1. Shell Remains on the Right Track to Recovery - UK-based energy major Shell was one of the rare oil companies to surpass analyst expectations with its Q1 reported profit of $7.7 billion, buoyed by rebounding LNG production. - Shell’s cash flow rose by 6% from Q4 2023 to $13.3 billion, prompting the oil major to ramp up share repurchases by a further $3.5 billion over the next three months.
- In contrast to rising fossil and solar generation, nuclear and hydropower plants have been underperforming so far in 2024, both down 5% compared to the same months in 2023, requiring Texas to tap into its coal-powered reserves. - According to initial forecasts, ERCOT power generation should be 6% higher in May-August 2024 than it was during last year’s peak season, sending total power sector emissions to 75 million tons of CO2. 5.