-myths-about-green-airport-expansion-debunked-248483

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI: SHELL PLC 4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million		Full year
Q4 2024	Q3 2024	Q4 2023	%¹		Reference	2024	2023	%
928	4,291	474	-78	Income/(loss) attributable to Shell plc shareholders		16,093	19,359	-17
3,661	6,028	7,306	-39	Adjusted Earnings	A	23,716	28,250	-16
14,281	16,005	16,335	-11	Adjusted EBITDA	A	65,803	68,538	-4
13,162	14,684	12,575	-10	Cash flow from operating activities		54,684	54,191	+1
(4,431)	(3,857)	(5,657)		Cash flow from investing activities		(15,154)	(17,734)
8,731	10,827	6,918		Free cash flow	G	39,530	36,457
6,924	4,950	7,113		Cash capital expenditure	C	21,084	24,392
9,401	9,570	10,897	-2	Operating expenses	F	36,918	39,960	-8
9,138	8,864	10,565	+3	Underlying operating expenses	F	35,707	39,201	-9
11.3%	12.8%	12.8%		ROACE2	D	11.3%	12.8%
77,078	76,613	81,541		Total debt	E	77,078	81,541
38,809	35,234	43,542		Net debt	E	38,809	43,542
17.7%	15.7%	18.8%		Gearing	E	17.7%	18.8%
2,815	2,801	2,827	+1	Oil and gas production available for sale (thousand boe/d)		2,836	2,791	+2
0.15	0.69	0.07	-78	Basic earnings per share ($)		2.55	2.88	-11
0.60	0.96	1.11	-38	Adjusted Earnings per share ($)	B	3.76	4.20	-10
0.3580	0.3440	0.3440	+4	Dividend per share ($)		1.3900	1.2935	+7

1.Q4 on Q3 change

2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the third quarter 2024, reflected higher exploration well write-offs, lower margins from crude and oil products trading and optimisation, lower Marketing margins and volumes, lower LNG trading and optimisation margins, lower realised oil prices, and unfavourable tax movements.

Fourth quarter 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $2.2 billion, and net losses related to sale of assets. These items are included in identified items amounting to a net loss of $2.8 billion in the quarter. This compares with identified items in the third quarter 2024 which amounted to a net loss of $1.3 billion.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.

Cash flow from operating activities for the fourth quarter 2024 was $13.2 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.4 billion partly offset by tax payments of $2.9 billion, and outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $1.4 billion. The working capital inflows mainly reflected accounts receivable and payable movements, and initial margin inflow.

Cash flow from investing activities for the quarter was an outflow of $4.4 billion, and included cash capital expenditure of $6.9 billion, partly offset by net other investing cash inflows of $1.1 billion, and divestment proceeds of $0.8 billion.

Net debt and Gearing: At the end of the fourth quarter 2024, net debt was $38.8 billion, compared with $35.2 billion at the end of the third quarter 2024, mainly reflecting lease additions of $5.4 billion, share buybacks, cash dividends paid to Shell plc shareholders, and interest payments, partly offset by free cash flow. Gearing was 17.7% at the end of the fourth quarter 2024, compared with 15.7% at the end of the third quarter 2024, mainly driven by higher net debt.

SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends declared to Shell plc shareholders for the fourth quarter 2024 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the third quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the first quarter 2025 results announcement.

Full Year Analysis1

Income attributable to Shell plc shareholders, compared with the full year 2023, reflected lower LNG trading and optimisation margins, lower realised prices, lower refining margins, as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, and higher realised Chemicals margins.

By focusing the portfolio and simplifying the organisation, $3.1 billion of pre-tax structural cost reductions3 were delivered through 2024 compared with 2022 levels, with $2.1 billion in the full year 2024.

Full year 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $4.4 billion, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring. These charges, reclassifications and movements are included in identified items amounting to a net loss of $7.4 billion. This compares with identified items in the full year 2023 which amounted to a net loss of $8.2 billion.

Adjusted Earnings and Adjusted EBITDA2 for the full year 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.3 billion.

Cash flow from operating activities for the full year 2024 was $54.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.1 billion, partly offset by tax payments of $12.0 billion.

Cash flow from investing activities for the full year 2024 was an outflow of $15.2 billion and included cash capital expenditure of $21.1 billion, partly offset by divestment proceeds of $2.8 billion, and interest received of $2.4 billion.

This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4 . Details of progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at https://www.shell.com/progress-on-cmd24.html 4.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

3.See Reference J.

4.Not incorporated by reference.

FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

Upstream

In October 2024, we announced the start of production of the floating production storage and offloading facility (FPSO) Marechal Duque de Caxias in the Mero field, in the pre-salt area of the Santos Basin, offshore Brazil. Also known as Mero-3, the FPSO has an operational capacity of 180,000 barrels of oil per day (Shell share 19.3%).

In December 2024, we, along with Equinor ASA, announced the combination of our UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%). Completion of the transaction remains subject to approvals and is expected by the end of 2025.

In December 2024, we announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. Shell (55%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited.

In January 2025, we announced the start of production at the Shell-operated Whale floating production facility in the Gulf of Mexico. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).

Page 2

SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Chemicals and Products

In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, has taken a FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

Renewables and Energy Solutions

In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The deal was completed in January 2025.

Page 2

SHELL PLC
4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million		Full year
Q4 2024	Q3 2024	Q4 2023	%¹		Reference	2024	2023	%
1,744	2,631	1,733	-34	Segment earnings		9,590	7,058	+36
(421)	(240)	(2,235)		Of which: Identified items	A	(1,800)	(6,861)
2,165	2,871	3,968	-25	Adjusted Earnings	A	11,390	13,919	-18
4,568	5,234	6,584	-13	Adjusted EBITDA	A	20,978	23,773	-12
4,391	3,623	3,597	+21	Cash flow from operating activities	A	16,909	17,520	-3
1,337	1,236	1,196		Cash capital expenditure	C	4,766	4,196
116	136	113	-15	Liquids production available for sale (thousand b/d)		132	128	+2
4,574	4,669	4,570	-2	Natural gas production available for sale (million scf/d)		4,769	4,700	+1
905	941	901	-4	Total production available for sale (thousand boe/d)		954	939	+2
7.06	7.50	7.06	-6	LNG liquefaction volumes (million tonnes)		29.09	28.29	+3
15.50	17.04	18.09	-9	LNG sales volumes (million tonnes)		65.82	67.09	-2

1.Q4 on Q3 change

Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

Quarter Analysis1

Segment earnings, compared with the third quarter 2024, reflected the net effect of lower contributions from trading and optimisation mainly driven by the comparative (non-cash) impact of expiring hedging contracts and slightly higher realised prices (decrease of $340 million), lower volumes (decrease of $283 million), and higher exploration well write-offs (increase of $275 million), partly offset by lower operating expenses (decrease of $97 million).

Fourth quarter 2024 segment earnings also included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items and compare with the third quarter 2024 which included unfavourable movements of $213 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, net cash inflows related to derivatives of $120 million and working capital inflows of $114 million, partly offset by tax payments of $635 million.

Total oil and gas production, compared with the third quarter 2024, decreased by 4% mainly due to planned maintenance in Pearl GTL (Qatar). LNG liquefaction volumes decreased by 6% mainly due to lower feedgas supply and fewer cargoes due to the timing of liftings.

Full Year Analysis1

Segment earnings, compared with the full year 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $3,819 million), partly offset by higher volumes (increase of $514 million), lower operating expenses (decrease of $478 million), and favourable deferred tax movements ($399 million).

Full year 2024 segment earnings also included unfavourable movements of $1,088 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, impairment charges of $363 million, and a net loss of $96 million related to sale of assets. These unfavourable movements and charges are part of identified items and compare with the full year 2023 which included unfavourable movements of $4,407 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $2,247 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, and working capital inflows of $467 million, partly offset by tax payments of $2,955 million and net cash outflows related to derivatives of $1,466 million.

Total oil and gas production, compared with the full year 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia. LNG liquefaction volumes increased by 3% mainly due to lower maintenance in Australia.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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UPSTREAM
Quarters				$ million		Full year
Q4 2024	Q3 2024	Q4 2023	%¹		Reference	2024	2023	%
1,031	2,289	2,151	-55	Segment earnings		7,772	8,539	-9
(651)	(153)	(909)		Of which: Identified items	A	(623)	(1,267)
1,682	2,443	3,060	-31	Adjusted Earnings	A	8,395	9,806	-14
7,676	7,871	7,872	-2	Adjusted EBITDA	A	31,264	30,622	+2
4,509	5,268	5,787	-14	Cash flow from operating activities	A	21,244	21,450	-1
2,076	1,974	2,436		Cash capital expenditure	C	7,890	8,343
1,332	1,321	1,361	+1	Liquids production available for sale (thousand b/d)		1,320	1,325	—
3,056	2,844	2,952	+7	Natural gas production available for sale (million scf/d)		2,964	2,754	+8
1,859	1,811	1,870	+3	Total production available for sale (thousand boe/d)		1,831	1,800	+2

1.Q4 on Q3 change

The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

Quarter Analysis1

Segment earnings, compared with the third quarter 2024, reflected higher operating expenses (increase of $291 million), higher exploration well write-offs (increase of $283 million), unfavourable tax movements ($245 million) and lower realised liquids prices (decrease of $227 million), partly offset by higher volumes (increase of $370 million).

Fourth quarter 2024 segment earnings also included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and net impairment charges and reversals of $152 million. These charges are part of identified items, and compare with the third quarter 2024 which included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,019 million and working capital outflows of $611 million.

Total production, compared with the third quarter 2024, increased mainly due to new oil production and lower scheduled maintenance.

Full Year Analysis1

Segment earnings, compared with the full year 2023, reflected unfavourable tax movements ($1,289 million), lower realised prices (decrease of $949 million) and higher exploration well write-offs (increase of $541 million), partly offset by the comparative favourable impact of $962 million mainly relating to gas storage effects.

Full year 2024 segment earnings also included a loss of $325 million related to the impact of the weakening Brazilian real on a deferred tax position, net impairment charges and reversals of $323 million and charges of $214 million related to redundancy and restructuring, partly offset by gains of $638 million related to the impact of inflationary adjustments in Argentina on a deferred tax position. These charges and gains are part of identified items, and compare with the full year 2023 which included net impairment charges and reversals of $642 million, and net charges of $295 million related to the impact of the weakening Argentine peso and strengthening Brazilian real on a deferred tax position.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $7,851 million and the timing impact of dividends (net of profits) from joint ventures and associates of $946 million.

Total production, compared with the full year 2023, increased mainly due to new oil production, partly offset by field decline.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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MARKETING
Quarters				$ million		Full year
Q4 2024	Q3 2024	Q4 2023	%¹		Reference	2024	2023	%
103	760	226	-86	Segment earnings2		1,894	3,058	-38
(736)	(422)	(567)		Of which: Identified items2	A	(1,991)	(254)
839	1,182	794	-29	Adjusted Earnings2	A	3,885	3,312	+17
1,709	2,081	1,500	-18	Adjusted EBITDA2	A	7,476	6,337	+18
1,363	2,722	1,767	-50	Cash flow from operating activities2	A	7,363	5,561	+32
811	525	1,385		Cash capital expenditure2	C	2,445	5,790
2,795	2,945	2,997	-5	Marketing sales volumes (thousand b/d)2		2,843	3,045	-7

1.Q4 on Q3 change

2.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

Quarter Analysis1

Segment earnings, compared with the third quarter 2024, reflected lower Marketing margins (decrease of $395 million) mainly due to seasonal impact of lower volumes and lower Mobility unit margins as well as lower Sectors and Decarbonisation and Lubricants margins. These were partly offset by lower operating expenses (decrease of $118 million).

Fourth quarter 2024 segment earnings also included impairment charges of $458 million, and net losses of $247 million related to sale of assets. These charges are part of identified items, and compare with the third quarter 2024 impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $845 million, and dividends (net of profits) from joint ventures and associates of $172 million. These inflows were partly offset by outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $1,187 million and tax payments of $130 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the third quarter 2024, decreased mainly due to seasonality.

Full Year Analysis1

Segment earnings, compared with the full year 2023, reflected higher Marketing margins (increase of $483 million) including higher unit margins in Lubricants and Mobility partly offset by lower Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $449 million). These were partly offset by unfavourable tax movements ($157 million) and higher depreciation charges (increase of $142 million).

Full year 2024 segment earnings also included impairment charges of $1,423 million mainly relating to an asset in the Netherlands, net losses of $386 million related to the sale of assets and charges of $215 million related to redundancy and restructuring. These charges are part of identified items and compare with the full year 2023 which included net impairment charges and reversals of $466 million, and charges of $113 million related to redundancy and restructuring partly offset by gains of $298 million related to indirect tax credits.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, working capital inflows of $998 million, and dividends (net of profits) from joint ventures and associates of $262 million. These inflows

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were partly offset by tax payments of $562 million, non-cash cost of supplies adjustment of $254 million, and outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $221 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the full year 2023, decreased mainly in Mobility including increased focus on value over volume.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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CHEMICALS AND PRODUCTS
Quarters				$ million		Full year
Q4 2024	Q3 2024	Q4 2023	%¹		Reference	2024	2023	%
(328)	341	(1,828)	-196	Segment earnings2		1,757	1,482	+19
(99)	(122)	(1,857)		Of which: Identified items2	A	(1,177)	(2,135)
(229)	463	29	-150	Adjusted Earnings2	A	2,934	3,617	-19
475	1,240	670	-62	Adjusted EBITDA2	A	6,783	7,489	-9
2,032	3,321	1,150	-39	Cash flow from operating activities2	A	7,253	7,513	-3
1,392	761	986		Cash capital expenditure2	C	3,290	3,013
1,215	1,305	1,315	-7	Refinery processing intake (thousand b/d)		1,344	1,349	—
2,926	3,015	2,588	-3	Chemicals sales volumes (thousand tonnes)		11,875	11,245	+6

1.Q4 on Q3 change

The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

Quarter Analysis1

Segment earnings, compared with the third quarter 2024, reflected lower Products margins (decrease of $442 million) mainly driven by lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $138 million) mainly due to lower realised prices. In addition, the fourth quarter 2024 reflected unfavourable tax movements ($67 million).

Fourth quarter 2024 segment earnings also included net impairment charges and reversals of $224 million, partly offset by favourable deferred tax movements of $114 million. These charges and favourable movements are part of identified items, and compare with the third quarter 2024 which included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the fourth quarter 2024, Chemicals had negative Adjusted Earnings of $258 million and Products had positive Adjusted Earnings of $29 million.

Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $1,394 million, Adjusted EBITDA, net cash inflows relating to commodity derivatives of $230 million, dividends (net of profits) from joint ventures and associates of $139 million, and non-cash cost of supplies adjustment of $73 million. These inflows were partly offset by outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $371 million.

Chemicals manufacturing plant utilisation was 75% compared with 76% in the third quarter 2024.

Refinery utilisation was 76% compared with 81% in the third quarter 2024, mainly due to higher planned maintenance.

Full Year Analysis1

Segment earnings, compared with the full year 2023, reflected lower Products margins (decrease of $1,832 million), mainly driven by lower refining margins, and unfavourable tax movements ($248 million). These were partly offset by lower operating expenses (decrease of $812 million) and higher Chemicals margins (increase of $602 million).

Full year 2024 segment earnings also included net impairment charges and reversals of $1,176 million mainly relating to assets in Singapore, charges of $142 million related to redundancy and restructuring, and unfavourable movements of $86 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by favourable deferred tax movements of $114 million. These charges and movements are part of identified items, and compare with the full year 2023 which included net impairment charges and reversals of $2,195 million mainly relating to

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the Chemicals assets in Singapore, and charges of $82 million related to redundancy and restructuring partly offset by favourable movements of $214 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the full year 2024, Chemicals had negative Adjusted Earnings of $432 million and Products had positive Adjusted Earnings of $3,366 million.

Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, working capital inflows of $524 million, dividends (net of profits) from joint ventures and associates of $304 million and net cash inflows relating to commodity derivatives of $219 million. These inflows were partly offset by cash outflows relating to legal provisions of $215 million, tax payments of $146 million, cash outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $114 million, and non-cash cost of supplies adjustment of $109 million.

Chemicals manufacturing plant utilisation was 76% compared with 68% in the full year 2023, mainly due to economic optimisation in the full year 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the full year 2024.

Refinery utilisation was 85% compared with 85% in the full year 2023.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million		Full year
Q4 2024	Q3 2024	Q4 2023	%¹		Reference	2024	2023	%
(1,226)	(481)	(272)	-155	Segment earnings		(1,229)	3,089	-140
(914)	(319)	(445)		Of which: Identified items	A	(732)	2,333
(311)	(162)	173	-92	Adjusted Earnings	A	(497)	756	-166
(123)	(75)	253	-64	Adjusted EBITDA	A	(22)	1,481	-101
850	(364)	(1,265)	+333	Cash flow from operating activities	A	3,798	2,984	+27
1,277	409	1,026		Cash capital expenditure	C	2,549	2,681
76	79	68	-4	External power sales (terawatt hours)2		306	279	+10
165	148	175	+11	Sales of pipeline gas to end-use customers (terawatt hours)3		652	738	-12

1.Q4 on Q3 change

2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

Quarter Analysis1

Segment earnings, compared with the third quarter 2024, reflected unfavourable one-off tax movements ($107 million), and higher operating expenses (increase of $71 million).

Fourth quarter 2024 segment earnings also included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items and compare with the third quarter 2024 which included unfavourable movements of $279 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making in the fourth quarter 2024.

Cash flow from operating activities for the quarter was primarily driven by net cash inflows related to derivatives of $533 million, and working capital inflows of $353 million, partly offset by Adjusted EBITDA.

Full Year Analysis1

Segment earnings, compared with the full year 2023, reflected lower margins (decrease of $1,719 million) mainly from trading and optimisation primarily in Europe due to lower volatility, partly offset by lower operating expenses (decrease of $632 million).

Full year 2024 segment earnings also included net impairment charges and reversals of $1,085 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $300 million relating to an accounting mismatch due to fair value accounting of commodity derivatives and a net gain on sale of assets of $94 million. These net charges and favourable movements are part of identified items and compare with the full year 2023 which included favourable movements of $2,756 million due to the fair value accounting of commodity derivatives partly offset by net impairment charges and reversals of $669 million. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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Cash flow from operating activities for the full year 2024 was primarily driven by net cash inflows related to derivatives of $3,012 million, and working capital inflows of $923 million, partly offset by tax payments of $457 million and Adjusted EBITDA.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


Quarters					Full year
Q4 2024	Q3 2024	Q4 2023	%¹		2024	2023	%
				Renewable power generation capacity (gigawatt):
3.4	3.4	2.5	—	– In operation2	3.4	2.5	+34
4.0	3.9	4.1	+2	– Under construction and/or committed for sale3	4.0	4.1	-1

1.Q4 on Q3 change

2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.



CORPORATE
Quarters			$ million		Full year
Q4 2024	Q3 2024	Q4 2023		Reference	2024	2023
(335)	(647)	(629)	Segment earnings1		(2,992)	(2,944)
45	(3)	(19)	Of which: Identified items	A	(1,024)	(69)
(380)	(643)	(609)	Adjusted Earnings1	A	(1,968)	(2,875)
(24)	(346)	(544)	Adjusted EBITDA1	A	(675)	(1,164)
16	115	1,540	Cash flow from operating activities	A	(1,882)	(832)

1.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

Quarter Analysis1

Segment earnings, compared with the third quarter 2024, reflected favourable tax movements and favourable currency exchange rate effects.

Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects.

Full Year Analysis1

Segment earnings, compared with the full year 2023, were primarily driven by favourable tax movements, favourable net interest movements and favourable currency exchange rate effects.

Full year 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects and lower operating expenses.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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PRELIMINARY RESERVES UPDATE

When final volumes are reported in the 2024 Annual Report and Accounts and 2024 Form 20-F, Shell expects that SEC proved oil and gas reserves additions before taking into account production will be approximately 0.9 billion boe, and that 2024 production will be approximately 1.1 billion boe. As a result, total proved reserves on an SEC basis are expected to be approximately 9.6 billion boe1, 2, 3. Acquisitions and divestments of 2024 reserves are expected to account for a net increase of approximately 0.05 billion boe.

The proved Reserves Replacement Ratio on an SEC basis is expected to be 85% for the year (106% without debooking Groundbirch because of the low average AECO price in 2024) and 108% for the 3-year average. Excluding the impact of acquisitions and divestments, the proved Reserves Replacement Ratio is expected to be 80% (102% without debooking Groundbirch) for the year and 68% for the 3-year average.

Further information will be provided in the 2024 Annual Report and Accounts and 2024 Form 20-F.

1.Pursuant to our 2017 agreement with Canadian Natural Resources Limited, our remaining mining interest and associated synthetic crude oil reserves will be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS project. The transaction is expected to close by the end of the first quarter 2025, subject to regulatory approvals. The associated proved reserves at December 31, 2024 are 0.7 billion barrels (of which 50% attributable to non-controlling interest).

2.On January 16, 2024, we announced an agreement to sell our Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) which holds a 30% interest in the SPDC JV to Renaissance, subject to various conditions. As of December 31, 2024, we had proved reserves of 0.5 billion boe in SPDC.

3.In December 2024, we, along with Equinor ASA, announced the combination of our UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%) and 0.16 billion boe (as of December 31, 2024) of Shell’s proved reserves will be contributed to the new joint venture alongside proved reserves contributed by Equinor. Subsequently, Shell will report 50% of the proved reserves of the new joint venture as part of Shell’s share of proved reserves from joint ventures and associates.

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OUTLOOK FOR THE FIRST QUARTER 2025

Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day 2025.

Integrated Gas production is expected to be approximately 930 – 990 thousand boe/d. First quarter 2025 outlook reflects Pearl GTL back in operation after a major turnaround. LNG liquefaction volumes are expected to be approximately 6.6 – 7.2 million tonnes.

Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

Marketing sales volumes are expected to be approximately 2,500 – 3,000 thousand b/d.

Refinery utilisation is expected to be approximately 80% – 88%. Chemicals manufacturing plant utilisation is expected to be approximately 78% – 86%.

Corporate Adjusted Earnings were a net expense of $380 million1 for the fourth quarter 2024. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $400 – $600 million in the first quarter 2025.

2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

FORTHCOMING EVENTS



Date			Event
February 25, 2025			Shell LNG Outlook 2025 publication

March 25, 2025			Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
March 25, 2025			Capital Markets Day 2025
May 2, 2025			First quarter 2025 results and dividends
May 20, 2025			Annual General Meeting
July 31, 2025			Second quarter 2025 results and dividends
October 30, 2025			Third quarter 2025 results and dividends

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UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
66,281	71,089	78,732	Revenue1	284,312	316,620
(156)	933	768	Share of profit/(loss) of joint ventures and associates	2,993	3,725
683	440	631	Interest and other income/(expenses)2	1,724	2,838
66,807	72,462	80,131	Total revenue and other income/(expenses)	289,029	323,183
43,610	48,225	54,745	Purchases	188,120	212,883
5,839	6,138	6,807	Production and manufacturing expenses	23,379	25,240
3,231	3,139	3,621	Selling, distribution and administrative expenses	12,439	13,433
331	294	469	Research and development	1,099	1,287
861	305	467	Exploration	2,411	1,750
7,520	5,916	11,221	Depreciation, depletion and amortisation2	26,872	31,290
1,213	1,174	1,166	Interest expense	4,787	4,673
62,605	65,190	78,496	Total expenditure	259,107	290,556
4,205	7,270	1,635	Income/(loss) before taxation	29,922	32,627
3,164	2,879	1,099	Taxation charge/(credit)2	13,401	12,991
1,041	4,391	536	Income/(loss) for the period	16,521	19,636
113	100	62	Income/(loss) attributable to non-controlling interest	427	277
928	4,291	474	Income/(loss) attributable to Shell plc shareholders	16,093	19,359
0.15	0.69	0.07	Basic earnings per share ($)3	2.55	2.88
0.15	0.68	0.07	Diluted earnings per share ($)3	2.53	2.85

1.See Note 2 “Segment information”.

2.See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

3.See Note 4 “Earnings per share”.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
1,041	4,391	536	Income/(loss) for the period	16,521	19,636
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
(4,899)	2,947	2,571	– Currency translation differences1	(3,248)	1,397
(11)	35	29	– Debt instruments remeasurements	5	41
224	(75)	11	– Cash flow hedging gains/(losses)	216	71
—	—	—	– Net investment hedging gains/(losses)	—	(44)
(50)	(2)	(53)	– Deferred cost of hedging	(73)	(148)
(91)	35	135	– Share of other comprehensive income/(loss) of joint ventures and associates	(118)	18
(4,827)	2,940	2,692	Total	(3,217)	1,335
			Items that are not reclassified to income in later periods:
239	419	(1,207)	– Retirement benefits remeasurements	1,407	(1,083)
(50)	80	(84)	– Equity instruments remeasurements	28	(99)
46	(53)	(186)	– Share of other comprehensive income/(loss) of joint ventures and associates	47	(201)
235	446	(1,477)	Total	1,482	(1,383)
(4,592)	3,386	1,215	Other comprehensive income/(loss) for the period	(1,735)	(48)
(3,552)	7,777	1,750	Comprehensive income/(loss) for the period	14,786	19,588
50	177	96	Comprehensive income/(loss) attributable to non-controlling interest	407	312
(3,602)	7,600	1,654	Comprehensive income/(loss) attributable to Shell plc shareholders	14,379	19,276

1.See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

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CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	December 31, 2024	December 31, 2023
Assets
Non-current assets
Goodwill	16,032	16,660
Other intangible assets	9,480	10,253
Property, plant and equipment	185,219	194,835
Joint ventures and associates	23,445	24,457
Investments in securities	2,255	3,246
Deferred tax	6,857	6,454
Retirement benefits1	10,003	9,151
Trade and other receivables	6,018	6,298
Derivative financial instruments²	374	801
	259,681	272,155
Current assets
Inventories	23,426	26,019
Trade and other receivables	45,860	53,273
Derivative financial instruments²	9,673	15,098
Cash and cash equivalents	39,110	38,774
	118,069	133,164
Assets classified as held for sale1	9,857	951
	127,926	134,115
Total assets	387,607	406,270
Liabilities
Non-current liabilities
Debt	65,448	71,610
Trade and other payables	3,290	3,103
Derivative financial instruments²	2,185	2,301
Deferred tax	13,505	15,347
Retirement benefits1	6,752	7,549
Decommissioning and other provisions	21,227	22,531
	112,408	122,441
Current liabilities
Debt	11,630	9,931
Trade and other payables	60,693	68,237
Derivative financial instruments²	7,391	9,529
Income taxes payable	4,648	3,422
Decommissioning and other provisions	4,469	4,041
	88,831	95,160
Liabilities directly associated with assets classified as held for sale1	6,203	307
	95,034	95,467
Total liabilities	207,442	217,908
Equity attributable to Shell plc shareholders	178,303	186,607
Non-controlling interest	1,861	1,755
Total equity	180,165	188,362
Total liabilities and equity	387,607	406,270

1. See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

2. See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	(1,715)	16,093	14,378	407	14,785
Transfer from other comprehensive income	—	—	193	(193)	—	—	—
Dividends³	—	—	—	(8,669)	(8,669)	(308)	(8,976)
Repurchases of shares4	(34)	—	34	(14,057)	(14,057)	—	(14,057)
Share-based compensation	—	194	109	(354)	(52)	—	(52)
Other changes	—	—	—	96	96	7	103
At December 31, 2024	510	(804)	19,766	158,832	178,303	1,861	180,165
At January 1, 2023	584	(726)	21,132	169,482	190,472	2,125	192,597
Comprehensive income/(loss) for the period	—	—	(83)	19,359	19,276	312	19,588
Transfer from other comprehensive income	—	—	(112)	112	—	—	—
Dividends3	—	—	—	(8,389)	(8,389)	(764)	(9,153)
Repurchases of shares4	(40)	—	40	(14,571)	(14,571)	—	(14,571)
Share-based compensation	—	(271)	168	(85)	(188)	—	(188)
Other changes	—	—	—	7	7	82	89
At December 31, 2023	544	(997)	21,145	165,915	186,607	1,755	188,362

1. See Note 5 “Share capital”.

2. See Note 6 “Other reserves”.

3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.

4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

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CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
4,205	7,270	1,635	Income before taxation for the period	29,922	32,627
			Adjustment for:
665	554	571	– Interest expense (net)	2,415	2,360
7,520	5,916	11,221	– Depreciation, depletion and amortisation1	26,872	31,290
649	150	243	– Exploration well write-offs	1,622	868
288	154	(222)	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	288	(246)
156	(933)	(768)	– Share of (profit)/loss of joint ventures and associates	(2,993)	(3,725)
1,241	860	1,145	– Dividends received from joint ventures and associates	3,632	3,674
131	2,705	4,088	– (Increase)/decrease in inventories	1,273	6,325
751	4,057	(704)	– (Increase)/decrease in current receivables	6,578	12,401
1,524	(4,096)	(701)	– Increase/(decrease) in current payables2	(5,789)	(11,581)
111	735	328	– Derivative financial instruments	2,484	(5,723)
(58)	125	(68)	– Retirement benefits	(326)	(37)
(256)	359	430	– Decommissioning and other provisions2	(828)	220
(856)	(144)	(1,021)	– Other1	1,536	(550)
(2,910)	(3,028)	(3,604)	Tax paid	(12,002)	(13,712)
13,162	14,684	12,575	Cash flow from operating activities	54,684	54,191
(6,486)	(4,690)	(6,960)	Capital expenditure	(19,601)	(22,993)
(421)	(222)	(109)	Investments in joint ventures and associates	(1,404)	(1,202)
(17)	(38)	(44)	Investments in equity securities	(80)	(197)
(6,924)	(4,950)	(7,113)	Cash capital expenditure	(21,084)	(24,392)
493	94	540	Proceeds from sale of property, plant and equipment and businesses	1,621	2,565
305	94	49	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	590	474
6	6	24	Proceeds from sale of equity securities	582	51
581	593	568	Interest received	2,399	2,124
1,762	1,074	960	Other investing cash inflows1	4,576	4,269
(655)	(769)	(685)	Other investing cash outflows	(3,838)	(2,825)
(4,431)	(3,857)	(5,657)	Cash flow from investing activities	(15,154)	(17,734)
65	(89)	(27)	Net increase/(decrease) in debt with maturity period within three months	(310)	(211)
			Other debt:
(13)	78	64	– New borrowings	363	1,029
(2,664)	(1,322)	(4,054)	– Repayments	(9,672)	(10,650)
(1,379)	(979)	(1,366)	Interest paid	(4,557)	(4,441)
(833)	652	702	Derivative financial instruments	(594)	723
(10)	—	(1)	Change in non-controlling interest	(15)	(22)
			Cash dividends paid to:
(2,114)	(2,167)	(2,201)	– Shell plc shareholders	(8,668)	(8,393)
(53)	(92)	(128)	– Non-controlling interest	(295)	(764)
(3,579)	(3,537)	(3,977)	Repurchases of shares	(13,898)	(14,617)
(309)	6	(714)	Shares held in trust: net sales/(purchases) and dividends received	(789)	(889)
(10,889)	(7,452)	(11,703)	Cash flow from financing activities	(38,434)	(38,235)
(985)	729	529	Effects of exchange rate changes on cash and cash equivalents	(761)	306
(3,142)	4,105	(4,256)	Increase/(decrease) in cash and cash equivalents	336	(1,472)
42,252	38,148	43,031	Cash and cash equivalents at beginning of period	38,774	40,246
39,110	42,252	38,774	Cash and cash equivalents at end of period	39,110	38,774

1.See Note 8 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $653 million and $693 million respectively to conform with current period presentation.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited Condensed Consolidated Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. The statutory accounts for the year ended December 31, 2024, will be delivered to the Registrar of Companies for England and Wales in due course.

2. Segment information

Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of Wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

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REVENUE AND CCS EARNINGS BY SEGMENT
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
			Third-party revenue
9,294	9,748	10,437	Integrated Gas	37,290	37,645
1,652	1,605	1,263	Upstream	6,606	6,475
27,524	30,519	31,761	Marketing2	120,088	130,560
19,992	22,608	24,957	Chemicals and Products2	90,918	97,079
7,808	6,599	10,302	Renewables and Energy Solutions	29,366	44,819
10	10	11	Corporate	43	42
66,281	71,089	78,732	Total third-party revenue1	284,312	316,620
			Inter-segment revenue
2,024	2,131	2,614	Integrated Gas	8,715	11,560
9,931	9,618	10,948	Upstream	39,939	41,230
984	1,235	1,243	Marketing2	4,937	5,299
8,656	9,564	10,163	Chemicals and Products2	38,381	42,816
1,879	1,131	1,567	Renewables and Energy Solutions	4,971	4,707
—	—	—	Corporate	—	—
			CCS earnings
1,744	2,631	1,733	Integrated Gas	9,590	7,058
1,031	2,289	2,151	Upstream	7,772	8,539
103	760	226	Marketing2	1,894	3,058
(328)	341	(1,828)	Chemicals and Products2	1,757	1,482
(1,226)	(481)	(272)	Renewables and Energy Solutions	(1,229)	3,089
(335)	(647)	(629)	Corporate3	(2,992)	(2,944)
989	4,894	1,381	Total CCS earnings4	16,792	20,281

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly, by $5,332 million and $21,702 million respectively for Third-party revenue and by $82 million and $104 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the fourth quarter 2023 and the full year 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,058 million and $4,675 million respectively and an increase in the Chemicals and Products segment of $9,553 million and $40,564 million respectively.

3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the fourth quarter 2023 and the full year 2023 have been revised by $43 million and $133 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.



CASH CAPITAL EXPENDITURE BY SEGMENT
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
			Capital expenditure
1,123	1,090	1,034	Integrated Gas	4,095	3,491
2,205	1,998	2,547	Upstream	7,738	8,249
798	488	1,383	Marketing1	2,357	5,741
1,121	748	983	Chemicals and Products1	2,943	2,928
1,214	327	932	Renewables and Energy Solutions	2,338	2,314
25	39	81	Corporate	129	270
6,486	4,690	6,960	Total capital expenditure	19,601	22,993
			Add: Investments in joint ventures and associates
214	147	162	Integrated Gas	671	705
(117)	(37)	(111)	Upstream	150	94
13	37	2	Marketing	88	49
271	13	2	Chemicals and Products	347	84
36	59	56	Renewables and Energy Solutions	138	261
4	3	(2)	Corporate	9	9
421	222	109	Total investments in joint ventures and associates	1,404	1,202
			Add: Investments in equity securities
—	—	—	Integrated Gas	—	—
(11)	12	—	Upstream	1	—
—	—	—	Marketing	—	—
—	—	—	Chemicals and Products	—	2
28	23	38	Renewables and Energy Solutions	73	106
—	3	6	Corporate	6	89
17	38	44	Total investments in equity securities	80	197
			Cash capital expenditure
1,337	1,236	1,196	Integrated Gas	4,766	4,196
2,076	1,974	2,436	Upstream	7,890	8,343
811	525	1,385	Marketing1	2,445	5,790
1,392	761	986	Chemicals and Products1	3,290	3,013
1,277	409	1,026	Renewables and Energy Solutions	2,549	2,681
30	45	85	Corporate	144	368
6,924	4,950	7,113	Total Cash capital expenditure	21,084	24,392

1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $46 million and $178 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt



RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
928	4,291	474	Income/(loss) attributable to Shell plc shareholders	16,093	19,359
113	100	62	Income/(loss) attributable to non-controlling interest	427	277
1,041	4,391	536	Income/(loss) for the period	16,521	19,636
			Current cost of supplies adjustment:
(84)	668	1,089	Purchases	389	815
23	(162)	(263)	Taxation	(91)	(203)
9	(2)	19	Share of profit/(loss) of joint ventures and associates	(26)	33
(52)	503	846	Current cost of supplies adjustment	272	645
			Of which:
(45)	477	811	Attributable to Shell plc shareholders	257	650
(7)	26	34	Attributable to non-controlling interest	14	(5)
989	4,894	1,381	CCS earnings	16,792	20,281
			Of which:
883	4,768	1,285	CCS earnings attributable to Shell plc shareholders	16,351	20,008
106	126	97	CCS earnings attributable to non-controlling interest	442	273



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
5,839	6,138	6,807	Production and manufacturing expenses	23,379	25,240
3,231	3,139	3,621	Selling, distribution and administrative expenses	12,439	13,433
331	294	469	Research and development	1,099	1,287
9,401	9,570	10,897	Operating expenses	36,918	39,960

RECONCILIATION OF TOTAL DEBT

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2024

December 31, 2023

11,630

12,015

9,931

Current debt

11,630

9,931

65,448

64,597

71,610

Non-current debt

65,448

71,610

77,078

76,613

81,541

Total debt

77,078

81,541

4. Earnings per share



EARNINGS PER SHARE
Quarters				Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
928	4,291	474	Income/(loss) attributable to Shell plc shareholders ($ million)	16,093	19,359

			Weighted average number of shares used as the basis for determining:
6,148.4	6,256.5	6,558.3	Basic earnings per share (million)	6,299.6	6,733.5
6,213.9	6,320.9	6,631.1	Diluted earnings per share (million)	6,363.7	6,799.8

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(409,077,891)

(34)

At December 31, 2024

6,115,031,158

510

At January 1, 2023

7,003,503,393

584

Repurchases of shares

(479,394,344)

(40)

At December 31, 2023

6,524,109,049

544

At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

6. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(1,715)	(1,715)
Transfer from other comprehensive income	—	—	—	—	193	193
Repurchases of shares	—	—	34	—	—	34
Share-based compensation	—	—	—	109	—	109
At December 31, 2024	37,298	154	270	1,416	(19,373)	19,766
At January 1, 2023	37,298	154	196	1,140	(17,656)	21,132
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(83)	(83)
Transfer from other comprehensive income	—	—	—	—	(112)	(112)
Repurchases of shares	—	—	40	—	—	40
Share-based compensation	—	—	—	168	—	168
At December 31, 2023	37,298	154	236	1,308	(17,851)	21,145

The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

7. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at December 31, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

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date. The movement of the derivative financial instruments between December 31, 2023 and December 31, 2024 is a decrease of $5,425 million for the current assets and a decrease of $2,138 million for the current liabilities.

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.



DEBT EXCLUDING LEASE LIABILITIES
$ million	December 31, 2024	December 31, 2023
Carrying amount1	48,376	53,832
Fair value2	44,119	50,866

1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the year 2024.

2. Mainly determined from the prices quoted for these securities.

8. Other notes to the unaudited Condensed Consolidated Financial Statements

Consolidated Statement of Income

Interest and other income



Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
683	440	631	Interest and other income/(expenses)	1,724	2,838
			Of which:
548	619	595	Interest income	2,372	2,313
25	4	14	Dividend income (from investments in equity securities)	83	49
(288)	(154)	222	Net gains/(losses) on sales and revaluation of non-current assets and businesses	(288)	257
267	(189)	(398)	Net foreign exchange gains/(losses) on financing activities	(1,025)	(458)
131	159	199	Other	582	677

Depreciation, depletion and amortisation



Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
7,520	5,916	11,221	Depreciation, depletion and amortisation	26,872	31,290
			Of which:
5,829	5,578	5,986	Depreciation	22,703	23,106
1,797	340	5,508	Impairments	4,502	8,947
(106)	(2)	(273)	Impairment reversals	(333)	(762)

Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax). The impairment in Renewables and Energy Solutions was principally triggered by a portfolio choice regarding renewable generation assets in North America. The impairments in other segments relate to various smaller impairments.

Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various

assets in Marketing and Chemicals and Products.

Impairments recognised in the fourth quarter 2023 of $5,508 million pre-tax ($4,044 million post-tax) relate to various

assets in Chemicals and Products ($2,490 million), Upstream ($1,161 million), Integrated Gas ($873 million), Renewables

and Energy Solutions ($614 million) and Marketing ($370 million).

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

Taxation charge/credit

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

3,164

2,879

1,099

Taxation charge/(credit)

13,401

12,991

Of which:

3,125

2,834

1,099

Income tax excluding Pillar Two income tax

13,150

12,991

—

Income tax related to Pillar Two income tax

251

—

On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

(4,899)

2,947

2,571

Currency translation differences

(3,248)

1,397

Of which:

(5,028)

2,912

2,578

Recognised in Other comprehensive income

(4,504)

1,396

129

(7)

(Gain)/loss reclassified to profit or loss

1,256

Condensed Consolidated Balance Sheet

Retirement benefits



$ million
	December 31, 2024	December 31, 2023
Non-current assets
Retirement benefits	10,003	9,151
Non-current liabilities
Retirement benefits	6,752	7,549
Surplus/(deficit)	3,251	1,602

Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at December 31, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

Assets classified as held for sale



$ million
	December 31, 2024	December 31, 2023
Assets classified as held for sale	9,857	951
Liabilities directly associated with assets classified as held for sale	6,203	307

Assets classified as held for sale and associated liabilities at December 31, 2024 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada in Chemicals and Products and an energy and chemicals park in Chemicals and Products in Singapore. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

The major classes of assets and liabilities classified as held for sale at December 31, 2024, are Property, plant and equipment ($8,283 million; December 31, 2023: $250 million), Inventories ($1,180 million; December 31, 2023:

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4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

$463 million), Decommissioning and other provisions ($3,053 million; December 31, 2023: $75 million), deferred tax liabilities ($2,042 million; December 31, 2023: nil) and Debt ($624 million; December 31, 2023: $84 million).

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

(856)

(144)

(1,021)

Other

1,536

(550)

‘Cash flow from operating activities – Other’ for the fourth quarter 2024 includes $1,447 million of net outflows (third quarter 2024: $432 million net inflows; fourth quarter 2023: $875 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $672 million in relation to reversal of currency exchange losses on Cash and cash equivalents (third quarter 2024: $539 million gains; fourth quarter 2023: $398 million gains).

Cash flow from investing activities – Other investing cash inflows

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

1,762

1,074

960

Other investing cash inflows

4,576

4,269

‘Cash flow from investing activities – Other investing cash inflows’ for the fourth quarter 2024 mainly relates to the sale of pension-related debt securities and repayments of short-term loans.

9. Post-balance sheet events

On January 23, 2025, Shell announced changes to the Executive Committee. In line with the company’s ongoing transformation, Shell will continue to evolve its structure to enable Shell’s strategy to deliver more value with less emissions. As a result, Trading and Supply will move up to the Executive Committee and out of the Downstream, Renewables and Energy Solutions directorate with effect from April 1, 2025. These changes will not affect Shell’s financial reporting segments.

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ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.



Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
928	4,291	474	Income/(loss) attributable to Shell plc shareholders	16,093	19,359
113	100	62	Income/(loss) attributable to non-controlling interest	427	277
(45)	477	811	Add: Current cost of supplies adjustment attributable to Shell plc shareholders	257	650
(7)	26	34	Add: Current cost of supplies adjustment attributable to non-controlling interest	14	(5)
989	4,894	1,381	CCS earnings	16,792	20,281



Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	989	1,744	1,031	103	(328)	(1,226)	(335)
Less: Identified items	(2,778)	(421)	(651)	(736)	(99)	(914)	45
Less: CCS earnings attributable to non-controlling interest	106
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	3,661
Add: Non-controlling interest	106
Adjusted Earnings plus non-controlling interest	3,766	2,165	1,682	839	(229)	(311)	(380)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,371	635	2,618	266	(198)	97	(46)
Add: Depreciation, depletion and amortisation excluding impairments	5,829	1,440	2,803	587	896	96	8
Add: Exploration well write-offs	649	277	372
Add: Interest expense excluding identified items	1,213	54	201	17	16	2	923
Less: Interest income	548	3	—	—	10	7	529
Adjusted EBITDA	14,281	4,568	7,676	1,709	475	(123)	(24)
Less: Current cost of supplies adjustment before taxation	(75)			(2)	(73)
Joint ventures and associates (dividends received less profit)	451	110	(22)	172	139	51	—
Derivative financial instruments	319	120	(28)	(8)	230	533	(527)
Taxation paid	(2,910)	(635)	(2,019)	(130)	36	(41)	(120)
Other	(1,461)	114	(486)	(1,227)	(313)	77	375
(Increase)/decrease in working capital	2,407	114	(611)	845	1,394	353	312
Cash flow from operating activities	13,162	4,391	4,509	1,363	2,032	850	16

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Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	4,894	2,631	2,289	760	341	(481)	(647)
Less: Identified items	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Less: CCS earnings attributable to non-controlling interest	126
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,028
Add: Non-controlling interest	126
Adjusted Earnings plus non-controlling interest	6,153	2,871	2,443	1,182	463	(162)	(643)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,571	949	2,413	322	(73)	(1)	(39)
Add: Depreciation, depletion and amortisation excluding impairments	5,578	1,369	2,691	564	862	86	6
Add: Exploration well write-offs	150	2	148	—	—	—	—
Add: Interest expense excluding identified items	1,173	49	183	13	14	2	912
Less: Interest income	619	5	8	—	25	—	581
Adjusted EBITDA	16,005	5,234	7,871	2,081	1,240	(75)	(346)
Less: Current cost of supplies adjustment before taxation	665			334	331
Joint ventures and associates (dividends received less profit)	(62)	(146)	(90)	51	63	61	—
Derivative financial instruments	133	(373)	47	98	88	(106)	380
Taxation paid	(3,028)	(814)	(2,074)	(241)	23	(33)	112
Other	(365)	(32)	(406)	275	107	(75)	(234)
(Increase)/decrease in working capital	2,665	(247)	(78)	792	2,131	(136)	204
Cash flow from operating activities	14,684	3,623	5,268	2,722	3,321	(364)	115



Q4 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	1,381	1,733	2,151	226	(1,828)	(272)	(629)
Less: Identified items	(6,033)	(2,235)	(909)	(567)	(1,857)	(445)	(19)
Less: CCS earnings attributable to non-controlling interest	97
Add: Identified items attributable to non-controlling interest	(11)
Adjusted Earnings	7,306
Add: Non-controlling interest	108
Adjusted Earnings plus non-controlling interest	7,414	3,968	3,060	794	29	173	(609)
Add: Taxation charge/(credit) excluding tax impact of identified items	2,121	1,065	1,560	128	(271)	(4)	(358)
Add: Depreciation, depletion and amortisation excluding impairments	5,986	1,457	2,951	569	915	89	6
Add: Exploration well write-offs	243	63	180	—	—	—	—
Add: Interest expense excluding identified items	1,165	36	135	10	21	1	961
Less: Interest income	595	4	14	1	24	7	544
Adjusted EBITDA	16,335	6,584	7,872	1,500	670	253	(544)
Less: Current cost of supplies adjustment before taxation	1,109			572	537
Joint ventures and associates (dividends received less profit)	246	208	(250)	32	225	29	1
Derivative financial instruments	(1,030)	(1,596)	52	4	293	(268)	487
Taxation paid	(3,604)	(731)	(2,015)	(282)	(270)	(413)	108
Other	(947)	(229)	388	(508)	(422)	146	(322)
(Increase)/decrease in working capital	2,683	(639)	(260)	1,593	1,191	(1,012)	1,810
Cash flow from operating activities	12,575	3,597	5,787	1,767	1,150	(1,265)	1,540

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Full year 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	16,792	9,590	7,772	1,894	1,757	(1,229)	(2,992)
Less: Identified items	(7,347)	(1,800)	(623)	(1,991)	(1,177)	(732)	(1,024)
Less: CCS earnings attributable to non-controlling interest	442
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	23,716
Add: Non-controlling interest	424
Adjusted Earnings plus non-controlling interest	24,139	11,390	8,395	3,885	2,934	(497)	(1,968)
Add: Taxation charge/(credit) excluding tax impact of identified items	15,013	3,520	9,865	1,305	364	87	(128)
Add: Depreciation, depletion and amortisation excluding impairments	22,703	5,594	10,971	2,235	3,495	383	25
Add: Exploration well write-offs	1,622	291	1,331
Add: Interest expense excluding identified items	4,697	189	720	52	70	6	3,660
Less: Interest income	2,372	8	18	1	79	2	2,265
Adjusted EBITDA	65,803	20,978	31,264	7,476	6,783	(22)	(675)
Less: Current cost of supplies adjustment before taxation	363			254	109
Joint ventures and associates (dividends received less profit)	(328)	(137)	(946)	262	304	190	—
Derivative financial instruments	1,472	(1,466)	24	59	219	3,012	(376)
Taxation paid	(12,002)	(2,955)	(7,851)	(562)	(146)	(457)	(31)
Other	(1,961)	23	(1,464)	(616)	(321)	152	264
(Increase)/decrease in working capital	2,062	467	216	998	524	923	(1,065)
Cash flow from operating activities	54,684	16,909	21,244	7,363	7,253	3,798	(1,882)



Full year 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	20,281	7,058	8,539	3,058	1,482	3,089	(2,944)
Less: Identified items	(8,252)	(6,861)	(1,267)	(254)	(2,135)	2,333	(69)
Less: CCS earnings attributable to non-controlling interest	273
Add: Identified items attributable to non-controlling interest	(11)
Adjusted Earnings	28,250
Add: Non-controlling interest	284
Adjusted Earnings plus non-controlling interest	28,534	13,919	9,806	3,312	3,617	756	(2,875)
Add: Taxation charge/(credit) excluding tax impact of identified items	13,674	3,837	8,280	936	287	341	(8)
Add: Depreciation, depletion and amortisation excluding impairments	23,106	5,756	11,309	2,048	3,582	392	19
Add: Exploration well write-offs	867	121	746	—	—	—	—
Add: Interest expense excluding identified items	4,669	146	507	50	60	4	3,902
Less: Interest income	2,313	6	27	9	57	12	2,201
Adjusted EBITDA	68,538	23,773	30,622	6,337	7,489	1,481	(1,164)
Less: Current cost of supplies adjustment before taxation	848			478	370
Joint ventures and associates (dividends received less profit)	79	241	(692)	117	310	102	3
Derivative financial instruments	(6,142)	(4,668)	51	(14)	518	(1,988)	(41)
Taxation paid	(13,712)	(3,574)	(8,470)	(760)	(467)	(762)	322
Other	(865)	(313)	(142)	(486)	(138)	450	(237)
(Increase)/decrease in working capital	7,145	2,061	82	845	172	3,701	284
Cash flow from operating activities	54,191	17,520	21,450	5,561	7,513	2,984	(832)

Identified Items

Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

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Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(288)	(99)	(66)	(216)	42	51	—
Impairment reversals/(impairments)	(2,554)	(523)	(183)	(493)	(288)	(1,065)	(1)
Redundancy and restructuring	(175)	(27)	(62)	(70)	(5)	(11)	(1)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	209	136	(14)	58	(38)	67	—
Other	(200)	—	(165)	(33)	(2)	—	—
Total identified items included in Income/(loss) before taxation	(3,008)	(514)	(491)	(753)	(291)	(958)	(2)
Less: total identified items included in Taxation charge/(credit)	(230)	(92)	160	(17)	(191)	(43)	(47)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(321)	(96)	(51)	(247)	33	40	—
Impairment reversals/(impairments)	(2,170)	(339)	(152)	(458)	(224)	(996)	(1)
Redundancy and restructuring	(115)	(16)	(34)	(52)	(3)	(8)	(1)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	184	109	(4)	46	(17)	50	—
Impact of exchange rate movements and inflationary adjustments on tax balances	(210)	(57)	(199)	—	—	—	46
Other	(147)	(22)	(212)	(25)	113	—	—
Impact on CCS earnings	(2,778)	(421)	(651)	(736)	(99)	(914)	45
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,778)	(421)	(651)	(736)	(99)	(914)	45

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Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(154)	1	(2)	(110)	(19)	(20)	(3)
Impairment reversals/(impairments)	(338)	(6)	(3)	(195)	(120)	(14)	—
Redundancy and restructuring	(552)	(69)	(189)	(136)	(141)	(26)	10
Provisions for onerous contracts	(7)	—	—	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(602)	(252)	(13)	(78)	126	(385)	—
Other1	(136)	—	(141)	(1)	(11)	16	—
Total identified items included in Income/(loss) before taxation	(1,789)	(327)	(348)	(526)	(165)	(430)	7
Less: total identified items included in Taxation charge/(credit)	(530)	(87)	(195)	(104)	(43)	(111)	10
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(129)	1	(6)	(84)	(15)	(23)	(2)
Impairment reversals/(impairments)	(288)	(4)	(2)	(179)	(92)	(10)	—
Redundancy and restructuring	(397)	(48)	(138)	(98)	(101)	(19)	7
Provisions for onerous contracts	(5)	—	—	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(456)	(213)	(3)	(56)	95	(279)	—
Impact of exchange rate movements and inflationary adjustments on tax balances	120	24	104	—	—	—	(8)
Other	(105)	—	(108)	—	(8)	12	—
Impact on CCS earnings	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)

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Q4 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	222	(21)	134	(30)	(33)	168	5
Impairment reversals/(impairments)	(5,348)	(873)	(988)	(460)	(2,391)	(636)	—
Redundancy and restructuring	(275)	(1)	(11)	(128)	(102)	(31)	(2)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,357)	(1,708)	60	(47)	199	138	—
Other	(33)	57	(170)	2	77	—	—
Total identified items included in Income/(loss) before taxation	(6,792)	(2,545)	(974)	(664)	(2,250)	(361)	2
Less: total identified items included in Taxation charge/(credit)	(759)	(309)	(65)	(96)	(394)	84	22
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	227	(13)	128	(23)	(26)	158	3
Impairment reversals/(impairments)	(3,935)	(547)	(454)	(415)	(1,968)	(551)	—
Redundancy and restructuring	(206)	—	(6)	(96)	(78)	(24)	(1)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,336)	(1,587)	21	(34)	138	125	—
Impact of exchange rate movements and inflationary adjustments on tax balances	(363)	31	(373)	—	—	—	(21)
Other	(419)	(119)	(225)	2	77	(154)	—
Impact on CCS earnings	(6,033)	(2,235)	(909)	(567)	(1,857)	(445)	(19)
Impact on CCS earnings attributable to non-controlling interest	(11)	—	—	(11)	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(6,022)	(2,235)	(909)	(556)	(1,857)	(445)	(19)

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Full year 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(288)	(100)	89	(400)	6	119	(3)
Impairment reversals/(impairments)	(5,051)	(555)	(362)	(1,747)	(1,205)	(1,181)	(1)
Redundancy and restructuring	(1,012)	(106)	(320)	(296)	(195)	(97)	2
Provisions for onerous contracts	(24)	(3)	(14)	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,012)	(1,286)	(58)	49	(117)	399	—
Other1	(1,481)	(126)	(436)	(1)	146	39	(1,103)
Total identified items included in Income/(loss) before taxation	(8,867)	(2,176)	(1,100)	(2,402)	(1,364)	(720)	(1,105)
Less: total identified items included in Taxation charge/(credit)	(1,521)	(376)	(477)	(411)	(187)	12	(81)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(319)	(96)	67	(386)	4	94	(2)
Impairment reversals/(impairments)	(4,371)	(363)	(323)	(1,423)	(1,176)	(1,085)	(1)
Redundancy and restructuring	(712)	(71)	(214)	(215)	(142)	(71)	1
Provisions for onerous contracts	(19)	(3)	(11)	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(849)	(1,088)	(14)	40	(86)	300	—
Impact of exchange rate movements and inflationary adjustments on tax balances	363	(49)	313	—	—	—	99
Other1	(1,440)	(130)	(440)	(1)	223	30	(1,122)
Impact on CCS earnings	(7,347)	(1,800)	(623)	(1,991)	(1,177)	(732)	(1,024)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(7,365)	(1,800)	(623)	(1,991)	(1,195)	(732)	(1,024)

1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

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Full year 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	257	(22)	209	1	(46)	109	5
Impairment reversals/(impairments)	(8,300)	(3,147)	(1,187)	(509)	(2,690)	(767)	—
Redundancy and restructuring	(329)	(1)	(21)	(150)	(106)	(32)	(18)
Provisions for onerous contracts	(24)	—	—	—	(24)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(419)	(4,755)	447	20	276	3,593	—
Other	82	32	(615)	300	(43)	408	—
Total identified items included in Income/(loss) before taxation	(8,732)	(7,892)	(1,166)	(339)	(2,632)	3,311	(14)
Less: total identified items included in Taxation charge/(credit)	(481)	(1,031)	100	(85)	(497)	978	55
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	277	(14)	208	1	(35)	113	3
Impairment reversals/(impairments)	(6,219)	(2,247)	(642)	(466)	(2,195)	(669)	—
Redundancy and restructuring	(241)	—	(9)	(113)	(82)	(24)	(12)
Provisions for onerous contracts	(18)	—	—	—	(18)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,284)	(4,407)	127	26	214	2,756	—
Impact of exchange rate movements and inflationary adjustments on tax balances	(355)	—	(295)	—	—	—	(60)
Other	(412)	(193)	(656)	298	(19)	158	—
Impact on CCS earnings	(8,252)	(6,861)	(1,267)	(254)	(2,135)	2,333	(69)
Impact on CCS earnings attributable to non-controlling interest	(11)	—	—	(11)	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(8,240)	(6,861)	(1,267)	(242)	(2,135)	2,333	(69)

The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

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B. Adjusted Earnings per share

Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

C. Cash capital expenditure

Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

D. Capital employed and Return on average capital employed

Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.



$ million	Quarters
	Q4 2024	Q3 2024	Q4 2023
Current debt	9,931	10,119	9,001
Non-current debt	71,610	72,028	74,794
Total equity	188,362	192,943	192,597
Less: Cash and cash equivalents	(38,774)	(43,031)	(40,246)
Capital employed – opening	231,128	232,059	236,146
Current debt	11,630	12,015	9,931
Non-current debt	65,448	64,597	71,610
Total equity	180,165	189,538	188,362
Less: Cash and cash equivalents	(39,110)	(42,252)	(38,774)
Capital employed – closing	218,132	223,898	231,128
Capital employed – average	224,630	227,979	233,637

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$ million	Quarters
	Q4 2024	Q3 2024	Q4 2023
Adjusted Earnings – current and previous three quarters (Reference A)	23,716	27,361	28,250
Add: Income/(loss) attributable to NCI – current and previous three quarters	427	376	277
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters	14	56	(5)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters	18	7	(11)
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters	24,139	27,787	28,534
Add: Interest expense after tax – current and previous three quarters	2,701	2,698	2,728
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters	1,389	1,392	1,287
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters	25,452	29,093	29,975
Capital employed – average	224,630	227,979	233,637
ROACE on an Adjusted Earnings plus NCI basis	11.3%	12.8%	12.8%

E. Net debt and gearing

Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).



$ million
	December 31, 2024		September 30, 2024		December 31, 2023
Current debt	11,630		12,015		9,931
Non-current debt	65,448		64,597		71,610
Total debt	77,078		76,613		81,541
Of which lease liabilities	28,702		25,590		27,709
Add: Debt-related derivative financial instruments: net liability/(asset)	2,469		1,694		1,835
Add: Collateral on debt-related derivatives: net liability/(asset)	(1,628)		(821)		(1,060)
Less: Cash and cash equivalents	(39,110)		(42,252)		(38,774)
Net debt	38,809		35,234		43,542
Total equity	180,165		189,538		188,362
Total capital	218,974		224,772		231,902
Gearing	17.7	%	15.7	%	18.8	%

F. Operating expenses and Underlying operating expenses

Operating expenses

Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

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Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,839	982	2,470	270	1,632	480	5
Selling, distribution and administrative expenses	3,231	39	96	2,258	471	241	126
Research and development	331	40	69	73	46	37	66
Operating expenses	9,401	1,061	2,635	2,602	2,149	757	196



Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,138	1,164	2,394	367	1,766	453	(6)
Selling, distribution and administrative expenses	3,139	(1)	(39)	2,408	453	209	110
Research and development	294	27	75	55	34	22	81
Operating expenses	9,570	1,190	2,430	2,830	2,253	684	185



Q4 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,807	1,187	2,595	433	1,815	732	44
Selling, distribution and administrative expenses1	3,621	39	109	2,520	530	271	153
Research and development1	469	42	102	67	52	93	112
Operating expenses	10,897	1,268	2,806	3,021	2,397	1,096	309



Full year 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	23,379	4,153	9,351	1,322	6,605	1,934	14
Selling, distribution and administrative expenses	12,439	164	176	9,149	1,637	887	426
Research and development	1,099	125	263	209	151	94	257
Operating expenses	36,918	4,441	9,791	10,681	8,392	2,915	698



Full year 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	25,240	4,529	9,186	1,463	7,394	2,610	58
Selling, distribution and administrative expenses1	13,433	154	325	9,426	2,023	1,058	446
Research and development1	1,287	126	318	252	181	96	314
Operating expenses	39,960	4,808	9,829	11,141	9,598	3,763	818

1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

Underlying operating expenses

Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

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Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

9,401

9,570

10,897

Operating expenses

36,918

39,960

(174)

(552)

(274)

Redundancy and restructuring (charges)/reversal

(1,009)

(325)

(88)

(154)

(58)

(Provisions)/reversal

(454)

(434)

—

Other

252

—

(262)

(706)

(332)

Total identified items

(1,210)

(758)

9,138

8,864

10,565

Underlying operating expenses

35,707

39,201

G. Free cash flow and Organic free cash flow

Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.



Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
13,162	14,684	12,575	Cash flow from operating activities	54,684	54,191
(4,431)	(3,857)	(5,657)	Cash flow from investing activities	(15,154)	(17,734)
8,731	10,827	6,918	Free cash flow	39,530	36,457
805	194	612	Less: Divestment proceeds (Reference I)	2,793	3,091
1	—	—	Add: Tax paid on divestments (reported under “Other investing cash outflows”)	1	—
525	—	206	Add: Cash outflows related to inorganic capital expenditure1	776	2,522
8,453	10,633	6,511	Organic free cash flow2	37,514	35,888

1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

H. Cash flow from operating activities and cash flow from operating activities excluding working capital movements

Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

Quarters

$ million

Full year

Q4 2024

Q3 2024

Q4 2023

2024

2023

13,162

14,684

12,575

Cash flow from operating activities

54,684

54,191

131

2,705

4,088

(Increase)/decrease in inventories

1,273

6,325

751

4,057

(704)

(Increase)/decrease in current receivables

6,578

12,401

1,524

(4,096)

(701)

Increase/(decrease) in current payables1

(5,789)

(11,581)

2,407

2,665

2,683

(Increase)/decrease in working capital

2,062

7,145

10,755

12,019

9,891

Cash flow from operating activities excluding working capital movements

52,622

47,052

1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $653 million and $693 million respectively to conform with current period presentation.

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I. Divestment proceeds

Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.



Quarters			$ million	Full year
Q4 2024	Q3 2024	Q4 2023		2024	2023
493	94	540	Proceeds from sale of property, plant and equipment and businesses	1,621	2,565
305	94	49	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	590	474
6	6	24	Proceeds from sale of equity securities	582	51
805	194	612	Divestment proceeds	2,793	3,091

J. Structural cost reduction

The structural cost reduction target is used for the purpose of demonstrating how management drives cost discipline across the entire organisation, simplifying our processes and portfolio, and streamlining the way we work.

Structural cost reduction describes the decrease in underlying operating expenses as a result of operational efficiencies, divestments, workforce reductions and other cost-saving measures that are expected to be sustainable compared with 2022 levels.

The total change between periods in underlying operating expenses will reflect both structural cost reductions and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations.

Structural cost reductions are stewarded internally to support management’s oversight of spending over time. 2025 target reflects annualised saving achieved by end-2025.



$ million
	2024	2023	Total1
Underlying Operating expenses current year	35,707	39,201
Underlying Operating expenses previous year	39,201	39,456
Total decrease in Underlying operating expenses	(3,494)	(255)	(3,749)
Of which:
Structural cost reduction	(2,132)	(987)	(3,119)
(Decrease)/Increase of underlying operating expenses except structural cost reduction	(1,362)	732	(630)

1.Structural cost reductions up to 2024 compared with 2022.

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CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This Unaudited Condensed Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Financial Report, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Financial Report.

Shell’s Net Carbon Intensity

Also, in this Unaudited Condensed Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking Non-GAAP measures

This Unaudited Condensed Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this Unaudited Condensed Financial Report do not form part of this Unaudited Condensed Financial Report.

We may have used certain terms, such as resources, in this Unaudited Condensed Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

This Unaudited Condensed Financial Report contains inside information.

January 30, 2025

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The information in this Unaudited Condensed Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

Contacts:

– Sean Ashley, Company Secretary

– Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Page 40

The MIL Network –

January 30, 2025

MIL-OSI: Shell plc publishes fourth quarter 2024 press release

Source: GlobeNewswire (MIL-OSI)

London, January 30, 2025

“2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets¹.

Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.

We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March.”

Shell plc Chief Executive Officer, Wael Sawan

SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
Q4 2024 Adjusted Earnings² of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets¹.
Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement.

$ million²		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,165	4,568	4,391	1,337
Upstream		1,682	7,676	4,509	2,076
Marketing		839	1,709	1,363	811
Chemicals & Products³		(229)	475	2,032	1,392
Renewables & Energy Solutions		(311)	(123)	850	1,277
Corporate		(380)	(24)	16	30
Less: Non-controlling interest (NCI)		106
Shell	Q4 2024	3,661	14,281	13,162	6,924
	Q3 2024	6,028	16,005	14,684	4,950
	FY 2024	23,716	65,803	54,684	21,084
	FY 2023	28,250	68,538	54,191	24,392

¹Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.

²Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

³Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.3) billion and Products $0.0 billion.

CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow¹ related to the timing impact of payments for emissions certificates and biofuel programmes.
Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.

$ billion²	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Divestment proceeds	0.6	1.0	0.8	0.2	0.8
Free cash flow	6.9	9.8	10.2	10.8	8.7
Net debt	43.5	40.5	38.3	35.2	38.8

¹ Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

² Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investor^s.

Q4 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Realised liquids price ($/bbl)	63	63	—
Realised gas price ($/thousand scf)	7.9	8.1	—
Production (kboe/d)	941	905	930 – 990
LNG liquefaction volumes (MT)	7.5	7.1	6.6 – 7.2
LNG sales volumes (MT)	17.0	15.5	—

Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.

UPSTREAM

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Realised liquids price ($/bbl)	75	71	—
Realised gas price ($/thousand scf)	6.6	7.0	—
Liquids production (kboe/d)	1,321	1,332	—
Gas production (million scf/d)	2,844	3,056	—
Total production (kboe/d)	1,811	1,859	1,750 – 1,950

Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

MARKETING

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Marketing sales volumes (kb/d)	2,945	2,795	2,500 – 3,000
Mobility (kb/d)	2,119	2,041	—
Lubricants (kb/d)	81	77	—
Sectors & Decarbonisation (kb/d)	745	678	—

Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.

2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

CHEMICALS & PRODUCTS

Key data	Q3 2024	Q4 2024	Q1 2025 outlook¹
Refinery processing intake (kb/d)	1,305	1,215	—
Chemicals sales volumes (kT)	3,015	2,926	—
Refinery utilisation (%)	81	76	80 – 88
Chemicals manufacturing plant utilisation (%)	76	75	78 – 86
Global indicative refining margin ($/bbl)	5.5	5.5	—
Global indicative chemical margin ($/t)	164	138	—

¹Oil sands production: In Q1 2025, Shell’s remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.

Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q3 2024	Q4 2024
External power sales (TWh)	79	76
Sales of pipeline gas to end-use customers (TWh)	148	165
Renewables power generation capacity (GW)*	7.3	7.4
in operation (GW)	3.4	3.4
under construction and/or committed for sale (GW)	3.9	4.0

*Excludes Shell’s equity share of associates where information cannot be obtained.

Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.

Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

CORPORATE

Key data	Q3 2024	Q4 2024	Q1 2025 outlook
Adjusted Earnings ($ billion)	(0.6)	(0.4)	(0.6) – (0.4)

2024 FULL YEAR

$ billion	Adj. Earnings	CFFO excl. WC	CFFO	Cash capex	Free cash flow
FY 2024	23.7	52.6	54.7	21.1	39.5
FY 2023	28.3	47.1	54.2	24.4	36.5

Operational performance	FY 2023	FY 2024	% change
Oil and gas production (kboe/d)	2,791	2,836	2%
LNG liquefaction volumes (MT)	28.3	29.1	3%
Marketing sales volumes (kb/d)	3,045	2,843	(7)%
Refinery processing intake (kb/d)	1,349	1,344	(0)%
Chemicals sales volumes (kT)	11,245	11,875	6%

Macro indicators	FY 2023	FY 2024	% change
Brent ($/bbl)	83	81	(2)%
Henry Hub ($/MMBtu)	2.5	2.2	(13)%
EU TTF ($/MMBtu)	13.0	11.0	(16)%
Indicative refining margin ($/bbl)	12.5	7.7	(38)%
Indicative chemicals margin ($/t)	133	152	14%

UPCOMING INVESTOR EVENTS

February 25, 2025	Shell LNG Outlook 2025 publication
March 25, 2025	Capital Markets Day 2025
May 2, 2025	First quarter 2025 results and dividends
May 20, 2025	Annual General Meeting
July 31, 2025	Second quarter 2025 results and dividends
October 30, 2025	Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q4 2024

Quarterly Databook Q4 2024

Webcast registration Q 4 202 4

Dividend announcement Q 4 2024

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement may contain certain forward-looking non-GAAP measures for cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net Carbon Intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. The statutory accounts for the year ended December 31, 2024 will be delivered to the Registrar of Companies for England and Wales in due course.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2024 and full year 2024 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; USA +1 832 337 4355

The MIL Network –

January 30, 2025

MIL-OSI Economics: Mission 300: Significant new donor pledges in support of the Sustainable Energy Fund for Africa announced on margins of the Africa Energy Summit

Source: African Development Bank Group

Denmark, the United Kingdom, Spain and France have unveiled new or additional contributions to the Sustainable Energy Fund for Africa, demonstrating strong support for the African Development Bank-managed fund as it expands energy access across Africa, including through the Mission 300 partnership. Another new donor – Japan –joined in December 2024 with a $5 million contribution under AGIA.

SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. It aims to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa in line with the New Deal on Energy for Africa and Mission 300.

Mission 300, an ambitious new partnership of the African Development Bank Group, the World Bank Group and other development partners, aims to provide access to electricity to an additional 300 million Africans by 2030.

France, a new donor to SEFA, will provide €10 million. Denmark, the UK and Spain will increase existing contributions by DKK 100 million (€13.4 million), £8.5 million (€10.13) and €3 million, respectively.

France’s contribution will bolster the Africa Green Infrastructure Alliance (AGIA), a platform of the African Development Bank, Africa 50 and other partners that will develop transformative sustainable infrastructure projects for investment.

These contributions come as SEFA enjoyed its best year on record in 2024, with $108 million approved for 14 projects. SEFA now boasts a portfolio of over $300 million in highly impactful investments and technical assistance programmes, which is expected to unlock up to $15 billion in investments and deliver approximately 12 million new electricity connections.

Denmark’s Acting State Secretary for Development Policy, Ole Thonke, said: “Africa is endowed with enormous untapped potential for renewable energy, which can fuel green industrialisation. The latest Danish financial contribution to SEFA will focus on the newly established Africa-led Accelerated Partnership for Renewables in Africa (APRA), further supporting the continent’s ambitious development and climate goals.”

“We are halfway through this decisive decade to achieve the sustainable development goals and get on track to tackle climate change,” said Rachel Kyte, UK Special Representative for Climate, Foreign, Commonwealth and Development Office. “Achieving our collective goals of reliable, affordable and clean power is a golden thread that links economic growth, greater investment, strengthened resilience and climate ambition. By accelerating the roll-out of clean power, the UK and Mission 300 are putting green and inclusive growth at the heart of our partnerships with Africa. Our announcement of an additional £8.5 million in UK funding for the AfDB’s SEFA will mobilise the much-needed private sector investment so that more Africans can access clean power right across the continent.”

Inés Carpio San Román, Alternate Governor of Spain for the African Development Bank, said, “We are pleased that Spain has decided to renew its support for the SEFA fund with a contribution of €3 million. This reaffirms our commitment to the crucial sector of renewable energy, which plays a key role in fostering sustainable development across Africa.”

“As a strong supporter of Africa’s green infrastructure investments with financial tools that mobilise private finance, France is proud to contribute €10 million to the AGIA through SEFA,” stated Bertrand Dumont, Director General of the French Treasury and Governor for France at the African Development Bank. “This very first contribution is our first step towards reinforcing Africa’s sustainable development and accelerating the continent’s path to a low-carbon economy. By investing in green infrastructure in Africa, we are investing for the future.”

Dr Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, said, “We welcome the new commitments from donors whose support underscores the impactful work of SEFA. These contributions are essential in enabling SEFA to fulfil its role as a key delivery vehicle for Mission 300 at this pivotal moment.”

ABOUT SEFA

SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments. The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and the M300.

MIL OSI Economics –

January 30, 2025
MIL-OSI Submissions: Australia – International project to support Australia’s transition to clean energy with next-gen electrolysers – Swinburne University

Source: Swinburne University

An international team is developing new electrolysers to support Australia’s transition to clean energy.

Led by Swinburne University of Technology researchers Associate Professor Rosalie Hocking and Associate Professor Andrew Ang, the project will strengthen Australia’s capability in domestic manufacturing for renewable technologies, positioning the country as a leader in the global energy transition.

“This grant enables us to tackle key challenges in scaling up electrolysers by innovating catalyst design and electrode manufacturing, advancing CO₂ reduction technologies for a sustainable energy future,” says Associate Professor Hocking.

Hydrogen electrolysers enable the production of clean hydrogen from water using renewable electricity. This process provides a high-energy, low-emission alternative for sectors that are challenging to electrify, such as heavy transport and industrial processing.

By 2050, CSIRO predicts that manufacturing of hydrogen electrolysers industry could generate $1.7 billion in revenue and 4,000 jobs, plus $1.2 billion and 1,000 jobs from installation services. Associate Professor Ang says a key part of making this a reality is reducing costs.

“The cost of manufacturing is often overlooked in new technologies despite being a critical consideration in any scalable technology.”

“By scaling up these cutting-edge electrode systems, the project will contribute to the development of next-generation electrolysers that support Australia’s transition to clean energy.”

The international collaboration between Swinburne’s Chemistry and Mechanical Engineering team and Rajamangala University of Technology Phra Nakhon (RMUTP) in Thailand will examine innovative ways to fabricate catalysts materials and Australia’s capacity to scale those technologies.

This project aims to develop innovative copper oxide (CuOx) and multimetal oxide catalyst systems for the production of value-added C2+ products, such as hydrocarbons and syngas, using renewable energy in proton exchange membrane (PEM) electrolysers.

By advancing catalyst design and optimising manufacturing techniques, the project addresses key challenges related to cost and scalability in the deployment of hydrogen production technologies.

Associate Professor Hocking says that international partnerships are essential for building Australia’s science and research capabilities.

“Employing innovative techniques like thermal spray will help position Australia as a global leader in renewable technology development.”

MIL OSI – Submitted News –

January 30, 2025
MIL-OSI Australia: The next generation of NSW Electric Buses will be built in Nowra

Source: New South Wales Premiere

Published: 30 January 2025

Released by: The Premier, Minister for Domestic Manufacturing and Government Procurement, Minister for Transport

The South Coast is set to become a new manufacturing hub for the next generation of public transport with the creation of a brand-new electric bus manufacturing facility in Nowra.

Australian owned bus manufacturer Foton Mobility Distribution is set to build a 6,000 square metre manufacturing facility in South Nowra from late 2025, subject to council approval.

This follows the Minns Labor Government awarding a contract to Foton to deliver 126 battery electric buses that will be built in Nowra and service bus routes across Greater Sydney.

The facility will also produce battery electric trucks, as well as hydrogen fuel cell engines, creating around 100 ongoing quality, skilled manufacturing jobs for local workers.

Foton’s bus contract was one of the first bus orders made through the NSW Government’s Zero Emission Buses (ZEB) program.

This program is also converting 11 existing bus depots in Greater Sydney to battery electric technology, building a new battery electric depot at Macquarie Park and procuring around 1,200 new electric buses by 2028.

Transport for NSW is delivering the ZEB program in stages in close consultation with industry, including manufacturers, to provide an opportunity to increase capability and capacity supported by a published pipeline of bus orders.

While the domestic manufacturing sector can’t be rebuilt overnight – facilities like this are the first step towards building things here in NSW again.

This facility delivers on the NSW Government’s commitment to domestic manufacturing, supporting local jobs and local industry to build the public transport our state needs.

This follows 12 years of offshoring by the former Liberal National Government, leading to NSW missing out on thousands of job opportunities and bringing lengthy delays and cost blowouts on major transport contracts.

Premier Chris Minns said:

“The offshoring of public transport by the former government was a complete disaster, which is why we’re building these buses here in NSW – creating local jobs and public transport that works.

“This state of the art facility in Nowra will create ongoing skilled jobs in regional NSW while also delivering emissions free world class public transport for the people of our state.

“Workers across NSW are great at building public transport like these buses, and under our government they’re building them here again.

Minister for Transport Jo Haylen said:

“When the Minns Labor Government says we want to build more buses here, we mean it.

“Once our partners at Foton get this plant up and running there will be an extra 100 quality manufacturing jobs right here. That’s great news for Nowra and a big boost for NSW manufacturing.

“We want our local manufacturers and suppliers have good opportunities to get involved in building the Zero Emissions Buses that we need. That’s why we have structured our zero-emissions bus program in a way that builds our bus manufacturing capacity for the long term.”

“We are at the beginning of our project to build the clean, green buses of the future. Transport for NSW announced the first battery electric bus orders under the Zero Emissions Bus program for Greater Sydney in December 2024.

“There will be many more orders to come for Sydney, Outer Metropolitan and Regional NSW and many good quality, skilled manufacturing jobs that will be created thanks to the Minns Labor Government’s support for building our buses, trains and ferries right here in Australia.”

Minister for Domestic Manufacturing and Government Procurement Courtney Houssos said:

“This new facility shows the high-quality products that NSW workers and businesses can deliver.

“The previous government sent contracts like this offshore, costing NSW thousands of jobs and billions of dollars. We are choosing to support local jobs and local businesses.

“By leveraging the power of government contracts like this, we can rebuild local industries, support local workers and grow the NSW economy, particularly in regional communities.

“This is an important milestone as we deliver on our pledge to bring domestic manufacturing back to NSW.”

Member for South Coast Liza Butler said:

“The Minns Government understands the importance of local jobs and skills training for regional communities.”

“The proposed new bus factory here in Nowra will provide fantastic employment opportunities for up to 100 people once fully operational and enable the re-skilling and upskilling of many workers who wish to be a part of the transition to zero emissions transport.”

Member of the Legislative Council Sarah Kaine said:

“We’re building Australia’s future right here in the South Coast and delivering good quality, local jobs in the process.”

“This is a Labor Government that is investing back into its regional economies and ensuring equal opportunity for local manufacturing of our world-class transport system.

MIL OSI News –

January 30, 2025
MIL-OSI Asia-Pac: India Leading the Global Energy Transition with Unprecedented Speed, Scale, and Scope: Union Minister Shri Pralhad Joshi

Source: Government of India (2)

India Leading the Global Energy Transition with Unprecedented Speed, Scale, and Scope: Union Minister Shri Pralhad Joshi

India has not only set ambitious energy transition goals but has also been achieving them at a record pace : Union Minister Joshi

Posted On: 29 JAN 2025 7:11PM by PIB Delhi

Emphasizing India’s remarkable progress in Renewable Energy sector, Union Minister for New and Renewable Energy, Shri Pralhad Joshi said that India is leading the global energy transition with unprecedented speed, scale, and scope. He was addressing the third India Energy Transition Conference, organized by FICCI in New Delhi.

Shri Joshi underlined that under the leadership of Prime Minister Shri Narendra Modi, India has not only set ambitious energy transition goals but has also been achieving them at a record pace. India has already achieved almost 100 GW of solar capacity and is set to add 50 GW of new renewable capacity annually in the coming years.In the last ten years, India’s installed renewable capacity has surged by almost 200%, from 75.52 GW in 2014 to 220 GW today. Additionally, he pointed out that the tariff for grid-connected solar power plants has decreased by 80%, from ₹10.95 per unit in 2010-11 to just ₹2.15 per unit,making India a leader in affordable renewable energy.

The Minister also credited India’s policy stability and long-term vision as key drivers of its renewable energy success. The country is on track to achieve 500 GW of non-fossil fuel capacity by 2030, with an even more ambitious target of 1,800 GW by 2047. He also said that PM SuryaGhar Yojana, which aims to facilitate the installation of 1 crore solar panels, of which 8.5 lakh installations have already been completed. Union Minister Joshi also highlighted examples of PMSGY beneficiaries who started generating income from the rooftop solar installations.

As India’s energy demand is expected to double by 2032, the Minister highlighted the need of even higher RE financing to meet 50 % of expected rise in demand through renewable energy. Union Minister Joshi also said that the Ministry is working towards ironing out the bottlenecks in RE sector by engaging more with stakeholders, and in this regard, MNRE will hold further consultations.

Shri Joshi also highlighted India’s global recognition in the renewable energy sector. The Minister also said that India has now overtaken Brazil to become the third-largest renewable energy market globally.

Speaking about Green Hydrogen, the Minister reiterated that India has been quick to recognize its potential and is now regarded as a global leader in this field. The SIGHT Programme, which focuses on electrolyser manufacturing and green hydrogen production, is expected to further drive innovation and industrial growth in this segment.

He also highlighted the strong investor confidence in India’s renewable energy sector, citing that at the 4th RE-Invest event of Minister of New and Renewable Energy (MNRE) in Gandhinagar, investment commitments worth ₹32.45 lakh crore were made, along with pledges for 540 GW of solar and wind capacity.

UnionMinister Joshi also launched the FICCI report on ‘Powering India’s Energy Transition’ at the event. Secretary, Department of Financial Services, Shri M Nagaraju was also present.

Chaired the 3rd Edition of the India Energy Transition Summit today and also launched the report – Powering India’s Energy Transition.

Addressed the gathering and spoke about the Speed, Scale and Scope of growth in India’s #renewableenergy sector. Expressed confidence that India… pic.twitter.com/e0APn2OJgD

— Pralhad Joshi (@JoshiPralhad) January 29, 2025

***

Navin Sreejith

(Release ID: 2097419) Visitor Counter : 48

MIL OSI Asia Pacific News –

January 30, 2025
MIL-OSI Europe: Germany: INERATEC’s e-fuel demo plant in Frankfurt gets €70 million from EIB, EU-Commission and Breakthrough energy
Source: European Investment Bank
- The Capital injection will finance development of Europe’s first large-scale e-Fuel plant in Frankfurt and further research and development of INERATEC`s e-Fuels.
- INERATEC`s e-fuels will support compliance with EU regulation requirements to add synthetic aviation fuel to kerosene to decarbonize aviation
- Financing includes a €30million grant by Breakthrough Energy Catalyst, their first in Germany, underpinning the maturity of INERATEC’S technology
The European Investment Bank (EIB) and Breakthrough Energy Catalyst are providing a €70 million funding package through the EU-Catalyst Partnership to INERATEC, a Germany based e-fuel company. The EIB is providing a €40 million venture-debt-loan, backed by the EU`s InvestEU-program, while Breakthrough Energy Catalyst is awarding a grant of €30 million. The package will support the financing of INERATEC’s carbon neutral e-fuel production plant in Frankfurt, as well as further research and development. The Frankfurt plant is set to be Europe`s largest when opening in 2025.

Long term market growth expected for e-SAF and e-Fuels

E-fuel production uses CO₂ and hydrogen to produce synthetic fuels and chemicals that are carbon neutral or close to carbon neutral when used. They have significant potential in hard-to-decarbonize sectors such as aviation, where commercial demand is underpinned by clear regulation. Therefore, long-term market growth can be expected.

The EU’s ReFuelEU Aviation regulation requires that aviation fuel suppliers provide jet-fuel with 1.2 per cent minimum synthetic fuel content by 2030, rising to 35 per cent in 2050. Based in Karlsruhe, Germany, INERATEC is well placed for this growing market, offering an efficient, scalable modular design.

INERATEC’S Frankfurt plant will produce up to 2,500 tons of e-fuels and e-chemicals, including e-sustainable aviation fuel (e-SAF). The plant will also incorporate an upgrading facility, enabling the e-crude oil to be refined into certifiable, ready-to-use sustainable aviation fuel on site. The fuel will support compliance with the EU’s synthetic aviation fuel mandate.

INERATEC’s Frankfurt plant to show e-Fuel production is possible at scale

EIB-Vice-President Nicola Beer said: “E-fuels are a crucial part of achieving a competitive net-zero economy, particularly in the mobility and transport sector. Game-changing technologies like Ineratec’s play a vital role in this transition. Together with the European Commission and Breakthrough Energy, through the EIB’s venture debt product, we are supporting an innovative startup in scaling up production and advancing research to make e-fuels a viable, sustainable alternative to fossil fuels.”

INERATEC CEO Tim Boeltken said: “INERATEC’S Frankfurt production plant will show that e-fuel production is no longer a technological concept but a scalable reality. Reliable production of certifiable e-SAF is possible in the near-term – at commercial scale, that will be a breakthrough for sustainable aviation. This investment from EIB and Breakthrough Energy Catalyst is a sign of confidence in the INERATEC technology and approach.”

Mario Fernandez, Head of Breakthrough Energy Catalyst, adds: “We are delighted to be working with INERATEC. This ground-breaking project will bring us a decisive step closer to the decarbonisation of aviation.”

The financing reinforces EIB position as the ‘The Climate Bank’, a priority in the EIB Group’s 2024-2027 Strategic Roadmap, and supports the objectives of the European Commission’s RefuelEU aviation regulations.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deep-tech and life sciences sectors.

INERATEC is committed to defossilizing and decarbonizing the world. The company produces e-Fuels and e-chemicals: carbon-neutral fossil fuel substitutes for use in the aviation, shipping and chemical industries. Its modular, scalable plants use renewable hydrogen and biogenic CO₂ to produce synthetic kerosene, gasoline, diesel, waxes, methanol or natural gas. It is building what will be the world’s largest e-fuels plant to date, in Frankfurt, which will produce up to 2,500 tonnes of ultra-low-carbon aviation fuel per year. The company is based in Karlsruhe, Germany and backed by diverse international investors. www.ineratec.com

Breakthrough Energy is committed to accelerating the world’s journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage.

Breakthrough Energy Catalyst is a novel platform that funds and invests in first-of-a-kind commercial projects for emerging climate technologies. By investing in these opportunities, Catalyst seeks to accelerate the adoption of these technologies worldwide and reduce their costs.

Catalyst currently focuses on five technology areas: clean hydrogen, sustainable aviation fuel, direct air capture, long-duration energy storage, and manufacturing decarbonization. In addition to capital, Catalyst leverages the team’s energy-infrastructure-investing and project-development expertise to work with innovators on advancing their projects from the development stage to funding and ultimately, to construction. Learn more about Breakthrough Energy and Catalyst at breakthroughenergy.org.
MIL OSI Europe News –
January 30, 2025
MIL-OSI Global: Bennu asteroid reveals its contents to scientists − and clues to how the building blocks of life on Earth may have been seeded

Source: The Conversation – USA – By Timothy J McCoy, Supervisory Research Geologist, Smithsonian Institution

This photo of asteroid Bennu is composed of 12 Polycam images collected on Dec. 2, 2024, by the OSIRIS-REx spacecraft. NASA

A bright fireball streaked across the sky above mountains, glaciers and spruce forest near the town of Revelstoke in British Columbia, Canada, on the evening of March 31, 1965. Fragments of this meteorite, discovered by beaver trappers, fell over a lake. A layer of ice saved them from the depths and allowed scientists a peek into the birth of the solar system.

Nearly 60 years later, NASA’s OSIRIS-REx mission returned from space with a sample of an asteroid named Bennu, similar to the one that rained rocks over Revelstoke. Our research team has published a chemical analysis of those samples, providing insight into how some of the ingredients for life may have first arrived on Earth.

Born in the years bracketing the Revelstoke meteorite’s fall, the two of us have spent our careers in the meteorite collections of the Smithsonian Institution in Washington, D.C., and the Natural History Museum in London. We’ve dreamed of studying samples from a Revelstoke-like asteroid collected by a spacecraft.

Then, nearly two decades ago, we began turning those dreams into reality. We joined NASA’s OSIRIS-REx mission team, which aimed to send a spacecraft to collect and return an asteroid sample to Earth. After those samples arrived on Sept. 24, 2023, we got to dive into a tale of rock, ice and water that hints at how life could have formed on Earth.

In this illustration, NASA’s OSIRIS-REx spacecraft collects a sample from the asteroid Bennu.
NASA/Goddard/University of Arizona

The CI chondrites and asteroid Bennu

To learn about an asteroid – a rocky or metallic object in orbit around the Sun – we started with a study of meteorites.

Asteroids like Bennu are rocky or metallic objects in orbit around the Sun. Meteorites are the pieces of asteroids and other natural extraterrestrial objects that survive the fiery plunge to the Earth’s surface.

We really wanted to study an asteroid similar to a set of meteorites called chondrites, whose components formed in a cloud of gas and dust at the dawn of the solar system billions of years ago.

The Revelstoke meteorite is in a group called CI chondrites. Laboratory-measured compositions of CI chondrites are essentially identical, minus hydrogen and helium, to the composition of elements carried by convection from the interior of the Sun and measured in the outermost layer of the Sun. Since their components formed billions of years ago, they’re like chemically unchanged time capsules for the early solar system.

So, geologists use the chemical compositions of CI chondrites as the ultimate reference standard for geochemistry. They can compare the compositions of everything from other chondrites to Earth rocks. Any differences from the CI chondrite composition would have happened through the same processes that formed asteroids and planets.

CI chondrites are rich in clay and formed when ice melted in an ancient asteroid, altering the rock. They are also rich in prebiotic organic molecules. Some of these types of molecules are the building blocks for life.

This combination of rock, water and organics is one reason OSIRIS-REx chose to sample the organic-rich asteroid Bennu, where water and organic compounds essential to the origin of life could be found.

Evaporites − the legacy of an ancient brine

Ever since the Bennu samples returned to Earth on Sept. 24, 2023, we and our colleagues on four continents have spent hundreds of hours studying them.

The instruments on the OSIRIS-REx spacecraft made observations of reflected light that revealed the most abundant minerals and organics when it was near asteroid Bennu. Our analyses in the laboratory found that the compositions of these samples lined up with those observations.

The samples are mostly water-rich clay, with sulfide, carbonate and iron oxide minerals. These are the same minerals found in CI chondrites like Revelstoke. The discovery of rare minerals within the Bennu samples, however, surprised both of us. Despite our decades of experience studying meteorites, we have never seen many of these minerals.

We found minerals dominated by sodium, including carbonates, sulfates, chlorides and fluorides, as well as potassium chloride and magnesium phosphate. These minerals don’t form just when water and rock react. They form when water evaporates.

We’ve never seen most of these sodium-rich minerals in meteorites, but they’re sometimes found in dried-up lake beds on Earth, like Searles Lake in California.

Bennu’s rocks formed 4.5 billion years ago on a larger parent asteroid. That asteroid was wet and muddy. Under the surface, pockets of water perhaps only a few feet across were evaporating, leaving the evaporite minerals we found in the sample. That same evaporation process also formed the ancient lake beds we’ve seen these minerals in on Earth.

Bennu’s parent asteroid likely broke apart 1 to 2 billion years ago, and some of the fragments came together to form the rubble pile we know as Bennu.

These minerals are also found on icy bodies in the outer solar system. Bright deposits on the dwarf planet Ceres, the largest body in the asteroid belt, contain sodium carbonate. The Cassini mission measured the same mineral in plumes on Saturn’s moon Enceladus.

We also learned that these minerals, formed when water evaporates, disappear when exposed to water once again – even with the tiny amount of water found in air. After studying some of the Bennu samples and their minerals, researchers stored the samples in air. That’s what we do with meteorites.

Unfortunately, we lost these minerals as moisture in the air on Earth caused them to dissolve. But that explains why we can’t find these minerals in meteorites that have been on Earth for decades to centuries.

Fortunately, most of the samples have been stored and transported in nitrogen, protected from traces of water in the air.

Until scientists were able to conduct a controlled sample return with a spacecraft and carefully curate and store the samples in nitrogen, we had never seen this set of minerals in a meteorite.

An unexpected discovery

Before returning the samples, the OSIRIS-REx spacecraft spent over two years making observations around Bennu. From that two years of work, researchers learned that the surface of the asteroid is covered in rocky boulders.

We could see that the asteroid is rich in carbon and water-bearing clays, and we saw veins of white carbonate a few feet long deposited by ancient liquid water. But what we couldn’t see from these observations were the rarer minerals.

We used an array of techniques to go through the returned sample one tiny grain at a time. These included CT scanning, electron microscopy and X-ray diffraction, each of which allowed us to look at the rock at a scale not possible on the asteroid.

Cooking up the ingredients for life

From the salts we identified, we could infer the composition of the briny water from which they formed and see how it changed over time, becoming more sodium-rich.

This briny water would have been an ideal place for new chemical reactions to take place and for organic molecules to form.

While our team characterized salts, our organic chemist colleagues were busy identifying the carbon-based molecules present in Bennu. They found unexpectedly high levels of ammonia, an essential building block of the amino acids that form proteins in living matter. They also found all five of the nucleobases that make up part of DNA and RNA.

Based on these results, we’d venture to guess that these briny pods of fluid would have been the perfect environments for increasingly complicated organic molecules to form, such as the kinds that make up life on Earth.

When asteroids like Bennu hit the young Earth, they could have provided a complete package of complex molecules and the ingredients essential to life, such as water, phosphate and ammonia. Together, these components could have seeded Earth’s initially barren landscape to produce a habitable world.

Without this early bombardment, perhaps when the pieces of the Revelstoke meteorite landed several billion years later, these fragments from outer space would not have arrived into a landscape punctuated with glaciers and trees.

Timothy J McCoy receives funding from NASA.

Sara Russell receives funding from the UK Science and Technology Facilities Council (STFC).

– ref. Bennu asteroid reveals its contents to scientists − and clues to how the building blocks of life on Earth may have been seeded – https://theconversation.com/bennu-asteroid-reveals-its-contents-to-scientists-and-clues-to-how-the-building-blocks-of-life-on-earth-may-have-been-seeded-248096

MIL OSI – Global Reports –

January 30, 2025

Category: Renewable Energy

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Not enough cooking oil to save us

Transport for the rich, by the rich

India Leading the Global Energy Transition with Unprecedented Speed, Scale, and Scope: Union Minister Shri Pralhad JoshiIndia has not only set ambitious energy transition goals but has also been achieving them at a record pace : Union Minister Joshi

The CI chondrites and asteroid Bennu

Evaporites − the legacy of an ancient brine

An unexpected discovery

Cooking up the ingredients for life

India Leading the Global Energy Transition with Unprecedented Speed, Scale, and Scope: Union Minister Shri Pralhad Joshi

India has not only set ambitious energy transition goals but has also been achieving them at a record pace : Union Minister Joshi